Founded in August 2006, the company has been focusing on the research and development, production, sales and service of commercial cold chain equipment since its establishment. Its core products are commercial refrigerated display cabinets, commercial refrigerated display cabinets, commercial supermarket display cabinets and commercial intelligent sales containers. The company's product types are rich and serialized. The company mainly adopts the sales model for enterprise customers, and provides customers with customized solutions and professional services such as low-temperature storage, commodity display and corporate image display at the sales terminal. The company is striving to become a world-class professional supplier of commercial cold chain equipment. The company has a wealth of product types, mainly divided into four categories. (1) Commercial refrigerated display cabinets are mainly used for terminal storage and sales of ice cream, dairy products and quick-frozen foods, and the temperature is below-18℃. (2) Commercial refrigerated display cabinets are mainly used in functional drinks, tea drinks, mineral water, carbonated drinks, beer, dairy products and other industries, and the load temperature is 0-10℃. Mainly put in convenience stores, large supermarkets, fresh meat shops, vegetable and fruit shops and so on. , mainly divided into air curtain cabinet, sliding door cabinet, fresh meat cabinet, cooked food cabinet, combined cabinet, backup refrigerator cabinet and round-the-island cabinet. (4) The commercial intelligent vending container can realize unattended and automatic vending by static identification, dynamic identification, RFID chip identification, gravity induction identification, multi-technology combination identification, self-booking or automatic vending.
Competition in FMCG industry is becoming increasingly fierce. As a sales channel, commercial cold chain display cabinets are not only used as cold chain storage equipment, but also need to assist FMCG enterprises to expand sales channels and innovate sales methods. In order to stimulate consumers' purchase demand, FMCG enterprises have put forward higher requirements for customization and differentiation of commercial vertical refrigerated display cabinets, and they have been updated more frequently. Therefore, the company's products have the dual functions of "cold chain terminal+advertising tool". According to the company's prospectus, according to the market scale and forecast released by the Cold Chain Logistics Professional Committee of China Federation of Logistics and Purchasing, the average annual compound growth rate of commercial display cabinets in China from 20 15 to 20 19 is 15.68%.
(b) Industrial location: high value-added end products.
The commercial display cabinet, the main product of Hairong cold chain, belongs to the terminal equipment of cold chain logistics equipment and is the last link of cold chain logistics. Cold chain logistics refers to the controlled low-temperature transportation process of goods from the place of origin to the consumption terminal to ensure the minimum decline of product quality. At present, Hairong's cold chain business is mainly concentrated in the field of food cold chain logistics terminals. Food cold chain logistics includes food freezing (storage) processing, storage, transportation and distribution, terminal sales and other links. The products provided by the company are located at the end of the chain, and bear the dual functions of low-temperature storage and corporate image display.
The cold chain terminal equipment industry where Hairong Cold Chain is located is at the end of the cold chain industry chain. Due to the obvious attributes of consumption and advertising, the industry profitability is in a high position in the industrial chain. We selected five representative enterprises in the food cold chain industry for comparison. The refrigeration equipment business of Sifang cold chain is located in the production and processing of cold chain logistics. Ice wheel environment and iceberg cold and hot majors are engaged in the design and production of cold chain systems and industrial refrigeration equipment, which is located in the processing and storage of food cold chain logistics. By comparison, we can find that the gross profit margin of Hairong cold chain located at the sales terminal is at a high level in the industrial chain, and it is on the rise. The food cold chain industry presents the characteristics of value concentration to the terminal.
From the upstream and downstream of the industrial chain, Hairong Cold Chain is located in the cold chain logistics equipment industry in the middle of the industrial chain, and the main raw material suppliers in the upstream are mainly steel, isocyanate, combined polyether and compressor. In recent years, the fluctuation of raw material purchase price has affected the company's gross profit margin to a certain extent; The downstream application of cold chain logistics equipment industry is more extensive, including ice cream, dairy products, beverages, frozen food, frozen food, agricultural products, medicine, biological products and so on.
