Guangdong Lyric Robot Automation Co.Ltd(688499) (688499)
Starting from the consumption of lithium battery equipment, constantly enrich the product line and build an intelligent chemical plant solution
The company's products are mainly lithium battery manufacturing equipment, which has basically covered the whole process equipment of lithium battery production process such as battery manufacturing, battery assembly, battery assembly and battery testing, In the field of lithium battery production, "special machine + section line (whole line) + digital intelligence whole plant solution" has been formed The layout of the. In terms of technology, the company has mastered the cutting-edge core technologies of the industry, including imaging detection, integrated control, intelligent decision-making, laser processing, flexible assembly and digital twin, which has laid a solid foundation for the application of the company's assembly equipment, welding equipment and testing equipment in the field of intelligent manufacturing.
The long-term deep binding of ATL, the global leader in lithium battery consumption, will continue to benefit from the capacity expansion of key customers
At present, the company mainly consumes lithium battery equipment, accounting for more than 70% of the total revenue in most years. The compound growth rate of the revenue scale in this field from 2018 to 2020 is as high as 51.04%. From the perspective of the competition pattern of consumer small soft pack lithium batteries, ATL, the company's largest customer, ranks first in the world, accounting for 25.9%, while the company's revenue from ATL has accounted for about 70% in recent years. As of May 11, 2021, The company's on hand orders for ATL were about 1.975 billion yuan (including tax), and won the bid of 457 million yuan in October (tax included). ATL and catl plan to set up two joint ventures with a total investment of 14 billion yuan. If the equipment investment accounts for 60%, the equipment investment can reach 8.4 billion yuan. In view of the good cooperative relationship between the company, ATL and catl, the joint venture is expected to bring considerable equipment orders to the company in the future.
The explosive growth of orders for power lithium battery equipment helped the company build the second growth engine
The company's main customers in the field of power lithium battery equipment include honeycomb energy, Byd Company Limited(002594) , Gotion High-Tech Co.Ltd(002074) , Contemporary Amperex Technology Co.Limited(300750) , Sunwoda Electronic Co.Ltd(300207) , AVIC lithium battery, Lishen, etc. Thanks to the verification of the first set of models provided to customers in the early stage, the company's orders in the field of power lithium batteries reached 2.78 billion yuan, accounting for 61% of the total orders of lithium batteries. In order to meet the demand for power lithium battery equipment, the company has recruited and reserved personnel with relevant experience in R & D and design, project management, assembly, commissioning and marketing in advance, which can realize the simultaneous implementation of projects in different stages of multiple products and meet the needs of customers for centralized and large-scale delivery.
Profit forecast
We expect that the net profit attributable to the parent company in 2021, 2022 and 2023 will be 206 million yuan / 402 million yuan / 584 million yuan respectively, with a growth rate of 46.4% / 95.8% / 45.2%; EPS is 2.34 yuan / 4.57 yuan / 6.64 yuan, corresponding to the current share price PE is 142x / 72x / 50x. For the first time, give a "buy" rating.
Risk statement
(1) The first largest customer accounts for a high proportion of revenue, and there is a risk of dependence on large customers; (2) the sales volume of new energy vehicles is lower than expected, which slows down the production expansion progress of downstream lithium battery enterprises, and the demand for the company's lithium battery equipment is lower than expected; (3) the technical iteration of the company's products is lower than expected due to the change of lithium battery technology.
