On December 2, 2021, Huaming Equipment (002270) issued an announcement that Huaixin Investment Peng Kangdi investigated our company on November 30, 2021.
The main contents of this survey are:
Q: What is the impact of rising commodity prices?
Answer: The main profit of the company's products is reflected in the added value of technology, the company adopts the model of the whole industry chain to organize production, most of the post-processing links of procurement materials are completed independently in the company, and the gross profit impact of material costs on the company's products is relatively small.
Q: What are the layout plans for the U.S. market?
A: The difficulty of developing the US market is not at the technical and commercial levels, and it will be more difficult to promote, depending on the liberalization of relevant policies and the gradual promotion of the company's overseas localization layout.
Q: What is the impact of the Russian market?
A: The Russian market is one of the fastest growing markets in recent years, the certification and sales of related products in this market are being promoted in an orderly manner and the progress is in line with expectations, this year completed the certification of Russian nuclear power, the future will also be one of the main markets, the company has a team in Russia, how to develop in the future will also be affected by the overall Economy and the epidemic in Russia.
Q: The market share of UHV domestic substitution?
A: The overall demand for UHV is very small, and the annual planning is only one or two lines, the direct benefits brought by the domestic substitution of the UHV market will not have a significant impact on the company's performance, and the significance of the UHV market breakthrough is mainly conducive to the development of the company's overseas business and other market breakthroughs and its brand effect.
Q: What is the focus of the future development of product sales?
A: The goal of product sales in the domestic market is to gradually achieve import substitution in the UHV market and increase the share of the market of 500kV and above, and the market in the overseas market is gradually deployed overseas and steadily cut into. Domestic market share of more than 500kV is relatively low, mainly due to user habits, there are also reasons why the company's marketing is not in place, we believe that the future of the company's breakthrough and success in the UHV market will bring competitive advantages and brand effects to the company's breakthrough in the product market above 500kV and sales in overseas markets. Overseas market space is relatively large in China but the concentration is not high, the company's precipitation and accumulation overseas still need time, more will take a steady approach, will not be short-term rush to achieve.
Q: What is the future market space for the product?
A: In the future, the focus of the company's work will still be on the expansion of overseas markets and the development of maintenance business. Other new demands are not yet evident on the sales side.
Q: After the development of overseas markets, will the service market develop synchronously?
A: It should be said that the development of the overseas market itself requires us to do the service overseas, the overseas market users buy the company's products at the same time, there are higher requirements for products and services, the company's previous overseas development mode is mainly direct export of products, insufficient service support, insufficient layout of overseas response, which is also the reason for the rapid development of overseas business, the company will currently use local deployment to improve the local response speed, can provide better service for overseas customers.
Q: What is the impact of new energy power generation?
A: Accurate data requires that the installed capacity of new energy power generation tend to be relatively stable after looking at the demand for related products, and at present we do not see significant changes in the sales side.
Huaming Equipment's main business: engaged in transformer on-load tap-changers and non-excitation tap-changers and other transmission and transformation equipment research and development, manufacturing, sales and service
Huaming Equipment's 2021 third quarter report shows that the company's main revenue was 1.092 billion yuan, up 21.93% year-on-year; net profit attributable to the mother was 384 million yuan, up 47.88% year-on-year; deducted non-net profit of 160 million yuan, up 42.54% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 408 million yuan, up 23.45% year-on-year; single-quarter net profit attributable to the mother was 84.1869 million yuan, up 67.93% year-on-year. The non-net profit deducted in a single quarter was 81.1144 million yuan, up 67.66% year-on-year; the debt ratio was 32.91%, the investment income was 9.3953 million yuan, the financial expense was 44.953 million yuan, and the gross profit margin was 50.23%.
The unit has not had an institutional rating in the last 90 days. The Securities Star Valuation Analysis Tool shows that Huaming Equipment (002270) has a good company rating of 2.5 stars, a good price rating of 2 stars, and a comprehensive valuation rating of 2.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
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