Upstream compressor and other core components that realize refrigeration function are basically mature and completely competitive industries in China. Suppliers mainly include Changhong Huayi and Snowman. Yeti is one of the largest manufacturers and suppliers of ice-making equipment and ice-making systems in China, and its products include compressor series, refrigerant series, pressure vessel series and all-in-one machine series. Changhong Huayi specializes in producing all kinds of compressors for refrigeration appliances such as refrigerators, freezers, water dispensers, freezers and dehumidifiers, and is also one of the top five suppliers of Hairong cold chain. In recent years, the gross profit margin of Hairong Cold Chain is around 30%, which is higher than that of compressor business of Yeti and Changhong Huayi. The profit margin of the middle-stream cold chain logistics equipment industry is greater than that of the upstream raw material suppliers, and it is in the value center of the industrial chain.
(a) commercial freezer faucet, and actively explore new product markets.
From the product structure, in 20 19 years, the company's four business revenues accounted for 72.07%, 17.03%, 5.28% and 0.75% respectively. The company's refrigerated display cabinet business contributes the most to revenue, and is actively exploring the refrigerated display cabinet market. From the perspective of regional distribution, the proportion of domestic sales and exports of the company tends to be stable in recent years. 19, domestic sales and export revenue were 965 million yuan and 496 million yuan respectively, accounting for 62.85% and 32.29% of revenue respectively.
According to the company's prospectus, the commercial refrigerated display cabinet business of Hairong Cold Chain is the industry leader. In recent years, its revenue has maintained rapid growth from beginning to end, and its business scale has been expanding. 1 107 million yuan, up nearly 40% year-on-year, the highest growth rate since its establishment, and continue to consolidate its leading position.
The revenue scale of 19 refrigerated display case business declined, mainly due to the trade friction between China and the United States. Some American customers advanced the purchase plan of 20 19 to the second half of 20 18, and reduced the purchase plan of 20 19, which made the foreign revenue scale of 19 refrigerated business decline. It is expected that the business income will decrease in 2020.
Shang Chao showcase business has been deepening. Through the cooperation between well-known supermarkets at home and abroad and chain-brand convenience stores, the income model has grown rapidly, doubling its income for two consecutive years, with strong growth potential. At present, the revenue base of smart container sales business is small, and the decline of 19 is mainly due to the immature development of this business, the lack of mature and stable technical routes and business models in the industry, and the fluctuation of downstream demand. It is expected that its income scale will be stable with the gradual development and maturity of this business in the future.
Judging from the marginal contribution of gross profit, commercial refrigerated display cabinets and commercial supermarket display cabinets contributed the most to gross profit, and the gross profit margin of commercial refrigerated display cabinets showed an overall growth trend with slight fluctuations. 17 to 19, the gross profit margin of this business is 34.32%, 34.4% and 38.03% respectively, and the profitability is rising. The gross profit margin of display cabinets in Shang Chao is second only to that of commercial frozen display cabinets. In 19, the gross profit margin of display cases in Shang Chao was 35.74%, which was about 3 percentage points higher than that in 18. The gross profit margin of smart container sales has a certain gap compared with the first two businesses. 19 gross profit margin increases 10 pct, which has great potential for profit improvement; The gross profit level of refrigerated display cabinets has declined in recent years.
The company's frozen display cabinets and refrigerated display cabinets also have certain seasonal characteristics. The output was higher in the first and second quarters, lower in the third quarter and adjusted back in the fourth quarter. The main reason is that the downstream customers of frozen display cabinets are mainly in the cold drink industry, while the downstream customers of refrigerated display cabinets are mainly in the beverage industry. The terminal consumption of the two businesses has obvious seasonality, so the first half of the year and the end of the year are mostly sales seasons, and they enter the sales season from July to June. The main customers of display cabinets in Shang Chao are mostly large supermarkets, and the downstream customers of commercial intelligent sales containers are mainly operators in beverage, food and other industries. Neither business has obvious seasonal characteristics.
