Guangdong Lyric Robot Automation Co.Ltd(688499) (688499)
event:
The company announced that it had obtained lithium battery equipment orders from multiple bases of honeycomb energy, with a total bid winning amount of 876 million yuan.
In the whole year, honeycomb energy lithium battery equipment orders exceeded 2.4 billion yuan, accounting for about 170% of last year’s revenue
1) Since November 25, 2021, the company has successively received lithium battery equipment projects of honeycomb energy Huzhou phase I, Huzhou phase II, Suining phase I, Suining phase II, Maanshan phase III, Nanjing phase II, Yancheng, Shangrao, Jintan and other bases, with a total bid winning amount of 876 million yuan, accounting for 61% of the operating revenue in 2020. 2) At the end of August, the company announced that it had won the bid for lithium battery equipment projects in multiple bases of honeycomb energy, with a total order amount of 1.545 billion yuan. According to this calculation, the company has won the bid for honeycomb energy lithium battery equipment project this year, and the total amount will reach 2.421 billion yuan, accounting for about 170% of the company’s total operating revenue last year.
According to the equity incentive plan, the compound growth rate of net profit is expected to reach 79% in the next three years
The incentive plan is unlocked in three years, and the ownership proportion is 30% / 30% / 40% respectively. The performance unlocking conditions are as follows: 1) the first unlocking period: in 2021, the income shall not be less than 2.2 billion yuan or the net profit shall not be less than 220 million yuan; 2) The second unlocking period: from 2021 to 2022, the cumulative revenue shall not be less than 5.6 billion yuan or the net profit shall not be less than 645 million yuan; 3) The third unlocking period: from 2021 to 2023, the cumulative revenue shall not be less than 10.8 billion yuan or the net profit shall not be less than 1.45 billion yuan. (Note: net profit refers to the net profit attributable to the parent company after excluding share based payment expenses). Assuming that the above two conditions of each unlocking period are met at the same time, the corresponding revenue from 2021 to 2023 is RMB 2.2/34/5.2 billion, with a year-on-year growth rate of 54% / 55% / 53% respectively; the corresponding net profit attributable to the parent company from 2021 to 2023 is RMB 220 / 425 / 805 million, with a year-on-year growth rate of 57% / 93% / 89% respectively.
Actively expand the process equipment of the whole lithium battery industry chain, and the power lithium battery equipment business is in full bloom
Expand the whole chain process equipment of lithium battery and form the layout of “special machine + section line (whole line) + digital intelligence whole plant solution”. According to the announcement, as of August 25, the company has obtained a total amount of on-hand orders in the field of lithium battery of 4.554 billion yuan (including tax), including 2.784 billion yuan (including tax) for power lithium battery equipment.
Strong R & D capability, significant advantages in large-scale delivery and effective global layout
1) The company is good at research and development. By the end of June 2021, it has obtained 783 authorized patents and 181 authorized software copyrights, ranking in the forefront of the industry. The company is simultaneously developing laminating machines with three technical routes, and has obtained large-scale orders. 2) The company coordinates site resources and reserves personnel in advance to meet the needs of customers for centralized and large-scale delivery. 3) In July 2021, the company won the bid for the European project of honeycomb energy, with an amount of 16.34 million euros, maintained close business ties with the German public, and is actively expanding the North American market with fruitful global layout. The company has been cooperating with European enterprises since 2014, with a long-term overseas customer share target of 30-40%.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 221 / 504 / 732 million respectively, with a compound growth rate of 73%, corresponding to 113 / 49 / 34 times of PE respectively, maintaining the “buy” rating.
Risk tip: the order expansion of power lithium battery equipment is lower than expected; Sales of new energy vehicles were lower than expected
