1. World's leading manufacturer of high-performance air filtration materials
Founded in 1995, Jinhai Environment has been ploughing the field of air control for 25 years, independently developing and manufacturing the world's leading high-performance filter materials, functional filter materials and functional filter screens. The main products are air conditioning filter, air purifier, traffic air filter, air conditioning wind wheel and so on. From 2015 to 2019, the company's revenue increased from 419 million yuan to 649 million yuan, of which air filter revenue accounted for more than 50%, and the gross profit margin was stable at more than 35%. The revenue of air conditioning wind turbine and its surrounding products increased significantly, with gross profit increasing from 19.1 million yuan to 59.27 million yuan, and CAGR reaching 32.73% in 5 years.
two。 Leading market share, increasing demand for air conditioning filter replacement
The company is a first-class supplier of air-conditioning filter business, with a domestic market share of 35% and a Japanese market share of 85%. COVID-19 's epidemic situation has led to an increase in the demand for filter replacement. Assuming that the air-conditioning filter is replaced every three years, the scale of air-conditioning retention maintains a growth rate of 10.03%. According to the unit price of 20 yuan per unit and the replacement ratio of 30% bonus 50%, the size of China's air-conditioning filter replacement market will reach 3.1 billion yuan / 5.1 billion yuan respectively in 2021. In addition, the new GB promotes the upgrading of air conditioners in the direction of high energy efficiency and health, and promotes an increase in the demand for functional filters.
3. Layout of traffic air filtration business to achieve assembly + consumables two-wheel drive company in the existing automotive air conditioning filter business, extend the traffic air filtration business to vehicle air purifier and aviation air filtration system. The Toyota vehicle air purifier developed and produced by the company has been officially mass-produced and put on the market in March 2020. According to the medium-and long-term Plan of Automobile Industry, by 2025, China's automobile output will reach about 35 million, and the output of new energy vehicles will reach 7 million. Assuming that the unit price of air filtration system for low / medium / high-end models is 500yuan / 800yuan / 1000 yuan respectively, by 2025, the assembly scale of traditional automobile air filter will reach 5.8 billion yuan, and the assembly scale of new energy vehicle air purifier will reach 1.75 billion yuan. The company's filter production line has achieved daily output of 20000PCS, which can dilute the cost of consumables and expand the profit space through economies of scale.
4. Strengthen the research and development of virus-killing products, expand the business to the greatest health, health in the post-epidemic era has become an important indicator for consumers to choose and buy household appliances and air filtration products. The anti-virus filter developed by the company based on GS-AVF technology can be used in air conditioners, air purifiers and fresh air systems. It has now achieved the stage of small batch regional promotion, and the subsequent production capacity will be increased to 2000 pieces per day. The company newly added PM2.5 high-performance melt blown filter material production line to provide raw materials for the production of N95 masks. Affected by the epidemic, the company's anti-virus, antibacterial and other functional filtration products accelerate the landing, the company took the opportunity to speed up the layout of large health and medical device-related industries.
Profit forecast and valuation: it is estimated that the net profit of 2020, 2021 and 2022 is 1.1415.1 / 213 million yuan, corresponding to PE is 25-19-13 times, covering for the first time, given a "highly recommended" rating.
Risk tips: uncertainty of the global macroeconomic environment, downstream industry prosperity fluctuation risk, raw material price fluctuation risk, vehicle purifier market expansion progress is not as expected, epidemic repeated risk.