The company is the domestic wind power cabin cover leader, the customer resource advantage is obvious. The company's main products are wind turbine cabin cover products (product specifications cover 1.5MW-8MW level), large non-metallic moulds, engineering and agricultural machinery equipment coverings, vehicle carbon fiber composite products, fishing boats, etc. Customers cover new energy fields of wind power, engineering and agricultural machinery, yachts and ships, rail transit and public transport, electric new energy vehicles and aerospace fields. The company's customers include Denmark Vestas, Siemens Gomeisa, Xinjiang Goldwind Science & Technology, South car Zhuzhou Times, Sany heavy Industry, American Caterpillar Inc, CRRC Corporation and other well-known enterprises.
The company expects a net profit of 300-350 million yuan in 2020, an increase of 100% over the same period last year.
The operating income of 2017-2020Q1-3 company was 5.95,5.36,8.28 and 1.082 billion yuan respectively, up 24%,-9.84%, 54.34% and 94.55% over the same period last year, and the net profit of returning home was 1.11,0.88,1.52 and 286 million yuan respectively, an increase of 2.64%, 20.50%, 73.27% and 135.98% over the same period last year. At the same time, according to the annual performance forecast for 2020, the company expects to return home net profit of 300-350 million yuan in 2020, an increase of 100% over the same period last year. The company seizes the opportunity of the rapid development of the wind power industry to expand production capacity and promote the sustained growth of net profit.
New production capacity has been put into production one after another. The total investment of the "engine room cover and large-scale non-metallic mold industrialization project" in the company's fund-raising project is 230 million yuan. Part of the project continues to be implemented in Wucheng Branch and part in Dafeng Economic Development Zone, Yancheng City, Jiangsu Province. fund-raising projects to expand existing capacity to effectively solve the problem of insufficient production capacity. According to the company's semi-annual report, the construction of No. 1 and No. 2 workshop of Yancheng subsidiary has been completed in the first half of 2020; the No. 5 and No. 6 workshops of the company's Wucheng Branch have been put into use, and the No. 7 workshop of Wucheng Branch is expected to be completed in the second half of 2020.
Profit forecast and investment rating. We estimate that the return net profit of the company from 2020 to 2022 is 330 million yuan, 336 million yuan and 344 million yuan, corresponding to 2.98,3.03,3.10 yuan EPS respectively. With reference to the valuation of comparable companies in the same industry, we think that the reasonable valuation is 20-22 times in 2021, and the corresponding reasonable value range is 60.6-66.66 yuan, which is better than the market rating.
Risk hint. Downstream demand is lower than expected; the progress of the company's fund-raising project is not as expected.