Guangdong Lyric Robot Automation Co.Ltd(688499) (688499)
Event: on December 1, 2021, the company announced that it had won the power lithium battery equipment order of 876 million yuan from honeycomb energy.
Key investment points
In depth cooperation with honeycomb energy benefits from the peak of power battery expansion
The company has established a global strategic cooperative relationship with honeycomb energy, Fully benefit from the large-scale expansion of honeycomb energy: in July 2021, the company won the bid for honeycomb energy European project of 16.3399 million euros (about 125 million yuan). In August, the company announced that it won the bid for honeycomb Huzhou and other base projects, totaling about 1.545 billion yuan. This time, it won the bid for honeycomb Huzhou, Suining and other projects of 876 million yuan. Since 2021, it has signed new orders with honeycomb totaling 2.546 billion yuan. In addition, the company is still The preferred supplier of Byd Company Limited(002594) and has established long-term and stable cooperative relations with global well-known manufacturers such as Contemporary Amperex Technology Co.Limited(300750) , Gotion High-Tech Co.Ltd(002074) , Sunwoda Electronic Co.Ltd(300207) , Ganfeng Lithium Co.Ltd(002460) . We expect that the company will sign new orders of about 6 billion yuan in 2021 (four times the revenue in 2020), and the large volume of power lithium battery equipment will open the performance flexibility.
Honeycomb energy actively expands its production, and equipment suppliers will fully benefit
The supporting automobile enterprises of honeycomb energy include traditional independent brand automobile enterprises such as great wall, Dongfeng, FAW and Geely, as well as new power automobile enterprises such as Hezhong new energy, Thalis and Zero run, as well as international automobile enterprises such as PSA and BMW. With sufficient orders, honeycomb energy has actively expanded production and dissolved the bottleneck of production capacity. Since the end of 2020, it has been in Saarland, Germany (24gwh), Suining, Sichuan (20gwh), Chengdu, Sichuan (60gwh) Huzhou, Zhejiang (20gwh), Maanshan, Anhui (28gwh), Lishui, Nanjing (15gwh), Jintan, Changzhou, Jiangsu (40gwh) and Yancheng, Jiangsu (22gwh) have set up bases. It is planned that the new output can reach 229gwh, and the corresponding equipment investment exceeds 50 billion yuan, which will fully benefit the equipment suppliers.
Constantly break through the core plane and open up the growth space of the company
The company has broken through core special machines such as winding, lamination and coating, with significant technical advantages. According to WeChat official account, the newly developed high-speed power winding machine can achieve the efficient production of 6 meter long pole piece 12PPM. The maximum width of high-speed wide width coater has reached 1400mm and the coating speed has reached 60-90m / min; The optimal lamination speed of high-speed power cutting and stacking machine is 0.15s/pcs, and the accuracy can be controlled within ± 0.15mm. In addition, the automation rate of the company’s module line has reached 85% – 95%, and the automation rate of pack line has reached 50-90%. We believe that in the future, with strong product competitiveness, the company will gradually increase the volume of special aircraft.
Equity incentive focuses on the improvement of profitability, and the scale effect is about to highlight
In November 2021, the company launched the restricted stock incentive plan. From the perspective of performance objectives, the company pays attention to the improvement of future profitability. Calculated according to the net profit attributable to the parent after excluding the impact of equity payment expenses, the net profit attributable to the parent of the company from 2021 to 2023 is 10% / 13% / 15%. As the power battery plant has entered the peak of production expansion since 2020q4, the company, as the leading equipment manufacturer of the whole line, has highlighted the scarcity of production capacity and further improved the order quality; At the same time, the release of production capacity is accelerated, and the cost rate is down due to the scale effect. We believe that the company’s net interest rate will continue to increase in the future.
Profit forecast and investment rating: benefiting from the high outlook of the industry, the company has sufficient orders, and we maintain
The company’s net profit attributable to the parent company from 2021 to 2023 is RMB 240 / 4.6 / 800 million respectively, corresponding to 112 / 59 / 34 times of the current share price PE. We are optimistic about the company’s large volume of follow-up power lithium battery equipment, the performance is expected to exceed market expectations and maintain the “buy” rating.
Risk tip: the growth of lithium battery industry slows down or declines, and the competition pattern worsens.
