Collier: cover pole motor faucet. Founded in 1992, the company has become one of the largest micro-motor R & D, manufacturing and export enterprises in China, among which the production and sales of cover-pole motors are the first in the country. The main products include cover pole motor, series motor and so on. in recent years, brushless DC motor, servo system, stepper motor, precision pump and so on have been developed through independent research and development. widely used in smart homes, smart phones, drones, medical devices, 3D printing, intelligent security and other fields.
Deep ploughing micro-special motor, lock high-quality customer resources. Single-phase cover pole motor (including cross-flow fan) is the company's main product. After years of operation, the product performance has reached the international level and the product price is competitive. It has become an important supplier of well-known household appliance enterprises at home and abroad, such as Electrolux, Whirlpool, General Electric Co, Arthur, Panasonic, Midea, Hisense, Hisense, Radio and Television Express, etc. The company's revenue and return net profit continued to grow steadily. In 2020, revenue reached 993 million yuan, an increase of 16.8 percent over the same period last year, and the net profit returned to the mother was 98 million yuan, an increase of 11.6 percent over the same period last year. When overseas business was affected by the epidemic, it focused on domestic expansion, achieving domestic revenue of 398 million yuan, an increase of 58.3 percent over the same period last year.
Product upgrade, start a new round of growth. Since 2019, through the adjustment of organizational structure, the company has successively set up new Motion Control Division, Industrial Control Division, Precision pump Division and Intelligent Control Division. Brushless DC motor, servo system, stepper motor and precision pump product development, has successfully achieved the initial volume, opened up Apple Inc, Huawei, Foxconn, Ningde era, Haikang Weishi and other high-quality customers. The company's new generation of products are mainly used in the field of industrial control and automation, such as industrial robots, 3D printing, electronic equipment, etc., with strong demand downstream and broad market space. And this field has been monopolized by foreign countries for a long time. In 2020, the company successfully developed high-performance V6 series servo motors, drivers and encoders achieved a breakthrough of 0 to 1, and the technical level and product performance of Panasonic and Anchuan, domestic substitution trend is expected to continue to benefit. In 2020, the company's stepper motor revenue increased by 83.42% compared with the same period last year, and servo system revenue increased by 189.82%.
Investment suggestion: we estimate that the revenue of the company in 2021-23 will be 1.357,1.791 billion yuan respectively, and the net profit of returning to the mother will be 1.33 million yuan 1.73 billion yuan, respectively, and the corresponding EPS will be 0.67 yuan 0.87 pound 1.09 yuan. The current share price corresponds to a 21-23 PE multiple of 35-27-21. With reference to the results of relative valuation and absolute valuation, considering that the company is upgrading its products, servo systems, stepper motors and other products are progressing smoothly and have a strong driving force for future growth. For the first time, coverage gives a "buy" rating.
Risk hints: raw material price fluctuation risk, market competition risk, exchange rate fluctuation risk.