(2) The unit price of new products has increased, and the profit rate has generally increased.
The unit price of each product is calculated according to the sales volume of each product in 18 and 19. 20 19 the unit sales prices of commercial refrigerated display cabinets, commercial refrigerated display cabinets, commercial supermarket display cabinets and commercial intelligent sales containers are 1962.43 yuan and 25 18. 14 yuan respectively. According to the sales unit price of each product disclosed in the prospectus from 20 12 to 20 17, the sales prices of commercial refrigerated display cabinets, commercial refrigerated display cabinets and Shang Chao display cabinets have been basically stable, with little change, while the unit price of smart containers fluctuates greatly. It is expected that with the gradual development of this business, its price level will tend to be stable.
Generally speaking, the company's frozen display cabinet business is dominant, and other businesses are also actively developing. In the subdivision of commercial refrigerated display cabinets, the company's market share and popularity are increasing year by year. The company's prospectus shows that the market share has ranked first in the industry, especially in the cold drink industry, and it is in a leading position in the industry. Compared with the refrigerated display cabinet business, the company's refrigerated display cabinet business started late and developed slowly, and its market position was not as good as that of commercial refrigerated display cabinets. However, with the continuous development in recent years, the company's market share in the high-end beverage industry in North America has reached a certain level, and customers in the domestic market have also expanded from the early dairy industry to the beverage industry, which has a certain brand awareness. In the field of display cabinets in Shang Chao, the company is gradually stepping up product research and development and market development, and has established good cooperative relations with well-known supermarkets, community supermarkets and chain brand convenience stores at home and abroad. In the field of commercial smart container sales, the company has increased product research and development and market development, and has developed smart container sales with static identification technology, and the products have been initially put on the market.
In 20 19, the company realized revenue and net profit attributable to1535 million yuan and 203 million yuan respectively. The revenue growth rate has continuously increased from -2% in 16 to 27% in 20 19, and the company's net profit has also achieved the highest growth rate in the past four years, reaching 47%. In 2020H 1 year, the company's revenue and attributable net profit were 1.0 1.2 billion yuan and 1.6 1 billion yuan respectively, with year-on-year growth rates of 16.98% and/kloc-respectively. The company's performance has maintained steady growth under the epidemic situation.
The gross profit margins of 20 18, 20 19 and 2020H 1 companies were 29%, 34% and 35% respectively, and the gross profit margin level continued to increase, mainly due to the decline in raw material costs, exchange rate changes and product structure adjustment. Comparing Aucma, Haier House and Changhong Meiling's household refrigerators and freezers with Hairong's cold-chain commercial display cabinet business, we can find that Hairong's cold-chain commercial display cabinet business is more profitable than white goods enterprises. /kloc-in 0/9, the gross profit margins of Hairong Cold Chain, Aucma Refrigerator Series, Haier Zhi Zhi Household Appliances Refrigerator Series and Changhong Meiling Refrigerator were 34%, 32.27%, 24.88% and 23% respectively. 5% respectively. The gross profit margin of Hairong Cold Chain is higher than that of ordinary white goods companies, mainly because the company provides customized production services for downstream customers and produces differentiated products. Besides low-temperature refrigeration, it also has the functions of advertising marketing and corporate image display, so it has high added value. The net profit margins of 20 18-2020H 1 company are 12%, 14% and 16% respectively, which is consistent with the trend of gross profit margin, and the company's profitability has steadily improved.
