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中恒电气(002364):Q1订单饱满 支撑全年业绩高增

Zhongheng Electric (002364): full Q1 orders support high performance for the whole year

中泰證券 ·  Apr 30, 2020 00:00  · Researches

The company released its 2019 annual report: revenue reached 1.174 billion yuan, up 19.26% over the same period last year; net profit from home was 77 million yuan, up 0.12% from the same period last year; net profit from non-return was 70 million yuan, up 17.23% from the same period last year; gross profit margin was 33.65%, up 0.45 pct from the same period last year; net profit was 6.25%, down 0.97 PCT from 0.14 yuan, unchanged from the same period last year; in line with market expectations.

The company released its quarterly report for 2020: revenue was 66 million yuan, down 66.79% from the same period last year; net profit was-24 million yuan, down 312.62% from the same period last year; gross profit margin was 19.21%, down 9.54 pct from the same period last year; net profit rate was-39.37%, down 44.41% from the same period last year; basically in line with market expectations.

In 2019, the operation was sound, and the epidemic led to a decline in 2020Q1. In 2019, revenue and non-return net profit increased by 19.26% and 17.23% respectively, and the gross profit margin increased slightly. 2020Q1 revenue and return net profit fell 66.79% and 312.62% respectively, mainly due to the impact of the epidemic on work resumption and freight delivery.

The advantage of 5G base station power supply has been verified, and the 20Q1 order has exceeded 19 for the whole year. China Mobile Limited combined switching power supply bidding in March 2020, the company's share is as high as 40%, ranking first, exceeding market expectations. This winning bid verifies the company's leading position in the field of 5G base station communication power supply, laying the foundation for a high increase in orders for the whole year. According to the interactive easy platform, the company's new orders for communication power products in the first quarter have exceeded that for the whole of 2019, and full orders will support the high performance for the whole year.

IDC power solution leader, new Panamanian products open up new room for growth. The company has been deeply engaged in the field of communication power supply for many years and is the domestic leader in the field of HVDC. In 2019, the company successfully developed a prefabricated 10kV direct-to-240V/336V HVDC power supply system-Panama system, which is a subversive innovation of IDC power supply and distribution scheme. According to the interactive easy platform, the company's new orders for IDC power supply system products in the first quarter have exceeded half of those in 2019, and with the accelerated pace of data center construction of the Internet giant led by BAT, IDC power supply system orders are expected to continue to exceed expectations from the second quarter.

Successfully cut into the field of two rounds of power exchange, binding leader ushered in a new increase in performance. In April 2020, the company subscribed for the new registered capital of Ningde Zhixian, and signed a new generation cooperation framework agreement with Ningde Zhihong, which successfully cut into the field of two rounds of power exchange. Considering the development prospect of Hello Travel in the field of shared scooters and the potential space of the switchboard industry, the performance flexibility brought by the company's new business is expected to continue to exceed expectations in the next few years.

Investment suggestion: the company is the leader of 5G base station power supply and IDC power supply system, fully benefiting from the outbreak of demand for 5G base stations, IDC, charging piles and other links in the "new infrastructure". The company's performance fluctuated briefly due to the delay in the delivery pace in the first quarter, and the newly signed orders are much higher than expected to support the high growth for the whole year, and the second quarter is expected to enter the stage of high performance growth. Cooperation with Ningde Zhihuan to help the company cut into the field of power exchange of two-wheeled electric vehicles will bring new increments in performance. We estimate that the return net profit of the company from 2020 to 2022 will be RMB 356 million, EPS is RMB 0.31, and PE is 21.7 times the closing price of April 30, 2020, respectively, maintaining the overweight rating.

Risk hints: 5G base station construction is not as expected, IDC construction is not as expected, market competition is intensified, etc.

The translation is provided by third-party software.


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