Main points of investment
This Friday (September 1) there is a gem listed company "Chongde Technology" inquiry.
Chongde Technology (301548): the company's deep tillage pressure oil film sliding bearing technology, downstream covering energy power generation, industrial drive, petrochemical and shipping and other fields. From 2020 to 2022, the company achieved operating income of 323 million yuan / 411 million yuan / 450 million yuan, YOY of 25.54%, 26.92%, 9.63%, and a compound annual growth rate of 20.43%. The net profit of homing was 46 million yuan / 63 million yuan / 91 million yuan, and the YOY was 38.23%, 37.24%, 43.73%, respectively, and the annual compound growth rate of three years' net profit was 39.71%. During the latest reporting period, the company's operating income from January to June 2023 was 261 million yuan, up 28.56% from the same period last year, and the net profit was 50 million yuan, up 19.34% from the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 0.78-81 million yuan from January to September 2023, an increase of 27.76% and 32.19% over the same period last year.
Investment highlights: 1, the company is the domestic leader of the dynamic pressure oil film sliding bearing market, customers cover domestic and foreign mainframe manufacturers benchmarking enterprises. The company is the leader in the domestic dynamic oil film sliding bearing market, with the sixth global share (1.31% in 2020) and the first domestic share; its domestic market share has steadily increased from 4.68% in 2019 to 6.21% of 2021H1. With the advantages of quality, cost and complete product spectrum, the company has successively undertaken a number of national major projects and localization projects. including "Hualong No. 1" nuclear island main pump bearing research and development project, Pakistan Chashima nuclear island main pump bearing project, south-to-north water transfer project part of the pumping station hub and so on. The company's current customers cover Shanghai Electric, Dongfang Electric, China Nuclear Corporation, CRRC Corporation, China Shipbuilding heavy Industry, China Petroleum & Chemical, Siemens, GE, ABB and other mainframe manufacturing benchmark enterprises. 2. The company's core product, dynamic oil film sliding bearing, promotes the import substitution of high-end sliding bearing, and is expected to take the lead in the trend of "sliding instead of rolling" in super-high-power wind power gearbox. The technical level of sliding bearings in China has an autonomy gap in the middle and high-end key areas with extreme working conditions and special environmental requirements, such as nuclear power, wind power, ships and so on. The company's founders and core technical personnel have accumulated 20 years of data and modified iterative experience under various complex working conditions, and the main parameters of the core products are up to or even better than those of the international leading competitors. it has promoted the localization rate of major equipment such as advanced nuclear power technology and equipment, marine electric propulsion system, heavy gas turbine and "ethylene three engines". Among them, in the field of wind power, domestic wind power spindle gearbox rolling bearings are almost entirely dependent on the import of SKF (Skyver), NSK and FAG brands, while Skyfu (China), a world-famous rolling bearing company with a century-old manufacturing history, is a shareholder (6.96%), and the company is also an authorized industrial dealer of SKF. In the future, in addition to continuing the business scale of distributing SKF rolling bearings, the company is expected to occupy the market opportunity in the process of reducing cost and increasing efficiency in the super-power wind power gearbox through "sliding instead of rolling".
Comparison of listed companies in the same industry: comprehensively considering business and product types, Shenke shares, Changsheng bearing and Shuangfei shares are selected as comparable listed companies of Chongde Technology; from the above-mentioned comparable companies, the average income in 2022 is 672 million yuan, the gross profit margin is 25.32%, and the comparable PETTM excluding negative values is 47.60X. However, due to the differences in product segments, we tend to think that the comparability of PE-TTM (arithmetic average) is limited; comparatively speaking, the revenue size of companies is lower than the industry average, and the gross profit margin is higher than the industry average.
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.