Pylon Technologies Co.Ltd(688063) (688063)
Pylon Technologies Co.Ltd(688063) is the world's leading manufacturer of household energy storage systems. The company is mainly engaged in the R & D, production and sales of lithium iron phosphate battery cells, modules and energy storage battery systems. It is one of the few enterprises in China with independent R & D and manufacturing capabilities of core energy storage components such as cells, modules, battery management systems and energy management systems, and has mastered a series of technologies from cell to system integration. The company has strong competitiveness in the overseas household energy storage market. In 2019, the shipment of household energy storage products ranked third in the world, accounting for 8.5%, second only to Tesla and LG Chemical. Deep ploughing lithium battery energy storage, lithium iron phosphate technology is leading. The company has been deeply engaged in the application field of lithium battery energy storage for more than ten years, has always focused on the field of lithium iron phosphate energy storage, and has mastered the core technology of the whole industry chain with intellectual property rights. The cyclic test capacity retention rate of the company's household energy storage products is higher than that of LG and Tesla energy storage products, with leading product quality and technology. Lithium iron phosphate battery meets the application requirements in the field of energy storage and has become the mainstream technical route in the field of lithium electric energy storage in China. The penetration rate of lithium iron phosphate in the overseas energy storage market still has great room for improvement, and the company is expected to benefit.
Overseas home storage market is growing rapidly, and customer certification barriers are high. The company's main markets are overseas energy storage markets such as Europe, Africa and North America. It has obtained the certification of many large high-quality customers, including Sonnen, the largest energy storage system integrator in Europe and Segen, the largest photovoltaic provider in the UK. The customer has a deep cooperative relationship. With the rapid development of overseas energy storage market, household energy storage has good economy and strong profitability, which is conducive to the continuous growth of the company's performance. Actively expand production and improve profitability of independent brands. After the IPO, the company is expected to actively expand production by virtue of its capital advantages, and the smooth operation of the raised investment project will further expand the company's production capacity. According to the production progress, the effective capacity of the company's energy storage system in 21-23 years is expected to be 1.5/3.5/6.2 GWH. We expect the company's sales volume of 2021-2023e energy storage system to be 1.5/2.5/4.5gwh, which is expected to fully benefit from the rapid growth of the energy storage market. The proportion of the company's own brand revenue continues to increase, which is expected to continue to drive the company's profit growth.
Maintain the "buy" rating: affected by the increase of upstream raw material prices and shipping costs, the company's gross profit margin is under pressure, The company's net profit forecast for 21-23 years was lowered to 4.5/6.8/1.16 billion yuan (down 16% / 14% / 4%), we predict that the company's EPS will be 2.88/4.40/7.50 yuan from 2021 to 2023, and the current share price corresponding to PE will be 73 / 48 / 28x. Considering the absolute valuation and relative valuation results, the company will be given 60 times PE in 2022, corresponding to the target share price of 264.02 yuan. Considering that the energy storage industry is in its infancy, the energy storage industry will develop under the background of carbon peak and carbon neutralization Broad prospects; At the present stage, the demand for household energy storage on the overseas user side is rising. As the leader of household energy storage system and battery, the company has the scarcity and the first mover advantage of overseas household channels. We are optimistic about the future development of the company and maintain the "buy" rating.
Risk tip: policy adjustment of energy storage industry; Intensified market competition; Lithium battery market demand fluctuates; Rising prices of raw materials; International trade friction; The implementation progress and income of the raised investment project are less than expected; Adjustment risk of secondary new shares.
