Yeti shares (002639) dynamic commentary: leading layout of refrigeration equipment fuel cells

Yeti shares (002639) dynamic commentary: leading layout of refrigeration equipment fuel cells
Event: The company recently announced the third quarter performance revision announcement. The company expects to achieve net profit attributable to its mother of 50 million to 56 million yuan in the first three quarters of 2019, an increase of about 265% -308% year by year; combined with our recent tracking of the company and the industryThe comments are as follows. Opinion: The company is a leading enterprise in the field of refrigeration equipment and actively develops fuel cell related businesses.Yeti shares are mainly engaged in four major businesses: ① traditional refrigeration business, the company’s refrigeration equipment has formed a stable market share, mainly used in concrete cooling, cold chain logistics, nuclear power, commercial supermarkets and other fields.② Compressor and system application business. The company masters the core technology of compressors and has two internationally renowned brands, SRM and ReComp. The company has leading technology and is mainly used in industrial refrigeration, commercial refrigeration, ice and snow sports, and new energy.③Oil and gas service business, Jiayun Oil & Gas, a wholly-owned subsidiary of the company, is the first professional company to operate and maintain compressed gas collection, purification, and other production equipment in China.Basin and other major natural gas fields.④In the field of new energy, the company actively plans to integrate core technologies and international brands in the hydrogen energy industry chain such as Sweden and Japan through wholly-owned mergers and acquisitions. The main products currently cover fuel cell air compressors, turbine circulating pumps, and water electrolysis.Hydrogen production equipment, hydrogen station construction and complete equipment. The performance is still under pressure in the short term, and the company is actively transforming to increase the fuel cell industry chain business.The company’s first three quarters of 2019 are expected to achieve net profit attributable to mothers of 50 million to 56 million yuan, an annual increase of 265% -308%.The performance growth lies in: ① The Hejili M & A fund contributed about 70 million yuan in net profit to the company; ② The company increased credit impairment losses, such as about 19.5 million yuan in the third quarter; ③ the development of new businesses such as hydrogen energy, resulting in increased related costs.Overall, short-term pressures remain.Actively transform. In 2019, the company signed a cooperation agreement with the Liangjiang New District of Chongqing City on a “Fuel Cell Engine and Its Core Components Manufacturing Project”. The production and development of a hydrogen-air proton exchange membrane fuel cell system was applied in Xiamen Jinlong 8.5m fuel cell city bus, this model has been selected into the new product catalog of “Road Motor Vehicle Manufacturers and Products Announcement” issued by the Ministry of Industry and Information Technology on June 11, 2019.At present, the company has provided hydrogen fuel cell engines for Jinlong, Jinlv and other vehicle companies, and provided 21 companies such as Yutong Bus and Dongfeng Motor with air compressors that can match the core components of hydrogen fueled vehicles. The fuel cell industry has a lot of room for development, and it can be expected in the future.With the characteristics of safety, high efficiency, and cleanliness of hydrogen energy, with the continuous breakthrough of technology, 杭州夜网 the cost has gradually decreased, and it has gradually entered the stage of commercial operation.From a global perspective, currently fuel cells have achieved technological breakthroughs in transportation, power generation, and military fields, and core components such as stack costs, power, and insulation have reached commercial application levels.China has great potential for the development of hydrogen energy. At present, it has been gradually storing technologies in the transformation of hydrogen production, storage, and transportation. It has basically achieved domestic production of core components such as membrane electrodes, bipolar plates, and stacks.The company has established long-term cooperation with the Chinese Academy of Sciences, the Swedish SRM company, the US CN company and other domestic and foreign universities and research institutes to develop hydrogen fuel cell air compressors, turbine circulating pumps, etc.The company’s medium-term goal is to transform from a compressor production equipment manufacturer to an operating service provider. The long-term goal is to transform the carbon-free high-efficiency hydrogen energy project and the development and supply of core equipment.Through a series of mergers and acquisitions, holding or equity participation, the introduction of international advanced technologies such as hydrogen energy and fuel cell fields to form a mastery of upstream “water electrolysis hydrogen production, hydrogenation, hydrogen liquefaction technology”, and downstream coverage “fuel cells, air supply systems, carbon dioxide”Circulation pump” complete industrial chain and coordinated development with other businesses. Investment suggestion: Give “Neutral” rating.It is expected that the company’s EPS in 2019 and 2020 will be 0.09 yuan, 0.15 yuan, corresponding to 59 times PE in 2020. The company’s short-term performance is under pressure and it is difficult to digest the current valuation. The company is actively transforming. The track has a lot of room for growth, but it still needs time to verify. Therefore, the company is given a “neutral” rating. Risk Warning: Customer Exploitation Is Less Than Expected; Fuel Cell Industry Is Less Than Expected