Main points of investment
The company is a leader in the refrigeration compressor motor industry. Diebe Electric specializes in R & D, production and sales of refrigeration compressor motors, and its motor products directly match the compressor products of mainstream compressor manufacturers such as Huayi Compression and Danfoss, and are used in Haier, Midea and other well-known terminal refrigeration brands. The ownership structure of the company is centralized and the development direction is clear.
The refrigeration compressor industry ushered in new opportunities for consumption upgrading and overseas expansion. In 2016, the company's operating income and net profit increased by 22.1% and 74.5% compared with the same period last year. On the one hand, the main reason is the expansion of demand for high-end frequency conversion refrigerators, resulting in an increase in sales of frequency conversion compressors; on the other hand, the company and its main customers actively expand overseas markets, the company's largest customer, Huayi Compression, the acquisition of Spain's cubigel, and the company's entry into the supply chain system of the refrigeration giant Danfoss have expanded the market space of its products.
All the funds raised by the company are invested in the construction of compressor motor production line and R & D center. After completion, it is expected to increase 28% on the basis of the existing production capacity, high-efficiency and energy-saving compressor motor is expected to increase sales revenue of 418 million yuan, DC frequency conversion compressor motor is expected to increase sales revenue of 177 million yuan.
Profit forecast: the company's compressor motor business is greatly affected by downstream demand. With the expansion of high-end refrigerator compressor demand and the transfer of overseas compressor motor production base to China, the company's business may usher in a new round of growth. It is estimated that the net profit of the company from 2017 to 2019 is 0.52,0.61,66 million yuan respectively, and the EPS is 0.52,0.61,0.66 yuan respectively, corresponding to 63.9,54.6,50.2 times of PE. Cover for the first time and give an overweight rating.
Risk tips: 1, short-term solvency risk; 2, the risk of a single main business