From the perspective of operating cash flow, most years of the company's operating cash flow are concentrated in the second half of the year, and the net operating cash flow of 16, 17 and H 1 is higher, because the cash received by the company from selling goods and providing services has increased by about 12% compared with the same period 15. The cash paid for goods and services increased by about 65438+H 1 and the operating cash flow of H2 in 19 was12.23 million yuan and1799.7 million yuan respectively, mainly because the company's payment was mainly concentrated in the second half of the year, and there were many orders in the peak season in the first half of the year, so the corresponding accounts receivable were at a high level. The accounts receivable of 17- 19 are RMB 3.44/kloc-0.40 million, RMB 489.25 million and RMB 553.24 million respectively. The accounts receivable at the end of the year were 212140,000 yuan, 330.23 million yuan and 420.04 million yuan respectively. The net cash flow from operating activities in 2020H 1 year was 57.74 million yuan, up by 372.2% year-on-year and nearly four times. The surge in cash flow was mainly due to the year-on-year increase of 5.6% in cash received by the company for selling goods and providing services to 708 million yuan, while the cash paid for goods and services decreased by 8% to 490 million yuan.
In recent years, with the continuous expansion of the company's business scale, the company's inventory has increased steadily year by year. The inventory of the company 17- 19 was 227 million yuan, 267 million yuan and 366 million yuan respectively, with a compound growth rate of 27%, which was close to the revenue growth rate of 26% in the last two years. In 20 19, the company's inventory at the end of the first quarter, the second quarter, the third quarter and the end of the year was 335.23 million yuan, 279.48 million yuan, 2 15. 1 10,000 yuan and 366.06 million yuan respectively. It can be judged that the company has more inventory at the end of the first quarter and the end of the year, and less inventory at the end of the second quarter and the end of the third quarter. With the increase of the company's inventory year by year, the level of inventory turnover rate is relatively stable, maintaining between 3.2-3.6 times, which shows that the increase of the company's inventory has not brought about the decline of business ability, but the expansion of business norms.
(C) R&D maintains high investment and technology drives product innovation.
Cold chain terminal equipment manufacturing industry has a high overall technical content, and its R&D and production involve technologies in refrigeration, welding, machining, automatic control, electronic information and other fields. , the enterprise's R&D, production, quality control and other capabilities are very demanding. The company's main products are commercial display cabinets, and the technical level in this subdivision is mainly reflected in three aspects: first, the product design level, including the design of appearance, size and function, as well as the refrigeration efficiency and energy consumption of products; Second, the manufacturing level, the production process involves refrigeration, sheet metal processing, welding, foaming, assembly and other technologies; Third, the integration technology of the Internet of Things can help users use the Internet platform to monitor and manage the information of various devices put into the market terminal in real time.
Since its establishment, the company has attached great importance to technology research and development and personnel training, and established an R&D team with rich experience, strong technical force and strong cohesion. Most of the core technicians have more than 10 years of industry experience and can accurately grasp the market trends and customer needs. Since 20 16, the company's R&D expenses have been increasing rapidly. 17- 19 years' R&D expenses reached 30.58 million yuan, 37.9 million yuan and 47.26 million yuan respectively, with year-on-year growth rates of 16.68%, 23.94% and 24.7% respectively. 2020H 1 the company's R&D expenditure is 2 1.23 million yuan, an increase of 12.7% over the previous period. The company attaches great importance to the investment in R&D, and the R&D expenses are increasing year by year.
The company attaches great importance to technology research and development and independent innovation, and has formed a number of core technologies in product design and manufacturing, which have been applied to mass production. Core technologies include energy-saving and environmental protection technology, RFID Internet of Things technology, card-type integrated refrigeration unit technology, embedded sealing technology, automatic door closing and door body positioning technology, system intelligent control technology, microchannel condensation technology, ultra-low temperature refrigeration technology, intelligent hot air defrosting technology, double-layer air curtain circulating air technology, sea capacity asset management platform and partition cold and heat conversion technology.
