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中国电研(688128):电器检测权威机构 锂电检测设备预计高增

China Electric Research (688128): lithium electric testing equipment, an authority for electrical testing, is expected to increase rapidly.

長江證券 ·  Jul 20, 2021 00:00

China Electric Research: the country's first batch of transformed scientific research institutes, completed in 2017, is the country's first batch of transformed scientific research institutes, formerly known as the Guangzhou Institute of Electrical Science of the first Ministry of Machinery Industry, which was founded in 1958. The company has long been engaged in the research on the basic law and mechanism of environmental adaptability of electrical products, including quality and technical services, intelligent equipment, environmental protection coatings and resins. The controlling shareholder of the company is China Machinery Industry Group, which directly holds 47.33% of the company (5.26% indirectly); the actual controller is the State Council State-owned assets Supervision and Administration Commission; the proportion of shares held by Kaitian Investment is 23.66%, which is the employee shareholding platform of the company, covering a total of 596 employees.

Testing and certification: expand one-stop service capacity, 2021 is expected to increase revenue network layout is comprehensive: the company's testing and evaluation business is carried out by the subsidiary Weikai testing, and the company has a number of branches throughout the country. build seven major testing bases in Guangzhou, Shunde, Shenzhen, Jiaxing, Shanghai, Wuhan and Zhanjiang At the same time, there are five typical climate and environmental test stations and service networks throughout the country in Huadu, Hainan, Turpan, Lhasa and Hailar. To form a "one-stop" quality and technical service capability, focusing on electrical testing, automobile testing, communication testing and so on.

Technology leadership + comprehensive and authoritative qualifications: since 2010, the company has hosted and participated in the revision of nearly 600 international / national / industry / local and group standards, ranking first among comparable companies. Has a more comprehensive and authoritative testing service qualification in the field of electrical appliances (including two national quality inspection centers in the field of daily electrical appliances and automobiles), the number of projects approved by CANS is comparable to the company, and the approved projects cover all 6 sub-fields in the field of electrical appliances; CCC testing field designated certification bodies and designated laboratories, 10 recognized business scope, ranking second in the whole market.

High revenue growth: the original value of equipment increased by 18.5% in 2020, but the growth rate of revenue affected by the epidemic is only 1.2%. The company is expected to resume high growth in 2021; in 2020, the company has added 10 laboratories (Guangzhou Automobile New Energy testing Base, Shenzhen Communications testing Base, etc.), 5 new business representative offices, and 15 laboratories under construction.

Intelligent equipment: lithium battery detection system is expected to increase rapidly, smart home appliances and excitation are entering a stable period of new energy battery detection system: the technical strength of the industry is leading, with a market share of about 9.6%; customers cover BYD / Guoxuan Hi-Tech / Ningde New Energy and so on. It is expected that the business will grow with the rapid development of the industry scale and become an important growth pole of performance.

Special equipment for electrical appliances: the growth rate of domestic household appliances production and sales is slowing down, and the wave of intelligence, automation and digitization is on the rise; the home appliance manufacturing industry in countries along the "Belt and Road Initiative" route is still in the early stage of development, and the influence of the company's product brand is high.

Excitation equipment: the development and production began in the 1970s, the market share of hydropower is more than 30%, and the market demand is expected to be stable in the future.

Environmentally friendly paint: it is expected that the volume and price will rise from 2021.

The development of industrial coatings industry is characterized by a large market space and a rapid increase in the demand for environmentally friendly coatings and high-end coatings. In 2019, the domestic sales of powder resin was 881000 tons, accounting for 5.2% of China's electric research market, the top five in the industry. An additional 40, 000 tons of production capacity will be put into operation in 2020 (the original capacity is 25000 tons). It is expected that the second phase of 2022 will be completed and put into operation, and the production capacity is expanding rapidly.

Since 2020Q4, with the rebound in the price of raw materials, the price of the company's products has also rebounded with the gradual adjustment. The company's business is expected to rise in volume and price in 2021.

Profit forecast and valuation: we expect the company's revenue from 2021 to 2023 to be 3.35 billion yuan / 4.17 billion yuan / 5.06 billion yuan, an increase of 33.1% over the same period last year, an increase of 24.2% and 21.5%, and a net profit of 382 million yuan / 472 million yuan / 573 million yuan, a year-on-year increase of 35.2%, 23.6% and 21.3%, corresponding to 32.2x/26.1x/21.5x. For the first time, coverage gives a "buy" rating.

Risk hint

1. The risk of slow increase in capacity utilization of testing service laboratories; 2. New energy battery automatic detection system newly signed order is less than expected risk.

The translation is provided by third-party software.


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