The company is the leader in the field of ice making and the pioneer of fuel cell industry. Snowman is the largest ice-making system manufacturer in China. The company expands to the field of upstream compressors, through the acquisition and integration of foreign advanced technology, has mastered the core technology of screw compressors and piston compressors, and has two internationally renowned compressor brands SRM and RefComp, and has developed into a world-renowned compressor manufacturing enterprise. In 2016, the company acquired 100% stake in Sichuan Jiayun oil and gas, cut into the field of oil and gas technical services, and formed a synergy between compressor product sales and technical services. Based on the core technology of the compressor, the company distributes the fuel cell industry chain in all directions, and the product technology is mature and stable. with the arrival of fuel cell industrialization in the future, the company is expected to be the first to benefit.
Fuel cell vehicle industry chain: the promotion and application starts, the market potential is huge. Fuel cell vehicles combine the advantages of electric vehicles and fuel vehicles, and are expected to become an important part of the automobile market in the future.
Domestic policies are highly supported, and the future growth of the industry is worth looking forward to. At present, domestic commercial application has just started, and the annual sales scale has reached the level of 1000 vehicles, ranking in the forefront of the world.
The company has a wide range of fuel cell business layout and broad growth space. At present, the company has realized the layout of the two main chains in the fuel cell vehicle industry. In the hydrogen end industry chain, the company's technical reserve already has "hydrogen storage, hydrogen transportation, hydrogenation equipment and liquid hydrogen equipment technology"; in the vehicle end industry chain, it has "fuel cell system integration, air compressor and hydrogen circulation pump and other core components technology". The company takes the lead in air compressor technology in the world, and a series of products have been mass produced in China, promoting a substantial reduction in cost. The company cooperates deeply with the government to promote the industrialization of fuel cells and promote the application of hydrogen energy in commercial vehicles in cities such as Fuzhou and Chongqing. At the same time, the company actively promotes the construction and operation of hydrogen filling stations, plans to build fixed hydrogen filling stations in Fuzhou, and participates in the formulation of industry standards.
The layout has achieved remarkable results, and the compressor business has entered the harvest period. In recent years, China's cold chain market has developed rapidly. Company ice making and cold chain technology cover all aspects of cold chain logistics and develop rapidly in the field of cold chain logistics. The application of industrial compressor products covers almost all chemical fields upstream and downstream. With the help of the merger and acquisition of Jiayun oil and gas, the company has achieved a breakthrough in the field of oil and gas. The company's compressor revenue has increased from 121 million yuan in 2015 to 462 million yuan in 2018, and has entered the harvest period.
Profit forecast, valuation and rating: we predict that the net profit from 2019 to 2021 will be 0.57,0.63 and 84 million yuan respectively, corresponding to 0.08,0.09,0.12 yuan EPS. Combining the relative and absolute valuation methods, we give the company a target price of 11.3 yuan, covering the "overweight" rating for the first time.
Risk tips: policy support is not as expected; risk of safety accidents; failure to achieve breakthroughs in technology research and development.