Born with the golden key, master equipment testing and hard power.
The company is the country's first batch of transformed scientific research institutes, formerly known as the Guangzhou Electrical Science Research Institute of the first Ministry of Machinery Industry, which was founded in 1958, and is now affiliated to China Machinery Industry Group Co., Ltd. The company is committed to improving the quality of electrical products, deeply ploughing into the three major business areas of "quality technical services, intelligent equipment, environmentally friendly paints and resins". In 2020, intelligent equipment accounted for 39.9% of revenue, environmentally friendly paints and resins accounted for 31.2%. Quality and technical services accounted for 26.0% (continuous improvement, gross profit margin stabilized at 47% 48% after 2017).
The listed company with the largest number of products involved in compulsory testing.
According to the official website, the company has 12 national science and technology R & D and technical service platforms, including the State key Laboratory for Environmental adaptability of Industrial products, the National Technical Standard Innovation Base (International Standardization of Household Appliances and Accessories), the National quality Supervision and Inspection Center for Household Electrical Appliances, and the National Intelligent Automobile parts quality Supervision and Inspection Center, as well as 15 IEC international standard docking platforms and 11 national standard platforms. Relying on the company in more than 10 industrial bases and service organizations, the rapid implementation of results transformation, to provide quality services to more than 30 countries and 10000 customers around the world. At present, 30 major categories of products in China adopt compulsory testing and certification. At the level of listed companies, China Electric Research involves 10 products, most of which are involved. For example, the Institute of Electrical Sciences involves 6 products, China testing involves 5 products, China Auto Research involves 3 products, the State Inspection Group involves 3 products, and the Pony test involves 2 products.
The intelligent equipment technology is superior, and the lithium electricity equipment has great potential for development.
The company is one of 23 suppliers in the first recommended list of Intelligent Manufacturing system Solutions recommended by the Ministry of Industry and Information Technology in 2017. The main products of the company's intelligent equipment include home appliance intelligent factory solutions (accounting for 71.1% of self-produced equipment output value in 2020), excitation equipment (accounting for 18.8% of self-produced equipment output value in 2020), and new energy battery automatic detection system (accounting for 10.1% of self-produced equipment output value in 2020). The series battery testing equipment developed by the company, as a new technology in the industry, has obvious effect in reducing production process costs, improving formation efficiency and reducing maintenance process costs, and has been recognized by more mainstream battery manufacturers. The company's customers include domestic mainstream battery manufacturers such as BYD, Guoxuan Hi-Tech, Tianjin Lishen, Ningde era and Ningde New Energy, which are expected to release their potential under the rapid development trend of the industry.
Born out of the "National 863 Program", resin and environmental protection coating technology is relatively high in the world.
The coating is mainly composed of film-forming materials (mainly resins and curing agents), pigments and fillers, solvents and auxiliaries, etc., which is an important engineering material for national economy and national defense industry, and belongs to the field of fine chemical industry. The company began to engage in the research and development of powder coatings in the 1960s, and is one of the earliest units in China to successfully develop environmentally friendly powder coatings, and realized industrialization in 1992. The products cover almost all application fields of thermosetting powder coatings. The company's environmental protection paint and resin business is divided into three parts: polyester resin, powder coating and water-based coating, and the technical level of many core products is in the leading position in the industry.
Investment suggestion: the company's net profit from 2021 to 2022 is expected to be 369 million yuan (+ 30.7%) and 471 million yuan (+ 27.6%), corresponding to 0.91 yuan and 1.16 yuan EPS respectively. The 6-month target price is 34.80 yuan, which is equivalent to the dynamic price-earnings ratio of 30 times in 2022.
Risk tips: 1. Lithium electricity order is lower than expected risk; 2. The risk that depreciation continues to rise sharply as a result of continued large-scale capital expenditure.