According to the disclosure in the company's 20 19 annual report, in terms of commercial freezers, the company applies new technologies, new processes and new materials to vigorously develop environmental protection and energy-saving products to meet the new market demand and improve customers' personalized and differentiated demand satisfaction; In terms of commercial refrigerated display cabinets, the company will focus on developing new products and differentiated products according to the market demand of beverage cabinets to increase market share; In terms of display cabinets in Shang Chao, the company will focus on developing non-standard customized products on the basis of standard product research and development, build an Internet of Things platform, and realize remote monitoring and data cloud sharing; In terms of commercial smart container sales, the company will continue to deepen research and development, enrich product categories and promote technological innovation in the industry.
(d) Accumulate a large number of high-quality customers and cooperate with world-renowned FMCG enterprises for a long time.
The downstream customers of the company's commercial frozen display cabinets are mainly concentrated in the cold drink industry and the quick-frozen food industry, mainly in the cold drink industry; The downstream customers of the company's commercial refrigerated display cabinets are mainly concentrated in the beverage industry (including water drinks, functional drinks, carbonated drinks, tea drinks, etc. ), dairy industry and beer industry, mainly beverage industry; The main customers of the company's supermarket display cabinets are large supermarkets, community supermarkets and chain convenience stores. , used to place dairy products, beverages, vegetables, cold and fresh foods, quick-frozen foods, etc. The downstream customers of the company's commercial intelligent sales containers are mainly operators and brands in beverage, dairy products, food and other industries, which are used in residential quarters, office buildings, subways, airports, railway stations, schools and other crowded places.
The company has obvious advantages in customer resources, and most of its main customers are well-known fast-moving consumer goods enterprises at home and abroad, which is conducive to the company's market awareness and brand influence in sub-sectors. The company has also established good cooperative relations with well-known supermarkets, chain brand convenience stores, ice cream producers and frozen food producers at home and abroad, and established national and overseas sales networks. The company mainly serves customers including Yili, Mengniu, Nestle and many other well-known enterprises. The company fully meets customer needs in sales, research and development, production and quality control, and has established long-term and stable cooperative relations with customers.
The company's overseas income mainly comes from the US and Indonesia markets. In the American market, the company mainly cooperates with IDW. IDW is a company that customizes commercial refrigeration equipment and procurement. It is good at creative design and innovative production methods, and provides innovative point-of-purchase design and corresponding customer service for customers all over the world. The downstream customers of IDW are internationally renowned beverage manufacturers such as Coca-Cola, Pepsi-Cola and Monster, and the company sells high-end customized beverage display cabinets. The company mainly supplies Unilever and PT. Glico Wings in the indonesian market. Horn. Glico Wings mainly develops, produces and sells frozen desserts, and the main products are ice cream.
(A) consumption upgrading, driving low-temperature consumption and cold chain terminal equipment demand.
At present, the company's customers are mainly concentrated in the cold drink industry, quick-frozen food industry and beverage industry. The downstream customers of the company's commercial refrigerated display cabinets are mainly concentrated in the cold drink industry and the quick-frozen food industry, mainly in the cold drink industry; The downstream customers of commercial refrigerated display cabinets are mainly concentrated in the beverage industry (including water drinks, functional drinks, carbonated drinks, tea drinks, etc. ), dairy industry and beer industry, mainly beverage industry. Therefore, the consumption trend of downstream food and beverage industry has a long-term impact on the development of the industry.
From the perspective of industry demand, the demand for commercial display cabinets has two driving factors, namely, the upgrade of beverage consumption and the expansion of retail stores. On the one hand, under the influence of the consumption upgrading trend, the expansion of frozen drinks, the increase in the consumption of low-temperature dairy products and the popularization of quick-frozen foods have all brought about an increase in the demand for display cabinets. On the other hand, the continuous expansion of chain convenience stores also directly drives the demand for terminal freezers.
At the same time, the improvement of cold chain infrastructure and the rise of new retail have also opened up the long-term development space of the industry. With the continuous improvement of cold chain infrastructure, the consumption demand of terminal low-temperature products has been met; With the rise of fresh e-commerce, low-temperature food, aquatic products and other fresh fields have accepted the demand of terminal display, and the application scenarios of display cabinets have also begun to diversify.
