Linear drive faucet, integrated layout and multi-scene application
Kaidi Co., Ltd. is mainly engaged in the research and development and production of linear drive systems, which is mainly used in smart home, intelligent office, car rear door, medical care and other fields. In 2019, the company's business income mainly comes from the smart home sector, accounting for 70% of the revenue, and the second largest business is the smart office plate, accounting for 26% of the revenue. The electric rear door drive system business is currently small in scale. However, with the trend of car electrification and intelligence, the future market space is huge, and the company has made a good layout card position.
Based on the functional sofa market, open up the new application of lifting electric table
The company launched a linear drive putter for functional sofas in 2003 and has become a global leader. At present, the United States is the largest consumer of functional sofas in the world, accounting for 41.5% of the overall sofa market. The domestic functional sofa market only began to rise in the past decade, accounting for only 12% of the overall sofa market. Driven by the lazy economy and consumption upgrading, the domestic functional sofa market is still blue. Based on the functional sofa market, the company has successively developed the downstream applications of lifting electric tables and automobile electric rear doors.
Discerning eye has the advantage of seizing the automobile electric rear door market, and the first-mover advantage is to obtain high-quality customer linear drive system as an important part of automobile intelligent upgrade. it can be widely used in the opening and closing of rear doors, hood lifting, car electric windows and door locks and so on.
With the popularity of new energy vehicles and the continuous improvement and strengthening of automobile intelligence in the future, the demand for linear drive system will be more and more. The company's main customers at the rear door include Xiaopeng Motor, Honda Motor, Chery Automobile, Dongfeng well-off and so on.
In May 2021, the company received a letter from Weilai with an order of about 50 million sets. It is expected that there will be a breakthrough in the order quantity of electric tail door putters in the next few years.
The linear drive downstream is widely used, and the blue ocean market is booming.
The global linear drive market is about US $2.32 billion in 2020, of which the Asia-Pacific region accounts for 21.8% of the global market share, while North America and the Asia-Pacific region account for almost half of the global market. In 2020, the size of China's linear drive market reached 3.2 billion yuan, an increase of 20% over the same period last year. The linear drive industry is still a sunrise industry in China. With the upgrading of people's consumption level, the pursuit of the intelligence, comfort, convenience and networking of daily necessities will gradually improve, and the demand of the linear drive industry will increase greatly.
Profit forecast and valuation
For the first time, coverage gives a "buy" rating. Considering the need to provide 16.75 million yuan in equity incentive fees this year, we expect the company to achieve revenue of 15.5,20.5 and 2.66 billion yuan respectively from 2021 to 2023, and net profit of 2.06,2.76 and 369 million yuan respectively. The company has grown into a domestic leader in the linear drive industry, taking the lead in the field of functional sofas, and occupies a first-mover advantage in the automobile electric tail door market. The overall linear drive market has a bright prospect, and the company will benefit from the continuous expansion of downstream applications in the future. give a "buy" rating.
Risk hints: the risk of technological innovation, the intensification of market competition, the intensification of Sino-US trade frictions, and the risk of exchange rate.
