\u3000\u30003 Mesnac Co.Ltd(002073) 00207)
Event: the company announced that a total of 19 enterprises increased their capital of power subsidiaries with a total of 2.43 billion, including auto leaders in ideal automobile (chehejia) and Weilai (Weirui investment) and other industries. After the capital increase, the proportion of equity held by the company in the power subsidiary was changed from 715315% to 575475%. This capital increase is conducive to the further development of Sunwoda Electronic Co.Ltd(300207) automobile battery, optimize the financial structure, reduce the debt burden, meet the strategic development needs of the company’s automobile power battery business and improve the profitability. In addition, Sunwoda Electronic Co.Ltd(300207) recently received Saic Motor Corporation Limited(600104) the fixed-point notice on zs12mcehev project, marking the important progress of the company in HEV business.
The development momentum of power battery is good, and Sunwoda Electronic Co.Ltd(300207) ranks among the top ten in the global power battery list. Super fast charging of power battery will become an inevitable trend, and the company’s product matrix is constantly enriched. Sneresearch data show that the installed capacity of global power batteries in 2021 was 296.8gwh, an increase of 102.18% over the previous year 3 Kairuide Holding Co.Ltd(002072) 021 ranked the 10th in the world for the first time in a single month, and the installed capacity rose to the 9th in the world in December. The company’s products focus on square aluminum shell cells, covering Bev, HEV, 48V and other application markets. The company has successively obtained Dongfeng Liuqi Lingzhi cm5ev, Dongfeng E70, GAC a9e, Geely PMA platform and Geely ghs2 0 platform, SAIC GM Wuling Hongguang mini, SAIC zs12mcehev and other automobile enterprises. In 2020, the company’s Nanjing phase I plant will be mass produced and delivered, and the Nanjing plant will further expand production by the end of 2021. In 2022, with the gradual implementation of the construction of new bases such as Nanchang and Shandong Zaozhuang, it is expected that the production capacity of power batteries will be further expanded.
Energy storage has entered large-scale development and is expected to become the next outlet of lithium battery. The company signed a cooperation framework agreement with China energy Lvhui to conduct in-depth cooperation in photovoltaic power generation, energy storage and other businesses In 3 Kairuide Holding Co.Ltd(002072) 020, the total installed capacity exceeded 800mwh, and in 2021h1, the total installed capacity exceeded 554mwh. The electric energy storage, home storage and network energy businesses showed an upward trend.
The combination of strong and strong, and the ecological layout continued to make breakthroughs Sunwoda Electronic Co.Ltd(300207) cooperates with upstream companies, invests in the construction of new energy material recycling industry project with Guizhou Chanhen Chemical Corporation(002895) and signs an agreement with Xi’an jinzang membrane incubated and established by Shaanxi Membrane Separation Technology Research Institute, which is conducive to integrating advantageous resources of all parties and giving full play to Sunwoda Electronic Co.Ltd(300207) Technology R & D advantages in the field of lithium batteries and Guizhou Chanhen Chemical Corporation(002895) phosphate rock resources, Accelerate the development of phosphate rock and other mineral resources, and further expand the production scale of battery iron phosphate and other products, which is conducive to the company’s continuous development of the upstream industrial chain.
Liwei made a rapid breakthrough, the scale of production capacity continued to increase, and invested in intelligent hardware. The company has actively arranged consumer cells, and lithium-ion power has been in large quantities rapidly, and the self supply rate of cells has increased year by year. At present, the company’s products have been widely used in hmov, 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 increased. At the same time, the company and Ningxiang Economic Development Committee invested 2 billion to produce TWS headphones, smart speakers, smart locks, floor sweeping Siasun Robot&Automation Co.Ltd(300024) and other intelligent hardware.
Profit forecast and valuation suggestions: we expect the company’s 2021e / 2022e / 2023e to achieve an operating revenue of 37.678/50.865/66.125 billion yuan, a year-on-year increase of 26.9% / 35.0% / 30.0%, and a net profit attributable to the parent company of 910 / 2142 / 2819 million yuan, a year-on-year increase of 13.5% / 135.2% / 31.6%; At present, the corresponding PE of the stock price is 67.5/28.7/21.8x, maintaining the “buy” rating.
Lower than expected economic situation and demand change.