China is one of the largest soft drink markets in the world. At present, there are many kinds of soft drinks in China, including packaged drinking water, egg white drinks, fruit juice drinks, functional drinks, solid drinks, carbonated drinks, tea drinks, flavored drinks, coffee drinks and so on. Jost Sullivan's report cited in Nongfu Spring's prospectus shows that the soft drink market in China was 991400 million yuan in 20 19, and it is expected to reach132.3 billion yuan in 2024, with a compound growth rate of 5.9%. In terms of categories, the market sizes of packaged drinking water, protein drinks, fruit juice drinks and functional drinks are 201700 million yuan,1417.4 billion yuan,143.5 billion yuan and165433, respectively.
In recent years, with the improvement of food safety awareness and the upgrading of consumption structure, the public demand for cold chain storage of beverages (water drinks, carbonated drinks, tea drinks, functional drinks, etc.). ), dairy products, beer and other fast-moving consumer goods increase, so the market demand for commercial refrigerated display cabinets, especially commercial vertical refrigerated display cabinets continues to increase.
For example, NFC (non-concentrated juice) in juice drinks has gradually become a hot spot in the market. NFC juice is a kind of product based on low-temperature cold chain. The juice is directly pasteurized and processed at low temperature, with less nutritional loss and better preservation of the original flavor of fresh fruit. Around 20 15, 30-40 NFC juice brands emerged in the market. By 20 17, the market was mostly occupied by powerful large enterprises.
In addition, with the increase of urban residents' income year by year and the improvement of living standards, the lifestyle and consumption structure have also changed. Urban residents have higher requirements for food diversification, freshness and nutrition, and the consumption of fruits, vegetables, fresh milk products, quick-frozen foods and raw meat has increased rapidly. According to Nielsen's frozen food report, the frozen food market is growing faster than the whole FMCG market. jiaozi and Tangyuan are the two sub-categories with the largest sales share in this market, and their combined sales account for 50% of the frozen food market sales.
The sales volume of dairy products in China is gradually entering a stable stage, and the industry competition is shifting from the normal temperature market to the low temperature market. The potential customers of low-temperature milk are large, and the growth space of low-temperature products is broad. Fresh milk is an important low-temperature category. This will greatly increase the demand for cold chain logistics equipment in China dairy industry.
Affected by the epidemic, the sales channels of beverages, cold drinks and quick-frozen foods have been further expanded. Cold drink brands such as Baxi and Nestle have achieved contrarian sales growth through cooperation with new retail and home-based platforms such as Box Horse, RT Mart Taoxianda, Hungry, Meituan and so on. The expansion of sales channels is conducive to the development of the beverage and cold drink industry, which in turn drives the demand for commercial display cabinets.
Generally speaking, the downstream beverage and cold drink industry continues to expand. With the introduction of new beverages, the scale of beverage retail market will be further expanded, which will further drive the demand for cold chain equipment for commercial display cabinets. As an industry leader, Hairong Cold Chain is expected to continue to benefit from the trend of downstream consumption upgrading.
(2) Store expansion, and commercial display cabinets help new retail upgrades.
As a new retail format, chain convenience stores are different from supermarkets and large-scale stores in their development mode, showing a faster opening speed. Due to the distance factor, the larger distribution area of supermarkets and various product displays, large supermarkets greatly consume the time and energy of shoppers. For shoppers who consume drinks, ice cream and other leisure consumption, chain convenience stores on the street have solved the pain points of demand well. The development of convenience stores effectively meets the fast and convenient consumption mode required by users. According to the statistics of China Industrial Information Network, the number of convenience stores in China exceeded120,000 in 20/0/9, and it is expected to continue to grow in the future.
