Sunwoda Electronic Co.Ltd(300207) (300207)
Event: Sunwoda Electronic Co.Ltd(300207) announcement and Guizhou Chanhen Chemical Corporation(002895) jointly invested in the construction of “mineralization in one” new energy material recycling industry project in Weng’an county. The registered capital of Hengxin mining is RMB 300 million, of which Sunwoda Electronic Co.Ltd(300207) plans to subscribe RMB 147 million, accounting for 49% of the registered capital of the joint venture. The total investment of this cooperation project is planned to be 7 billion yuan. Among them, the investment of phase I project is about 3.5 billion yuan to build 300000 t / a iron phosphate production line for battery, 200000 t / a food grade purified phosphoric acid production line, 30000 T / a anhydrous hydrogen fluoride production line and supporting device projects; The investment of phase II project is about 3.5 billion yuan to build 300000 t / a iron phosphate production line for battery, 200000 t / a food grade purified phosphoric acid production line, 30000 T / a anhydrous hydrogen fluoride production line and supporting device projects. Phase I project is expected to start in December 2021 and be completed and put into operation in early 2024; The phase II project is expected to start in 2024 and be completed and put into operation by the end of 2025. According to the latest December price consulted by Zeyan, the price of iron phosphate is currently 21000 / T, which will also bring considerable profit contribution to the company after the subsequent projects reach production. In addition, according to our calculation and the public data of Shenzhen Dynanonic Co.Ltd(300769) , 1GWh battery needs about 2200-2500 tons of lithium iron phosphate cathode material, the specific weight of lithium iron phosphate and iron phosphate reaches about 0.96:1, and the consumption of some manufacturers reaches 1:1. Therefore, after the production of phase I and phase II projects is reached, it is expected to support the material demand of Sunwoda Electronic Co.Ltd(300207) about 280gwh ~ 300gwh.
In addition, on November 27, Xi’an jinzang membrane and Sunwoda Electronic Co.Ltd(300207) electronics, salt lake industry, Huayou holding, Huaneng investment and other enterprises incubated and established by Shaanxi Membrane Separation Technology Research Institute signed an agreement with Qinghai provincial government to carry out upstream pure green lithium salt project, midstream energy storage battery project, based on the rich lithium resources of salt lake Downstream energy storage system integration and intelligent operation and maintenance lithium industry extension project.
The combination of strong and strong, and the ecological layout continued to make breakthroughs. The combination of recent investment projects Sunwoda Electronic Co.Ltd(300207) and upstream companies is conducive to the integration of advantageous resources of all parties, give full play to Sunwoda Electronic Co.Ltd(300207) ‘s technical R & D advantages in the field of lithium batteries and Guizhou Chanhen Chemical Corporation(002895) ‘s phosphate rock resources, accelerate the development of phosphate rock and other mineral resources, further expand the production scale of iron phosphate and other products for batteries, and help the company continue to develop the upstream industrial chain.
The development momentum of power battery is good. Super fast charging of power battery will become an inevitable trend and constantly enrich the product matrix. In the first half of 2021, the revenue of power battery was RMB 574 million, with a year-on-year increase of 344.27%. In the first half of the year, 15 new models entered the announcement directory. The products focused on square aluminum shell cells, covering the application markets such as Bev, HEV and 48V. The company has successively obtained Dongfeng Liuqi Lingzhi cm5ev, Dongfeng E70, GAC a9e, Geely PMA platform and Geely ghs2.0 0 platform, SAIC GM Wuling Hongguang mini and other automobile enterprises. In 2020, the company’s Nanjing phase I plant will be mass produced and delivered. Huizhou and Nanjing plants are expected to further expand production by the end of the year, and HEV production line will also be further expanded.
Energy storage has entered large-scale development and is expected to become the next outlet of lithium battery. Driven by multiple factors such as industrial endogenous power, external policy and carbon neutralization goal, China’s energy storage industry has entered a stage of large-scale development. With the proposal of the “30.60” goal of carbon peaking and carbon neutralization, the strategic position of renewable energy represented by photovoltaic and wind power has become prominent, and energy storage, as a key technology supporting the development of renewable energy, has developed rapidly. Sunwoda Electronic Co.Ltd(300207) in 2020, the total installed capacity exceeded 800mwh, and in 2021h1, the total installed capacity exceeded 554mwh. Electric energy storage, home storage and network energy business showed an upward trend.
Li Wei made a rapid breakthrough and the capacity scale continued to increase. The company has actively arranged consumer cells, and lithium Wei has rapidly increased its volume, and the self supply rate of cells has increased year by year. The technical threshold and market access requirements of the cell industry are relatively high, Sunwoda Electronic Co.Ltd(300207) since the acquisition of Dongguan Liwei in 2014, it has actively cut into the track of consumer lithium-ion cells, continuously increased R & D investment, and the self supply rate of cells has increased year by year. At present, the company’s products have been widely used in Huawei, oppo, vivo, Xiaomi, moto, Lenovo, Amazon, Google, voice and other smart phones, laptops and other electronic products. As of the first half of 2021, the self supply rate of the company’s cell was 27.39%; The production capacity of the company’s projects under construction is 93.6 million consumer cells, which will reach the production capacity by the end of 2021. It is expected that the self supply proportion of the company’s consumer cells will be further improved.
Profit forecast and valuation suggestions: we expect the company’s 2021e / 2022e / 2023e to achieve operating revenue of 37.678/50.865/66.125 billion yuan, a year-on-year increase of 26.9% / 35.0% / 30.0%, and the net profit attributable to the parent company of 1.043/21.48/2826 billion yuan, a year-on-year increase of 30.1% / 105.8% / 31.6%; At present, the corresponding PE of the stock price is 84.4/41.0/31.2x, maintaining the “buy” rating.
Risk warning: the economic situation changes and the downstream demand is less than expected.
