Report guide
The company distributes thermal management in wind power / photovoltaic, new energy vehicles, energy storage and other new energy areas. The 21H1 new energy vehicle sector grows by 223%. At the same time, new energy power generation / energy storage and other areas are flexible, and the company's growth is expected to exceed expectations, covering for the first time, with a "buy" rating.
Main points of investment
Continuous distribution in the field of new energy thermal management
The company's new energy power generation field for wind power / photovoltaic has improved significantly in recent years. In 2019, the company acquired a 51% stake in Dongguan Sixiang to enter the field of new energy vehicle power batteries, while continuing research and development in the field of energy storage batteries, and currently signed a small number of prototype contracts.
The growth of new energy vehicles is expected to exceed expectations
The company's new energy vehicle products include power battery thermal management (heating film, thermal insulation cotton, etc.) and automotive electronics (FPC flexible circuit boards, etc.). The company's customers are concentrated in Ningde era, Guoxuan Hi-Tech, AVIC Lithium, Yiwei Lithium Energy, BYD and other mainstream power battery manufacturers.
The revenue of 21H1 Dongguan Sixiang increased by 223%, of which the FPC flexible circuit board grew by 482%, and the traditional wire harness replaced the speed increase. Under the rapid development trend of the new energy vehicle industry, the company's capacity expansion will continue to develop rapidly.
At the same time, the company actively carries on the product upgrade, the layout liquid cooling parts, the integrated product and the whole vehicle thermal management system, has realized the related product sample and the small batch supply, is expected to realize the bicycle value jump.
Open up new space in the field of energy storage / ICT
There is a wide space for energy storage and heat management. At present, there are liquid cooling products based on lithium battery single cabinet, liquid cooling system of large energy storage power station, prefabricated energy storage liquid cooling products, and a small number of prototype contracts have been signed.
Under the new infrastructure and the trend of carbon neutralization, the data center has implemented the PUE reduction policy, and the company has realized the sample and small batch supply of server liquid cooling related products.
Profit forecast and valuation
The company is expected to achieve revenue growth of 26%, 28% and 30% in 2021-23, and net profit growth of 11%, 24% and 28% respectively. The company's rapid growth in the field of new energy vehicles, new energy power generation, energy storage and other areas are flexible, future growth is expected to exceed expectations, covering for the first time, "buy" rating.
Possible catalysts: the expansion of energy storage products is higher than expected; the customer expansion of new energy vehicle products is higher than expected.
Risk tips: the risk of a decline in gross profit margin of products; the risk that the permeability of new energy vehicles is not as high as expected.
