Main points of investment
Next Tuesday (August 15), there will be an inquiry by Ru Jing Technology, a listed company on gem.
Rujing Technology (301525): Rujing Technology is a professional comprehensive solution provider of frequency conversion energy saving and intelligent control, focusing on the R & D, production and sales of integrated products in the field of power electronics and motor control. From 2020 to 2022, the company achieved operating income of 793 million yuan / 1.29 billion yuan / 1.614 billion yuan, YOY of 27.67%, 62.79% and 25.06%, respectively, with a compound annual growth rate of 37.49%. The net profit of homing was 33 million yuan / 134 million yuan / 211 million yuan, the YOY was 245.04%, 311.04% and 58.03%, respectively, and the annual compound growth rate of three years' net profit was 181.94%. During the latest reporting period, the company achieved operating income of 785 million yuan from January to June 2023, an increase of 39.17% over the same period last year, and its net profit was 116 million yuan, an increase of 111.7% over the same period last year. According to the preliminary forecast, the net profit attributable to the shareholders of the parent company is expected to be about 236.1155 million yuan to 272.5859 million yuan from January to September 2023, an increase of about 44.71% to 67.07% over the same period last year.
Investment highlights: 1, the company's products have formed stable cooperation with Haier, Emerson and other customers, taking the lead in the market share in HVAC and refrigeration; with the gradual promotion of the application of economical and environmentally friendly air source heat pump in the domestic and European markets, the company's heat pump business growth is expected to continue. The company established and maintained stable cooperation with Haier, Emerson and Mitsubishi heavy Industry Haier in 2008, 2010 and 2014 respectively. Emerson and the company established a joint venture with Emerson in 2014 (post-Ruding acquired a 40% stake in Emerson, which became a wholly-owned subsidiary of the company). In 2022, the company's revenue from Haier, Emerson and Mitsubishi heavy Industries Haier accounted for 24.98%, 17.90% and 10.17% respectively, and the combined income from the above three major customers remained at more than 50% during the reporting period. Relying on the cooperation with well-known customers, the company's controller and frequency conversion driver products have taken the lead in the market share of commercial variable frequency air conditioners and air source heat pumps, including 13.72% of domestic commercial variable frequency air conditioners and 7.50% of domestic and European heat pump market share in 2021 (according to industry online, European heat pump EHPA data statistics). Under the background of global "carbon neutralization" and "carbon peak" development, heat pump applications with high energy conversion efficiency and significant environmental protection advantages are accelerated by osmosis. From 2016 to 2021, the sales volume of European and domestic heat pump products reached 17.08% and 54.07%, respectively. As the heat pump application continues to advance in the future, the company is expected to benefit as a leader in the subdivision field. 2. The company continues to expand the product line of thermal management system for new energy vehicles, contributing to good performance growth during the reporting period. The company began to lay out the field of new energy vehicles in 2014. the frequency conversion driver of new energy vehicle electric compressor and the PTC electric heating controller of new energy vehicle were mass produced in 2017 and 2020 respectively. As the key components of the thermal management system of new energy vehicles, with the rapid development of new energy vehicle market during the reporting period, the company's corresponding business expanded rapidly. The year-on-year growth rates of new energy vehicle business revenue from 2020 to 2022 were 15.08%, 294.57% and 96.82% respectively. In 2022, the company's market share in the domestic new energy vehicle variable frequency driver reached 5.76%.
Comparison of listed companies in the same industry: according to the similarity of the main business, we select the comparable listed companies of Magmet, Huichuan Technology, Sanhua Intelligence Control, and Tai for Confucian competitive Technology. From the above comparable companies, the average revenue scale of the comparable company in 2022 is 13.95 billion yuan, the comparable PE-TTM (arithmetic average) is 35.83X, and the sales gross profit margin is 26.25%. Comparatively speaking, the company's revenue scale and sales gross profit margin are not as high as the average level of the same industry.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation and so on. The specific risks of listed companies are shown in the text.