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中国电研(688128)公司深度报告:首批转制科研院所 检测和智造双轮驱动

In-depth report by China Electric Research Institute (688128): The first batch of converted research institutes tested and intelligently manufactured two-wheel drive

長城證券 ·  Dec 8, 2022 00:00  · Researches

Electrical testing authority, the three main industries go hand in hand. The company is one of the first national conversion scientific research institutes, which is now under the China Machinery Industry Group, focusing on the environmental adaptability of electrical products for many years, covering quality and technical services, intelligent equipment, environmental protection coatings and resins and other fields. In the first three quarters of 2022, the company achieved operating income of 2.525 billion yuan, an increase of 3.86% over the same period last year, and a net profit of 257 million yuan, an increase of 7.29% over the same period last year.

Home appliance inspection subdivision leader, deep ploughing the new blue sea of quality inspection. Quality inspection business is the company's traditional strength, which is now carried out by a subsidiary of Weikai Department. Benefiting from the physical testing of high barriers, high profitability and other advantages, the company continues to expand the radius of quality inspection services. At present, the company has formed an one-stop quality technical service model with household appliance testing as the core. Relying on years of technical precipitation, the company has presided over the revision of more than 281 industry standards in the field of quality inspection, involving technical requirements related to product or environmental adaptability in household appliances, automobiles, wind power and other fields. The leading standard-setting strength shows the credibility and influence of the brand, bringing excellent customer resources for the company. In the future, with the steady improvement of the company's quality inspection business capacity, the company's leading edge will be further consolidated.

The technology of intelligent equipment is mature, and the lithium detection system has great potential for development. The company's intelligent equipment business mainly involves three major areas: household appliances intelligent equipment, lithium battery detection system and excitation system. In recent years, benefiting from the policy tilt and the advantage of low permeability in the market, the lithium battery testing market has taken advantage of the wind. The high series volumetric technology developed by the company has achieved remarkable results in reducing debugging costs and improving testing efficiency, and has been recognized by many mainstream battery factories such as BYD, and is expected to release potential under the rapid growth trend of the industry in the future. In addition, the company has mature technology and stable dominant position in the field of intelligent equipment and hydrodynamic magnetic system of home appliances. At present, the related business has entered a steady volume period.

The resin process industry is leading, the production capacity is enhanced and the competitiveness is enhanced. The company is one of the earliest units to successfully develop environmentally friendly powder coatings in China, and realized industrialization in 1992. The products cover almost all application fields of thermosetting powder coatings. Among them, polyester resin products are developed based on the scientific research achievements of "National 863 Program", and the product quality has reached a higher international level. In recent years, in order to seize the new opportunities for the development of the environmental protection coating industry, the company has steadily promoted capacity expansion and consolidated its dominant position.

Investment suggestion: as the first batch of national transformed scientific research institutes, the researchers have rich reserves and strong technical strength; after the share reform, we use the shareholding platform to fully mobilize the enthusiasm of employees and promote the rapid growth of business. In the short and medium term, the valuation of state-owned enterprises under the valuation system with Chinese characteristics may rise, and the company is expected to fully benefit from the high prosperity of new energy vehicles in the medium and long term, lithium equipment and quality inspection business are expected to create a second growth curve. We expect the company's 2022-2024 net profit to be 393 million yuan, 527 million yuan and 655 million yuan, an increase of 24.77%, 34.14% and 24.19% over the same period last year. We use segment valuation to give the company's 2023 quality inspection business 27.7x PE with a corresponding value of 5.457 billion yuan, lithium equipment business 20.7x PE with a corresponding value of 3.54 billion yuan, and environmental protection paint and resin business 20x PE with a corresponding value of 1.28 billion yuan, giving a "buy" rating for the first time.

Risk tips: raw material price fluctuation risk, accounts receivable bad debt risk, new energy vehicle industry expansion is not as expected, overseas market expansion is not as expected.

The translation is provided by third-party software.


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