Hairong Cold Chain has been providing cold chain terminals for convenience stores and supermarket chains through downstream FMCG customers. In the future, the company will develop intelligent and unmanned products based on the existing commercial display cabinet technology, combined with RFID, image recognition, intelligent control and other technologies, and strive to provide systematic solutions for the growing unmanned retail scene and market.
(1) Professional market, Hairong cold chain is leading in China.
After years of competition and development, foreign commercial display cabinets have a relatively stable industry structure, AHT, Liebherr, IARP, the United States? Ur, EPTA, carrier and other large manufacturers occupy the main market share, while some regional brands occupy a small market share in the local market. There are many enterprises in the field of commercial display cabinets in China, and no large monopoly enterprises have yet formed. Commercial cold chain display cabinets belong to a highly specialized market segment, and Hairong cold chain has more competitive advantages than home appliance enterprises in production and research and development. Participants in the white goods market in the industry, their commercial display cabinets only account for a part of their business, and most of the products involved are concentrated in a certain sub-industry.
According to the company's prospectus, the company mainly focuses on the domestic market, and its market share abroad has great room for improvement. The export volume of 14- 17 company's commercial display cabinets is 85059, 107990, 14 19 15, 158473 respectively. They account for 0.72%, 0.9 1%, 1. 16% and 1.26% of the foreign commercial display cabinet market respectively. It can be seen that the market share is at a low level, but it keeps increasing year by year. In the subdivision of commercial refrigerated display cabinets, the company has a certain market share in the high-end beverage industry in North America. Generally speaking, the company's scale share in foreign markets has great room for improvement.
(2) Production and sales are booming, and advanced production capacity is to be released.
The company mainly provides customized services for customers, so the production and sales rates of the four types of products all maintain a high level. In 20 19, the production and sales of commercial refrigerated display cabinets and refrigerated display cabinets both made a major breakthrough, with the output of 626,200 units and122,300 units respectively, and the sales volume of 564,000 units and103,900 units respectively, with both production and sales booming.
The company was listed on June 20 1 18, and the investment projects raised by the fund include "annual output of 500,000 sets of cold chain terminal equipment", "annual output of 654.38+10,000 sets of ultra-low temperature cold chain equipment" and "R&D center construction project of cold chain equipment". Among them, the project with an annual output of 500,000 cold chain terminals is mainly used to expand the production capacity of medium-sized and medium-sized commercial display cabinets, optimize the product structure, meet the needs of business and market development, and increase market share; The annual output of 654.38+10,000 ultra-low temperature cold chain equipment production projects is mainly to seize the new application market of cold chain products and increase new profit growth points; The construction project of cold chain equipment R&D center can increase the research and development of key technologies in the field of cold chain equipment, enhance the company's R&D and innovation capabilities, enhance the company's core competitiveness and promote the company's sustained, rapid and healthy development.
Based on the rapid growth of the commercial vertical refrigerated display cabinet market, in April 2065438+2009, the company announced the change of the fund-raising project, and used the unused fund-raising from the original "65438+ million ultra-low temperature cold chain equipment project" for the construction investment of the new project "Commercial vertical refrigerated display cabinet expansion project".
According to the 20 19 annual report, the "R&D Center Construction Project of Cold Chain Equipment" is currently in the project planning and design stage. According to the company's semi-annual report in 2020, the main part of the "Commercial Vertical Refrigerated Display Cabinet Expansion Project" has been completed, and the real estate license is currently being processed; The equipment part has been installed and is being debugged; Software and information systems are being implemented. The main project construction of Workshop 4 in the "Project with an annual output of 500,000 cold chain terminal equipment" was started according to the project implementation plan.
(1) comparable valuation
Valuation of comparable companies: commercial cold chain industry, related listed company Yeti shares, ice wheel environment (Wind has no profit forecast), etc. In the field of freezer, the related listed company Aucma. The application scenario, customer structure and market space of Hairong cold chain core products are different from those of the above comparable companies.
