Elevator door system leading enterprises, the performance of steady growth in recent years.
The company is an enterprise with independent frequency conversion control core technology and early application in elevator door system, with personalized product customization and diversified production capacity. It is one of the few elevator component suppliers in China that can implement integrated product solutions. In recent years, the company's performance has maintained steady growth. In 2018, 2019 and the first half of 2020, revenue increased by 12.63 per cent, 18.21 per cent and 0.70 per cent respectively, while net profit from home increased by 3.96 per cent, 16.74 per cent and 25.79 per cent respectively.
The real estate industry is warming up and overlaying the transformation of old residential areas, and the elevator industry is booming. According to the National Bureau of Statistics, the cumulative ratio of national elevator output has become positive in June. From January to July, the national elevator output was 638000, an increase of 2.2% over the same period last year, and the elevator industry continued to improve. At the same time, the continuous warming of real estate brings the rigid demand of elevators. From January to July 2010, the total construction area of new housing across the country was-4.5% compared with the same period last year, narrowing 3.1pct compared with the decline in January-June, and the cumulative construction area increased by 3% compared with the increase in January-June. Normally, elevators will be installed in new houses about a year after the start of construction, and the warming of real estate will increase the demand for elevators and elevator accessories. In addition, the policy promotes the installation of elevators in old residential areas, bringing new demand for elevators.
From the national level, the installation of elevators has been included in the government work report three times; from the local level, the one-vote veto system has been abolished and the threshold for the installation of elevators has been lowered.
The company plans to acquire Bertan Technology and cut into the field of power exchange for electric vehicles.
The power exchange mode can achieve win-win results and promote the development of new energy vehicles. Since last year, the policy has been increasing to promote the development of the power exchange mode. On July 11, the company issued a transaction plan to acquire Bertan Technology to realize the layout of the new energy exchange market. Bertan Technology is the only leading company in China to adopt "box-by-box power exchange" mode, mastering the core technology of the whole ecological chain of power exchange mode.
The company's core team has rich experience, its standard battery technology has strong versatility and has been commercialized, and can provide unified energy services for multiple vehicle factories and vehicles. In addition, Zhanpeng Technology and Bertan Technology are complementary to each other in the product development and manufacturing of motor control system.
Investment advice:
As a leading company in elevator door system, the real estate industry warms up and overlaps the transformation of old residential areas to promote the prosperity of the elevator industry, which is good for the company's elevator accessories business. At the same time, the domestic electric vehicle power exchange has entered an accelerated popularization period, and the company intends to acquire Hangzhou Bertan to cut into the field of power exchange, so as to improve and upgrade the main business and further enhance profitability. We estimate that the main income of the company from 2020 to 2022 is 4.10,4.66 and 532 million yuan respectively, and the net profit is 0.96,1.07 and 118 million yuan respectively.
Risk hint: the elevator industry boom is not as good as expected, and the power exchange mode is not as expected.
