\u3000\u3000 Shanghai Sk Automation Technology Co.Ltd(688155) (688155)
Recently, Shanghai Sk Automation Technology Co.Ltd(688155) issued a suggestive announcement on planning major asset restructuring and signing the letter of intent for equity acquisition. It plans to acquire 51% equity of Ningde Dongheng Machinery Co., Ltd. in cash. After the completion of this transaction, the company will control the target company.
Key points supporting rating
It is proposed to acquire Ningde Dongheng machinery, expand product types and cut into lithium battery structural parts. According to the announcement, Ningde Dongheng Machinery Co., Ltd. was established in 2014. Its main business scope includes mechanical equipment manufacturing, hardware products, auto parts processing, metal surface treatment and heat treatment processing, and plastic packaging boxes and containers manufacturing. In addition, Dongheng machinery has a number of wholly-owned subsidiaries related to energy technology in Ningde and Liyang. Ningde and Liyang are also important places for Contemporary Amperex Technology Co.Limited(300750) power battery capacity investment, which has formed a huge industrial cluster, and Dongheng machinery was selected as an excellent supplier of Contemporary Amperex Technology Co.Limited(300750) in 2019. Through this acquisition, the company will cut into the field of lithium battery structural parts products to provide another support for the company’s future growth.
Announce the restricted stock incentive plan to demonstrate the company’s confidence in development. Previously, the company issued the restricted stock incentive plan for 2022, which plans to grant 1 million restricted shares, accounting for 1.32% of the total share capital of the company at the time of announcement, including 870400 shares for the first time and 129600 reserved shares. The granting price of restricted shares is 108 yuan, and the granting objects include 147 directors, senior managers and business backbones of the company.
There are enough orders on hand, and breaking through the capacity bottleneck will bring performance growth in the future. According to the latest announcement of the company, from the fourth quarter of 2020 to the end of 2021, the company has received about 1.258 billion yuan of orders from Contemporary Amperex Technology Co.Limited(300750) , which is 2.5 times the company’s revenue of 502 million yuan in 2020. On the one hand, it provides strong support for the company’s short-term performance, on the other hand, it also proves the hard strength of the company’s products. At present, the company has sufficient capacity reserves. 40000 square meters of plants will be added in Wuhan, Shanghai and Changsha respectively, and all will be put into use by the end of 2022. At that time, the total capacity will reach 120000 square meters.
Valuation
Considering that the company’s performance in the third and fourth quarters of 2021 was lower than expected due to the impact of business rhythm, we adjusted the company’s profit forecast. It is expected that the company will achieve operating revenue of 1.14/23.8/3.16 billion yuan and net profit of 120 / 2.6/3.6 billion yuan from 2021 to 2023, maintaining the buy rating.
Main risks of rating
The sales volume of new energy vehicles is lower than expected; The production expansion speed of power battery manufacturers is lower than expected; Industry competition intensifies.
