Kehua Hengsheng (002335): Smart in the Beide high-end power faucet has experienced a recovery after conversion

Kehua Hengsheng (002335): “Smart” in the Beide high-end power faucet has experienced a recovery after conversion
This report reads: The company is committed to creating a smart electrical energy ecosystem. As a high-end power source, the company breaks through the competition pattern of foreign companies’ high-power movie market. The IDC business has grown rapidly and has become a new engine for company performance growth.Performance rebounded. Investment Highlights: Maintain “Overweight” rating and raise target price to 21.34 yuan.The company’s revenue has grown steadily. It is predicted that the operating income for 2019 and 2020 will be 44.8.3 billion (+16.8%) and 57.4.9 billion (+24.9%).Affected by the impairment of goodwill in 2018, the EPS significantly exceeded expectations, and the EPS for 2019 and 2020 was adjusted to 0.97 yuan (-30.2%) and 1.18 yuan (-30.6%).It is estimated that the operating income in 2021 will be 72.92 trillion, EPS is 1.45 yuan.With reference to the evaluation of comparable companies, we give Kehua Hengsheng a PE22 valuation in 2019, corresponding to a target price of 21.34 yuan. 杭州夜生活网 The company is committed to integrating a comprehensive business system based on the smart power cloud platform.Focus on the three major business sectors.Among them, the high-end power supply has broken through the pattern of long-term foreign companies in the high-power market, and the leading edge of new energy has gradually formed.The company’s ultra-high-power UPS power supply has reached the 800K standard, competing with foreign brands; new energy business (14.36%) focuses on energy storage business. In 2018, the company’s market share in the user side of China’s energy storage market ranked first, and it is estimated that user energy storage projects will account for 50% in 2025. The data center business is the focus of transformation. After reform, it has become the main engine for the company’s performance growth.Revenue from data center business in 2018 was 15.04 billion.Monthly growth of 103.18%.Accounted for 43 of operating income.77%, contributing over 70% of revenue growth.The compound growth rate of China’s IDC market in 2012-2017 was 32%, and the performance of data center projects increased rapidly. catalyst.Smart power has developed smoothly in other application scenarios, and the government has increased its IDC investment.