\u3000\u3000 Guangdong Lyric Robot Automation Co.Ltd(688499) (688499)
Event:
Company announcement: the net profit attributable to the parent company is expected to be RMB 210-230 million in 2021, with a year-on-year increase of 49% - 65%. It is estimated that the net profit deducted from non parent company in 2021 will be RMB 200-220 million, with a year-on-year increase of 60% - 78%.
Orders for consumer lithium battery equipment increased rapidly, and a large number of deliveries were confirmed in 2021, and the performance was in line with expectations
According to the performance forecast, the median net profit attributable to the parent company in 2021 was 220 million yuan, a year-on-year increase of 57%, in line with expectations. With the continuous and rapid growth of two wheeled electric vehicles, household energy storage, UAVs, electric tools and other markets, the global lithium battery leader Ningde new energy (ATL) has increased demand for equipment such as cell detection and cell assembly. The relevant production line equipment provided by the company has been verified in 2021, and the sales revenue has increased greatly.
In 2021, the newly signed power lithium battery order was 5 billion yuan; It is planned to issue 950 million yuan of convertible bonds to expand production
According to the previous announcement, the company obtained orders for power lithium battery equipment and notification of award in 2021, with a total amount of 5 billion yuan. The company plans to invest 1.13 billion yuan to expand the production capacity of the front and middle section and the whole line of lithium battery equipment, of which 700 million yuan is invested with raised funds. The construction period of the project is two years. The company is expected to have an annual income of 2.758 billion yuan after reaching the production capacity.
After issuing the equity incentive plan, the company expects that the compound growth rate of net profit in the next three years is expected to reach 79%
The incentive plan is unlocked in three years, and the ownership proportion is 30% / 30% / 40% respectively. Assuming that the two performance unlocking conditions in each unlocking period are met at the same time, the corresponding company's revenue from 2021 to 2023 is RMB 2.2/34/5.2 billion respectively; The corresponding net profit attributable to the parent company from 2021 to 2023 is RMB 220 million, RMB 425 million and RMB 805 million respectively.
Actively expand the process equipment of the whole lithium battery industry chain, and the power lithium battery equipment business is in full bloom
Expand the whole chain process equipment of lithium battery and form the layout of "special machine + section line (whole line) + digital intelligence whole plant solution". According to the announcement, as of August 25, the company has obtained a total of 4.554 billion yuan (including tax) in hand orders in the field of lithium batteries, including 2.784 billion yuan (including tax) in hand orders for power lithium battery equipment.
Strong R & D capability, significant advantages in large-scale delivery and effective global layout
1) the company is good at research and development. As of December 2021, the company has obtained 978 authorized patents and 237 authorized software copyrights, ranking in the forefront of the industry. The company is simultaneously developing laminating machines with three technical routes, and has obtained large-scale orders. 2) The company coordinates site resources and reserves personnel in advance to meet the needs of customers for centralized and large-scale delivery. 3) In July 2021, the company won the bid for the European project of honeycomb energy, with an amount of 16.34 million euros, and maintained close business ties with the German public. It is actively expanding the North American market and has a fruitful global layout. The company has been cooperating with European enterprises since 2014, with a long-term overseas customer share target of 30-40%.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 221 / 504 / 732 million respectively, with a compound growth rate of 73%, and the corresponding PE will be 100 / 44 / 30 times respectively, maintaining the "buy" rating.
Risk tips
The order expansion of power lithium battery equipment was lower than expected; Sales of new energy vehicles were lower than expected
