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國安達(300902):電力消防積微成着 乘儲能之風厚積薄發
格隆匯 07-21 00:00
本報吿導讀: 公司深耕工業消防十餘年,在電力領域與國家電網深度合作,客户壁壘高;在儲能領域提供直供儲能/電池廠商的定製化電芯級產品,可替代性低,業績驅動力強。 投資要點:結論:首次覆蓋,目標價45.19 元,給予增持評級。預測2022-2024 年公司歸母淨利潤分別為1.35/2.90/4.34 億元,對應2022-2024 年EPS 分別為1.05/2.27/3.39 元。考慮公司在電力電網消防領域具有顯著優勢,並已佈局儲能消防,結合PE 與PB 估值法,給予目標價45.19 元。 儲能消防佔得先機,電芯級產品開啟小批量試點。公司憑藉近十年的鋰電池消防技術沉澱,能夠直接根據電芯成分與儲能集成廠商或新能源電池廠商合作進行定製化設計,產品專用性強、不易被替代。公司的儲能消防方案有別於傳統的感温探測技術,能夠深入電芯對鋰電池內部化學成分進行實時探測,研發的鋰電池儲能櫃火災防控和惰化抑爆系統,目前已能滿足多項行業標準的要求,進入小批量試點階段。 特高壓建設加速驅動業績增長,電網消防產品即將迎來放量。“十四五”期間特高壓項目密集開工,而輸變配電氣設備的特性使火災事故無法提前預估,電網消防亟待完善。公司在電力電網領域新開發的壓縮空氣泡沫滅火系統單價較高,2021 年該產品銷售貢獻0.45 億元收入,佔據總收入的17.79%,隨着國家電網宣佈2022 年電網投資在5000 億元以上,預計電網消防業務能夠進一步驅動公司業績增長。 研發實力造就高進入壁壘,客户認證形成強護城河。公司作為“專精特新”企業,不斷根據行業趨勢展開創新性研發,在電力、交通領域建設有國內規模最大、種類齊全的火災防控技術研究試驗場,用創新技術優勢持續獲取產品溢價。在新能源客車領域,公司擁有長期穩定的客户基礎;在電力電網領域,公司具備豐富的應用經驗和強大的客户基礎,曾與國家電網公司建立聯合實驗基地,並承擔應急管理部等單位的重大科研項目,頭部客户背書為公司提供了強有力的護城河。 風險提示:下游客户集中度較高;行業政策導向變化及競爭加劇。
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