\u3000\u3000 Wuxi Lead Intelligent Equipment Co.Ltd(300450) (300450)
Event: the company disclosed the performance forecast for 2021 and doubled the non deduction growth rate: it is expected that the net profit in 2021 will be 1.45 billion yuan - 1.65 billion yuan, with a significant year-on-year increase of 88.92% - 114.98%; The forecast range slightly exceeded market expectations. The company's non deduction performance reached 1.405-1.605 billion yuan, with a year-on-year growth rate of 99.72% - 128.15%. The company fully realized high-quality growth.
21q4 performance forecast: the net profit attributable to the parent company of the company is 446-646 million yuan, while the net profit attributable to the parent company of 20q4 company is only 128 million yuan, with a year-on-year growth rate of 248.44% - 404.69%. The company's non net profit deducted in a single quarter in the fourth quarter was 430-630 million yuan, with a year-on-year growth rate of 334.34% - 536.46%.
The company benefits from the continuous layout of lithium battery equipment manufacturers: 1) Contemporary Amperex Technology Co.Limited(300750) and Eve Energy Co.Ltd(300014) recently announced that they have raised investment plans, opened up production expansion space and further improved production capacity layout; 2) Panasonic announced that its 4680 battery has commercial conditions and can be mass produced at low cost; 3) AVIC lithium battery Hefei base project started construction, with an annual capacity of 50gwh.
The overseas layout is smooth and cooperation with Europe inobat auto has been reached: in November 2021, Wuxi Lead Intelligent Equipment Co.Ltd(300450) signed a cooperation agreement with Europe's customized battery R & D and production company inobat Auto in Slovakia on its lithium battery soft package whole line production project, Wuxi Lead Intelligent Equipment Co.Ltd(300450) will be the only equipment supplier of the project to customize and develop lithium battery whole line solutions for inobat auto. At present, Pioneer has set up seven subsidiaries in overseas markets, including two subsidiaries in Germany and Sweden in Europe, and successively set up R & D centers, business centers and supply chain management centers in Europe to provide better services to customers.
With the opening of green power trading, new growth points appeared in the company's performance: the first batch of green power trading was carried out simultaneously between and within provinces, covering 259 market entities in 17 provinces, marking a key step towards an enterprise driven green power market in China. Green power trading has a perfect trading system and a special trading market, which helps to promote the flow and agglomeration of energy factors to high-quality projects, enterprises, industries and regions with good economic development conditions. The development of green power will expand the demand of photovoltaic, wind power and other power generation enterprises on the equipment side and provide broad space for the company's performance growth.
Profit forecast: according to the prosperity of the industry, we predict that the net profit attributable to the parent company in 21-23 years will be 15.6 (the former value is 15.9), 29.8 (the former value is 32.8) and 4.42 (the former value is 4.54) billion yuan, and the PE in 21-23 years will be 71.88, 37.67 and 25.4x respectively, maintaining the buy rating!
Risk warning: the bidding of overseas customers is not as expected; Increased competition; Unit investment in equipment decreased; The performance forecast is the preliminary calculation result, and the specific financial data shall be subject to the company's disclosure announcement
