(1) actively lay out the three major business sectors. Baoxin Technology has continuously optimized the industrial layout since it was listed. At present, it has formed three major business plates: CNC sheet metal and environmental protection equipment, flexible peak shaving project business, wet chemical automation equipment.
(2) the numerical control sheet metal business performance is stable, the environmental protection equipment is profitable, contributes the main profit. Baoxin Technology's industrial grade CNC sheet metal structure products have higher requirements in terms of size, structural complexity, structural accuracy, structural strength, functionality and durability, which is second only to military grade products. Revenue is relatively stable. Environmental protection equipment is mainly divided into gas velocity and flow measurement equipment, industrial process analysis system and smoke monitoring system research and development, design, sales, strong profit margin close to 70%.
(3) Wet chemical automation equipment: the route of diamond line + black silicon has become the mainstream, and the equipment demand is exuberant. Globally, polysilicon will still be the mainstream technology route in the photovoltaic field in the next few years, black silicon technology has successfully solved the problem of WEDM polysilicon, diamond wire + black silicon has become the mainstream technology route in the future, the company has successfully developed black silicon velvet equipment, the industry has broad prospects for development.
(4) flexible peak shaving project business: to solve the problem of abandoning the wind, the prospect is broad. The proportion of cogeneration thermal power units is too high and the poor flexibility of peak regulation is the main reason for abandoning wind. Baoxin science and technology flexible peak shaving project, through the configuration of electrode boilers and heat storage tanks in thermal power plants, the electricity is rich during the trough period of electricity consumption at night, and the excess heat energy is stored in the heat storage tanks by charging the electrode boilers and heating water to supply heat to users. At the peak of the load, turning off the electrode boiler, heating the heat stored in the heat storage tank and the unit together, realizing the thermal electrolysis coupling and releasing the power generation Internet space are the effective measures to solve the problem of wind power grid in the three north areas. The peak shaving project makes a profit by obtaining compensation for peak shaving. So far, in some areas with high abandonment rate, the economy of peak shaving project is better, and the payback period of investment is about 2-3 years. At present, the "three north" abandoning wind and photoelectricity exceeds 30 billion, and the scenario of thermal power peak shaving project is broad.
(5) Investment suggestion: the income of the company from 2017 to 2019 is expected to be 5.88,8.8 and 1.172 billion yuan respectively, the net profit of returning to the mother is 0.3,2.13 and 325 million yuan respectively, the corresponding EPS is 0.05,0.38,0.59 yuan, and the PE is 160,22,14.7 times respectively.
(6) risk hint: the landing of the peak shaving project is not as expected.
