Rail air conditioning leader goes out to sea to seek increment, heat pump dryer and energy storage temperature control bring brand-new development opportunities.
As a leading domestic rail transit air conditioning enterprise, Langjin Technology is expected to open up the incremental space of overseas markets through years of experience and technology accumulation, superimpose the horizontal expansion of its air conditioning technology, and actively expand the two major emerging markets of heat pump dryers and energy storage temperature control. The company's performance is expected to be released steadily. We estimate that the company's operating income from 2023 to 2025 will be 10.72,18.49 and 3.041 billion yuan, and its net profit will be 0.81,1.64 and 249 million yuan respectively.
Rail transit air conditioning business is stable and improving in China, going out to sea to seek performance increment.
In the case of the continuous promotion of domestic railway and urban rail construction and the decline in the prices of commodities such as copper and aluminum, the company's domestic rail transit air-conditioning business is expected to achieve both volume and profit. At the same time, the company actively achieves exports to Turkey, Romania and other places indirectly through CRRC, as well as exports to Alstom, Cafu and other overseas rail transit equipment leaders as third-party independent suppliers. The continuous expansion of the overseas incremental market is expected to open its income ceiling and realize the value reconstruction of the main business of rail transit air conditioning.
The market of heat pump dryer is expected to expand quickly, and the forward-looking layout will take the lead in the market.
Heat pump dryer is expected to become the mainstream machinery in the field of agricultural product drying represented by tobacco by virtue of its low-carbon and efficient product advantages. according to the statistics of "Heat pump Magazine", only the cumulative stock of tobacco can replace the market space of more than 77 billion yuan. As the first batch of domestic enterprises to capture this market opportunity, the company has obvious first-mover advantages.
According to our incomplete statistics, up to July of 2023, the company has won bid orders of more than 100 million yuan. With the continuous expansion of the domestic market, the company is expected to continue to benefit.
The energy storage temperature control market continues to expand, and the company's customer expansion process is smooth.
According to our estimates, the compound growth rate of the energy storage temperature control market will reach 118.6% from 2021 to 2025, and the global energy storage temperature control market space will reach 16.54 billion yuan by 2025. With the accumulation of air-conditioning experience and technology, the company has successfully entered the energy storage temperature control link, opening up customers including Xu Ji Electric, Guoxuan Hi-Tech, Wotai Energy and so on.
With the continuous expansion of the company's mainstream energy storage system integration customers, its energy storage temperature control revenue is expected to reach a new high.
Risk tips: rail equipment export is not as expected; energy storage temperature control customer expansion is not as expected; industry competition aggravates the risk.