Wuxi Lead Intelligent Equipment Co.Ltd(300450) (300450)
event:
1. Wuxi Lead Intelligent Equipment Co.Ltd(300450) provide lithium battery whole line solution for inobatauto in Europe. (official account No.)
2. Wuxi Lead Intelligent Equipment Co.Ltd(300450) appeared at the 2021 European battery and electric vehicle technology exhibition. (official account No.)
It has won the order for the whole line of lithium battery soft package from overseas battery enterprises, which will fully benefit from the expansion of power battery production in Europe
In November 2021, the company signed a supply agreement with inobatauto, a European battery enterprise, on its lithium battery soft package whole line production project, which will provide customers with all products and services covering pulping, coating, rolling, slitting, die-cutting, baking, lamination, assembly, volume distribution, intelligent logistics system, MES intelligent factory solution and so on. For emerging power battery enterprises in Europe, Chinese high-quality lithium battery equipment enterprises with global competitiveness have strong bargaining power. As the only lithium battery whole line solution service provider with complete independent intellectual property rights in the world, the company is expected to fully benefit from the capacity expansion of European power battery enterprises.
Lithium battery equipment leader promotes global layout and has the ability of international standard R & D and localized service
As the world's largest new energy equipment service provider, the company first exhibited new energy whole line solutions such as lithium battery manufacturing, module / pack assembly, new energy electric drive intelligent production line, new automobile intelligent equipment, intelligent logistics, MES intelligent factory and hydrogen energy equipment at the largest new energy battery technology exhibition in Europe. The company has set up seven subsidiaries overseas (including two subsidiaries in Europe, Germany and Sweden), with international standard products and R & D capabilities, as well as localized service capabilities.
Push equity incentive. If the revenue and profit margin targets are achieved at the same time, the compound growth rate of net profit will reach 60%
Previously, the company has launched the equity incentive plan for 2021. According to the performance unlocking conditions, if the revenue and profit margin indicators are reached at the same time, the corresponding net profit attributable to the parent company from 2021 to 2023 will be RMB 1.406/23.20/3.163 billion respectively.
Benefiting from the wave of lithium battery production expansion, the orders in hand are full; Build a non-standard automation platform enterprise
The company is the global leader in lithium battery equipment. It is estimated that the global lithium battery equipment market space will exceed 200 billion yuan in 2025, and the compound growth rate will reach 38% in the next five years. The company has set up eight business divisions. Taking advantage of the competitive advantages of platform companies, it is expected to copy advanced R & D and management experience to other fields and become the leader of non-standard automation equipment.
Profit forecast and valuation
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.51/27.0/3.98 billion respectively, with a three-year compound growth rate of 73%, corresponding to 85 / 47 / 32 times of PE respectively. Maintain the "buy" rating.
Risk statement
The production expansion of downstream lithium battery enterprises is lower than expected; New business expansion is lower than expected; High dependence on a single customer
