The air conditioning filter faucet cut into the new energy vehicle air filter track and covered for the first time, giving the "buy" rating company a global leading enterprise in the air conditioning filter subdivision industry, with continuous iteration and extension of its main business since its inception. It has the competitiveness of the whole industry chain in the field of air filter materials, and has achieved import substitution in the middle and high-end filter materials market, and the products are widely used in the fields of home appliances, automobiles and aircraft. The new energy vehicle air filter investment project plans to have an annual production capacity of 7.05 million pieces, which is expected to open up a second growth curve to boost performance growth. Taking into account the high growth in export sales, the company's basic home appliances market steady development, new energy vehicle air filtration business ushered in a rapid volume phase, the company is expected to return to the mother of net profit in 2022-2024 is 1.0 yuan, corresponding to EPS of 0.50.6 shock 1.0 yuan, the current stock price corresponding to PE of 32.4 shock 26.3 shock 16.1 times, the first coverage, to maintain the "buy" rating.
Air quality concern has been improved, space restrictions have been lifted, and air filtration upgrading of new energy vehicles has broad prospects at the industry level. Air quality in the epidemic has increased, driving vehicle filter products have been upgraded and filtration efficiency has been improved. New energy vehicles only have air conditioning filters, further lifting product upgrade space restrictions; driven by Tesla, Inc., the head new energy vehicle company, the permeability of HEPA high-performance filtration system is expected to continue to improve. The automotive air filter industry ushered in the opportunity of domestic alternative tuyere. The company has the competitive advantage of the whole industry chain, and the products range from high-end filter media to complete filter layout; Jinhai composite melt blown filter material has low resistance, high efficiency, obvious advantages in the field of new energy vehicles, and is optimistic that the release of production capacity will lead to high performance. The company can provide aviation-grade air filtration technology, cooperate with Comac to develop air filtration systems for ARJ21 and C919 related aircraft, and verify that there are deep barriers in R & D technology.
Overseas markets, cleaning appliances high demeanor continued, the company air-conditioning filter basic plate stable company air-conditioning filter basic plate stable, rich customer resources, market share leading. Under the hot sales trend of new categories such as floor washing machines, the company has reached cooperation with Tim Ke and other brands, and is optimistic that the company will continue to expand customers and promote the steady growth of domestic sales as a whole. For the export of home appliances, there are broad prospects for the air conditioning market in Southeast Asia and India. With the growth of per capita GDP, the number of air conditioners is expected to continue to improve, and the company's deep binding to Daijin and other Japanese brands is expected to maintain rapid growth. With the increase in the penetration of high-end products such as antibacterial and antiviral filters, it is optimistic that the company's export volume and prices will rise.
Risk tips: raw material prices fluctuate; market competition intensifies; new energy vehicle new business development is not as expected.
