The reorganization of the company was completed, and the merger and acquisition of Panasonic refrigeration company with Panasonic refrigeration company to further focus on the main business. In 2022, the company acquired 60% equity in Songyang compressor and 55% equity in Songyang cooler, thus directly and indirectly holding 100% equity in Songyang compressor and 100% equity in Songyang cooler. In 2023, the company acquired a 100% stake in Panasonic Refrigeration (Dalian) Co., Ltd., further improving the comprehensive strength of the company's main business and enhancing its profitability.
The prosperity of the cold chain logistics industry is rising, and the scale of the industrial and commercial refrigeration equipment market is steadily rising. Industrial and commercial refrigeration equipment closely follows the development of the national cold chain logistics market. The Development Plan of Cold chain Logistics in the 14th five-year Plan puts forward the layout and construction of about 100 national backbone cold chain logistics bases during the 14th five-year Plan.
At the same time, considering the gap of cold chain circulation rate at home and abroad, we believe that in the next two years, the cold chain logistics market is expected to accelerate development, and the core equipment refrigeration compressor is also expected to meet new demand. In terms of market scale, the total sales of commercial refrigeration compressors in China is 24.2 billion yuan in 2021, which is expected to increase to 26.3 billion yuan in 2022; the scale of industrial refrigeration equipment in China is 8.21 billion in 2021, is expected to increase to 9.63 billion yuan in 2023, and will increase to 10.6 billion yuan in 2025. In terms of competition, the industrial refrigeration market is highly concentrated, with CR4 (ice wheel environment, iceberg cold and hot, Johnson automatic York and snowman) as high as 70%, and iceberg cold and hot is in a leading position in segments such as fishing boats. Looking to the future, the trend of domestic substitution in the field of petroleum and petrochemical industry has been established in recent years, there is more room for improvement in the field of cold chain cold storage of agricultural products, the construction of data center is accelerated, and the company's refrigeration and heating equipment products are expected to benefit fully.
Attach great importance to independent research and development and actively develop new products and new undertakings
The company focuses on hot and cold undertakings, effective coordination between independent research and development and joint ventures and cooperation. From the perspective of R & D projects, the company's R & D direction and purpose in recent years are mainly focused on strengthening the company's product line, expanding the application field on the one hand, and keeping up with the development trend of the industry on the other hand, improving the product atlas. The company continues to make breakthroughs in the fields of CCUS, photovoltaic, waste heat and pressure recovery and industrial control, focusing on creating a multi-growth curve.
Investment suggestion
From 2023 to 2025, we expect the company to achieve revenue of 47.5, 583, 0.93 billion, respectively, and a net profit of 1.10, 241, 349, 000, 349, 349, 349 million, 0.41, 0.41, 0.41, 0.41, 0.41, 0.41, 0.41, 0.41, 0.41, 0.41, 0.41, 0.41, 0.41, 0.41 times, respectively, and the PE corresponding to the current share price is 43-20-14. Cover for the first time, giving a "buy" rating.
Risk hint
1) market volatility risk; 2) raw material price fluctuation risk; 3) accounts receivable recovery risk; 4) M & An integration management risk.