Compared with Aucma, a traditional household freezer enterprise, the commercial display cabinets of Hairong Cold Chain are mainly used for commercial sales. With the expansion of consumer goods, the downstream demand is higher, and the income growth center is higher (the compound income growth rate of Hairong/Snowman/Aucma is 26.2%/27.1%17 respectively). Compared with traditional cold chain enterprises such as refrigeration units and ice makers, Hairong cold chain products are mainly used for terminal display, and the added value of products is higher (/kloc-0 Hairong/Snowman/Aucma are both 65,438+.Therefore, considering the growth and profitability of Hairong cold chain and the company's performance forecast in the next three years, the company is given a reasonable PE valuation of 202 1 of 30x.
(2) Profit forecast
The main business of the company is divided into: 1. Commercial refrigerated display cabinets; 2. Commercial refrigerated display cabinets; 3. Shang Chao display cabinet; 4. Other businesses. Among them, commercial refrigerated display cabinets are the core business.
1. Commercial refrigerated display cabinet: 65438+realized revenue in 200911070,000 yuan, up 39% year-on-year. 20H 1 The company did not specifically disclose its sub-business, and the overall revenue increased by 17% year-on-year, indicating that the company's performance was still strong under the epidemic. According to the company's prospectus, according to the market scale and pre-test released by the Cold Chain Logistics Professional Committee of China Federation of Logistics and Purchasing, the average annual compound growth rate of commercial display cabinets in China from 20 15 to 20 19 is 15.68%. Considering the growth rate of the industry and the increase of the company's share, it is expected that the revenue will maintain a growth rate of 20% in the next three years. Considering the relatively stable prices of raw materials and products, it is predicted that the gross profit margin will remain at 38% in the next three years.
2. Commercial refrigerated display cabinets: 65,438 yuan+262 million yuan in 2009, slightly down 5% year-on-year, mainly due to the small business base and mismatched acceptance of overseas customers. Considering the growth in this field and the recovery of overseas demand, it is estimated that this business will achieve a growth rate of 10/ 15/20% respectively in the past three years. Considering the relatively stable prices of raw materials and products, it is predicted that the gross profit margin will remain at 17% in the next three years.
3. Shang Chao showcase. 19 achieved a revenue of RMB 8 10/00000, a substantial increase of 12 1% year-on-year, mainly due to the small business base and the deepening cooperation between the company and well-known supermarkets and chain convenience stores. Considering the business growth and the expansion of income base, it is estimated that the income growth rate in the next three years will be 70/60/50%. Considering the relatively stable prices of raw materials and products, it is predicted that the gross profit margin will remain at 35% in the next three years.
4. Other businesses: accessories, after-sales and other auxiliary businesses are the main businesses, and the scale is relatively stable. It is estimated that the revenue will maintain the current scale in the next three years. Considering the relatively stable prices of raw materials and products, it is predicted that the gross profit margin will remain at 22% in the next three years.
The core business of the company is commercial refrigerated display cabinets. From 65438 to 2009, the revenue of this business was11070,000 yuan, up nearly 40% year-on-year, accounting for 72% of the revenue. The prospectus shows that the company's market share in this field has ranked first in the industry and is in a leading position in the industry. The refrigerated display cabinet business started late, but it has a certain market share in the high-end beverage industry in North America, and the customers in the domestic market have also expanded from the early dairy industry to the beverage industry. At the same time, the company is also actively developing supermarket display cabinets and smart container sales business, which is expected to achieve horizontal expansion of product categories and vertical extension of downstream applications in the future.
It is predicted that the EPS of the company in 2020-22 will be 1.8/2.28/2.87 yuan/share, and the current share price will be 27/2117 times. Considering the growth rate of the industry and the promotion of the company's business share, and referring to the valuation of comparable companies, the company is given a reasonable PE valuation of 202 1 year of 30x.