Weihai Guangtai (002111) Follow-up Comment: Construction of emergency management system accelerates opening of emergency rescue equipment market
Event: On the afternoon of November 29th, the Political Bureau of the CPC Central Committee conducted the nineteenth collective study on the preliminary emergency management system and capacity building.
The emergency management led by the chairperson of the exercise is an important part of the national governance system and governance capacity. It takes the important responsibility of preventing and resolving major security risks, responding to various disasters in a timely manner, and shouldering the important mission of protecting the lives and property of the people and maintaining social stability.
It is necessary to give play to the characteristics and advantages of its own emergency management system, surpass the beneficial measures of emergency management in foreign countries, and actively promote the gradual modernization of emergency management systems and capabilities.
Key points for investment: Promote the construction of emergency management system, and the prospects for emergency rescue equipment are broad: The Emergency Management Department proposed by the State Council’s institutional reform plan was officially listed in April 2018. The Emergency Management Department integrated the former National Safety Supervision Bureau, State-run Emergency Management, and the Ministry of Public SecurityThe responsibilities of 13 departments, including the Fire Bureau, the Armed Police Forest Fire Command, and the Civil Affairs Disaster Relief, have integrated fire prevention, natural disasters, and accidents, and subsequent policies have been introduced.
With the advancement of the emergency management system and capacity building, it is bound to strengthen the construction and promotion of the emergency rescue system, improve the level of specialized technical equipment, equip emergency rescue supplies and equipment, and comprehensively enhance the emergency rescue capabilities in production safety.
The Ministry of Emergency Management formulated the General Situation of Major Projects and Investment Plans for Capacity Building for Disaster Prevention and Control and Emergency Rescue in 2018, planning the total investment in national emergency information and material equipment construction in the next three years to be no less than 106.8 billion yuan and600 billion will form a huge emergency rescue equipment market.
Fire trucks are at the leading level in the industry, and the special vehicle business is ready to take off: The company’s fire truck business relies on its wholly-owned subsidiary, Zhongzhuo Times, with more than 无锡桑拿网 100 products in 18 series and a total of 8 in 2018.
200 million, has become the first echelon of domestic fire truck enterprises.
At present, the company is expanding the high-end fire fighting equipment fields such as platform, ladder, rescue and rescue.
At the same time, Weihai Guangtai Special Vehicle Co., Ltd., a wholly-owned subsidiary of the company, already owns mid- to high-end special vehicles such as mobile medical vehicles, residential vehicles, police vehicles, and military modified vehicles.
The company’s main business, airport ground equipment and fire engines are in the field of modified vehicles. The company has deep technical precipitation and a rich product lineage in the field of modified vehicles. In the future, it is expected to use the emergency management department’s rescue capabilities to build 南京夜网 Dongfeng and form special emergency vehiclesNew growth points.
Maintain “Buy” rating.
It is estimated that the company’s operating income for 2019-2021 will be 27.
0 billion, 34.
200 million, 43.
400 million, net profit attributable to mothers is 3.
2.9 billion, 4.
00 ppm, 5.
1.7 billion, corresponding to the current budget, with dynamic P / E ratios of 17, 14, and 11 times, maintaining the “Buy” rating.
Risk reminder: The construction progress of the emergency management department is less than expected; there is uncertainty in the contract expenditure of military products and the delivery time of orders; the recognition of revenue is not as expected; the increased competition in the industry leads to profitability risks.