The downstream is mainly automobile engine testing, and the equipment gradually extends the company's main power system intelligent test equipment research and development, manufacturing and sales, as well as providing power system testing and verification services.
Intelligent test equipment has been the company's main source of revenue since 2017, accounting for 81.1% of revenue in 2020. In recent years, the company has gradually extended to test and verification services (mainly new energy vehicles), and there was a significant improvement from 2019 to 2020. New energy vehicles are currently the company's main source of income. In 2020, the revenue in the field of new energy vehicles is 162 million yuan, accounting for 45.27%; the income in the field of fuel vehicles is 115 million yuan, accounting for 32.05%; the income in the field of ships is 38.6875 million yuan, and that in the field of aviation is 18.5652 million yuan. From 2017 to 2020, the company's revenue grew at an average annual compound growth rate of 29.6%, and its home net profit grew at an average annual compound growth rate of 35.9%. Looking to the future, with the continuous introduction of new energy vehicles and new models, the company's revenue is expected to increase gradually. At the same time, the aviation field company card position advantage is obvious, is also expected to gradually contribute to the performance increment.
New energy vehicles: benefit from the volume of dividends, close cooperation with leading car companies, the production and sales of new energy vehicles are expected to improve, and the trend of new car planning is obvious. Production and sales are expected to reach 2.5 million vehicles for the whole year. Domestic car companies continue to launch new models, and the listing of new models will drive the development of the testing industry. In 2021, more than traditional car companies and new car-building forces will continue the strong new car cycle, and there will be a more comprehensive layout around the replacement of existing models and brand-new models in the future. The new car needs to be tested at the R & D end before it is put on the market, and the probability of sharing test equipment between different models is relatively small, so it is expected to fully promote the development of test equipment on the R & D side. The company has many years of project experience and technology accumulation, and has formed a number of core technologies of new energy vehicle power system. The company has successfully provided power system intelligent test equipment and test verification services for many well-known enterprises in the field of new energy vehicles, and its customers are the mainstream customers of new energy vehicles in China. there are cooperative relationships with most of the top ten pure electric vehicle manufacturers and plug-in hybrid vehicle manufacturers. From the perspective of revenue, the company has made obvious breakthroughs in the field of new energy vehicles in recent years. From 2017 to 2020, the proportion of revenue in the field of new energy vehicles increased year by year, from 18.54% in 2017 to about 45.27% in 2020. In 2020, the company's new energy and new customer sales accounted for about 20.6% of the total customer sales, and the customer breakthrough made steady progress.
Aviation: the market space is broad, and the trend of import substitution is obvious.
With the continuous development and growth of the supporting industry of China's aviation industry, the continuous promotion of the localization of aviation power system and the obvious improvement of the localization rate of core components and supporting equipment, China's power system testing industry will benefit from the historical opportunity of domestic substitution. The company is one of the few domestic enterprises that can provide aero-engine testing equipment, covering all aspects of research and development, manufacturing and engine maintenance, and has obtained orders in all kinds of gas engines. and in the turbine shaft engine manufacturing and after-market links have achieved sales. By the end of 2020, the company's existing orders in the aviation field, including tax contracts, totaled 44.1178 million yuan. Since 2021, the company's bid-winning projects in the aviation field have been increasing. According to the information disclosed by the bidding network, by the end of May 2021, the bid-winning amount of the project has exceeded 44 million yuan.
According to the forecast, the market size of the power system testing industry that the company belongs to in 2019 is about 10.312 billion yuan, and the market space is expected to expand gradually in the future. The company has plenty of orders on hand, and the newly signed orders continue, which is expected to achieve stable growth. From 2021 to 2022, the company is expected to achieve a net profit of 1.03 yuan and 139 million yuan, corresponding to PE38, 28 times, given a "buy" rating.
Risk hint
1. The risk that the launch of new energy vehicles is not as expected.
two。 The risk of increased competition in the industry.