Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) comment report: China Innovation Airlines plans to invest 40 billion in Guangdong to expand the production of lithium batteries, and the company is expected to continue to benefit

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China Innovation airlines will expand its production of 100GWh in Jiangmen and Guangzhou again, and the company is expected to benefit significantly

According to the news on the official website of China Innovation Airlines: on January 25 and 26, the investment cooperation agreement between China Innovation aviation power battery and energy storage system Guangzhou base project and Jiangmen base project was successfully signed. The two places planned 50gwh capacity respectively, with a total planned additional 100GWh capacity, and the total investment is expected to be 40 billion yuan. Among them, the total investment of Jiangmen base is 20 billion yuan. The project will be implemented in two phases. The first phase of the project will start construction in the first quarter of this year and be completed and put into operation within two years. According to our preliminary statistics, the total planned new capacity of China Innovation Airlines has exceeded 300gwh since 2021. At present, the company has an industrial park with an annual output value of about 4 billion (after all completed) in Jiangmen, and is ready to invest in the phase II project of Jiangmen Industrial Park. In August 21, the company signed a 1.98 billion equipment procurement framework agreement with China Innovation airlines. We believe that the company will benefit from the expansion and construction of China Innovation airlines in Dawan district.

Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) announced that it plans to invest in the second phase of Jiangmen Industrial Park to further expand the production capacity layout

On January 11, the company announced that it would invest 700 million yuan (500 million yuan in fixed assets and 200 million yuan in working capital) to build the phase II project of Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) laser (Jiangmen) industrial park with the wholly-owned subsidiary Jiangmen Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) as the main body of the project. The construction period is expected to be 24 months. The project plans to purchase about 100 mu of industrial land and build about 150000 square meters of production workshops, R & D buildings and supporting facilities. It is expected that 40 sets of power battery cell assembly lines and 100 sets of drying lines will be added after the project is completed. The company has three major production bases in Changzhou, Jiangmen and Shenzhen. After the completion of some projects, the total annual output value is expected to reach more than 8 billion. After the completion of the second phase of Jiangmen project, it is expected to add another 2-3 billion yuan of output value. At that time, the annual output value of the company will reach more than 10 billion yuan, and the order undertaking capacity will be greatly improved. By the end of December 2021, the company has announced that the orders for power battery, laser and automation equipment in hand are about 4.8 billion yuan (including tax). It is expected that the new orders signed in the whole year of 21 will exceed 5 billion yuan, and the performance of the company in 22 years is very uncertain.

In December, the sales volume of new energy vehicles increased by 110% year-on-year, and the penetration rate of new energy passenger vehicles exceeded 20% for the first time

According to the data of China Automobile Association, in December 2021, the production and sales of Shanxi Guoxin Energy Corporation Limited(600617) vehicles completed 518000 and 531000 respectively, reaching a new record, with a year-on-year increase of 1.2 times and 1.1 times respectively. The market penetration rate of new energy vehicles reached 19.1%, and the penetration rate continued to increase. Among them, the market penetration of new energy passenger vehicles reached 20.6%, exceeding 20% for the first time. In the whole year of 2021, the sales of new energy vehicles reached 3.521 million, with a year-on-year increase of 160%, and the market share reached 13.4%, which was 8 PCT higher than that of the previous year. The prosperity of the industry continued to improve.

Profit forecast and Valuation: the net profit CAGR in the next two years is 136%, maintaining the “buy” rating

It is estimated that the operating revenue of the company from 2021 to 2023 will be RMB 2.02/37.0/5.48 billion, with a year-on-year increase of 53% / 84% / 48%; The net profit attributable to the parent company was 120 / 34 / 670 million yuan, with a year-on-year increase of 58% / 177% / 98%, corresponding to pe81 / 29 / 15 times. The company’s 2021-2023 performance grew at a compound rate of 136%, maintaining the “buy” rating.

Risk tip: competition intensifies, profitability is lower than expected, and the growth rate of new orders in lithium battery equipment industry declines

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