Backed by Shandong Energy Group, Deep ploughing High-power Power Electronic equipment Company was established in 2004, backed by Shandong Energy Group, has always focused on the field of power electronic equipment. After listing in 2021, we will further expand the size of the R & D team and enhance the overall R & D strength of the company around five categories of products: high voltage dynamic reactive power compensation devices, various high and low voltage frequency converters, intelligent energy storage system devices, rail transit energy feedback devices, coal mine explosion-proof and intelligent control equipment, continuously improve product performance and stability, do a good job in product upgrading and upgrading, and do a good job in technical reserve for the company's long-term development. We estimate that the operating income of the company from 2022 to 2024 is 15.64,26.76 and 3.836 billion yuan, the net profit is 1.51,2.53 and 398 million yuan, and the EPS is 1.08,1.80,2.84 yuan per share. Corresponding to the current stock price PE of 53.6,32.0,20.3 times, covering for the first time, giving a "buy" rating.
With the steady increase of SVG market share and the improvement of profitability due to the relief of cost and price pressure, with the gradual improvement of national requirements for new energy power quality, Fengfeng new station configuration SVG has become the mainstream trend. The downstream customers of the company's SVG are mainly new energy stations, and with the continuous improvement of product quality and brand effect, as a power electronics enterprise under Shandong Energy Group, the market share of new energy power stations is expected to continue to increase, and is expected to open the market for reactive power compensation devices in power grid systems. Taking into account the price reduction expectations of a large number of raw materials, the company's cost-side pressure will be significantly alleviated, and after the market pattern is gradually stabilized, product prices and gross profit margins are expected to bottom out.
Energy storage to create a second growth curve, high-voltage cascade technology is expected to become a new trend of the company's energy storage system high-voltage cascade PCS technology reserve early, advanced technical level, and will be put on the market in 2021, fully involved in generation-side energy storage, user-side energy storage and other fields. The company focuses on the direction of integrated power generation and energy storage system, and high-voltage cascade technology is expected to become a new trend of high-power system by virtue of the advantages of single cluster precise control, no transformer connection, high operation efficiency and low switching frequency. The company is an early domestic enterprise to carry out technology research and development and achieve high-voltage cascade technology SVG, energy storage integrated system project landing, the company as a forerunner is expected to benefit first, we expect the energy storage system will become a new revenue growth pole.
Risk tips: the risk of loss of major customers, rising raw material prices affect the company's profitability, power equipment demand is lower than expected, new customer development is not as expected, new product development failure risk.