\u3000\u3000 Guangdong Jiayuan Technology Co.Ltd(688388) (688388)
Event: it is proposed to establish a joint venture with Contemporary Amperex Technology Co.Limited(300750) (80% of which is controlled by the company) to plan and build a high-performance electrolytic copper foil project with an annual output of 100000 tons, which will be constructed in two phases. The first phase plans to build a high-performance electrolytic copper foil project with an annual output of 50000 tons, which will be started from the date of completing the paid in registered capital; Phase II plans to build a high-performance electrolytic copper foil project with an annual output of 50000 tons, and the completion time of the project will be confirmed when the phase II project is started.
The company is a professional manufacturer of high-performance lithium battery copper foil in China. Customers and technical barriers build a core competitive advantage. The company has established long-term cooperative relations with Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) and other well-known battery manufacturers, and has become its core supplier of lithium battery copper foil. The company's mainstream products have changed from 12 μ M lithium copper foil gradually expanded to 6 μ M lithium copper foil, 4.5 μ Extremely thin copper foil has been stably supplied to downstream customers in batches.
In 2021, the production and sales volume increased rapidly, and the processing fee continued to increase. (1) Volume: in 2021, the 5000 ton high-performance copper foil technical transformation project was put into operation. At the same time, after Q3 company acquired the 5000 ton capacity of Shandong xinliyuan electronic copper foil technology, the total capacity reached 26000 tons, and the annual production and sales may be significantly improved. (2) The pricing mode of the company is "copper price + processing fee", benefiting from the booming demand. August 2021 μ m、 6 μ M the processing fee of lithium battery copper foil has reached 36500 and 46500 yuan / ton. At the same time, the company's product structure continues to penetrate into ultra-thin copper foil, effectively thickening the company's profit.
Lithium battery copper foil has a broad demand space, which is embedded into the mainstream supply chain again, which helps to improve the competitiveness of the company. (1) The penetration rate of new energy vehicles has increased. According to GGII, the global lithium battery shipment is expected to reach 1523gwh by 2025, and the global lithium battery copper foil market demand will reach 970000 tons, with a compound growth rate of 34% from 2020 to 2025. (2) The first production line with an annual output of 5000 tons of high-performance copper foil project in Baidu Town, Meizhou has been successfully started and put into trial production in December 2021. The new high-performance copper foil projects with an annual output of 16000 tons in Guangdong Jiayuan Technology Co.Ltd(688388) Park and 15000 tons in Guangdong Jiayuan Technology Co.Ltd(688388) (Ningde) are planned to be gradually put into operation in the second half of 2022. The electrolytic copper foil project with an annual output of 20000 tons in Jiayuan, Jiangxi Province The construction of Shandong Jiayuan high-precision ultra-thin electronic copper foil project with an annual output of 30000 tons (phase II project) may be steadily promoted. At the same time, the company plans to invest and build a high-end copper foil construction project with an annual output of 50000 tons in Meixian County. The company deepens the cooperative relationship with Contemporary Amperex Technology Co.Limited(300750) . This time, it plans to establish a joint venture with Contemporary Amperex Technology Co.Limited(300750) to plan and build a high-performance copper foil project with an annual output of 100000 tons, which once again reflects the recognition of the mainstream supply chain on the company's technology and product quality, and helps to improve the company's competitiveness.
Investment suggestion: we expect the company's operating revenue to be RMB 2.587 billion, RMB 4.514 billion and RMB 7.283 billion respectively from 2021 to 2023, and its net profit to be RMB 591 million, RMB 1.053 billion and RMB 1.532 billion respectively, corresponding to EPS of RMB 2.53 million, RMB 4.5 million and RMB 6.54 yuan / share respectively. At present, the corresponding share price of PE is 44.8, 25.2 and 17.3 times. It is rated as "overweight-a", with a 6-month target price of 133 yuan / share.
Risk tip: the price of main products is lower than expected, the technical reform of lithium battery copper foil, and the progress of the project is lower than expected
