Shanghai Putailai New Energy Technology Co.Ltd(603659) (603659)
Build a comprehensive lithium battery business platform and meet high growth with multiple businesses
The company is a R & D technology driven platform company in the field of lithium batteries. It is a leader in the artificial graphite negative electrode industry and the third-party coating industry. It has advanced layout in subdivided links such as lithium battery equipment, PVDF and aluminum plastic film, and has been mass produced and shipped. The company is positioned in the high-end market, leading its peers in gross profit margin, and has good customer and technical synergy among various businesses. We are optimistic about the rapid growth of the company in the new global cycle. We expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 1.748/25.22/3.551 billion respectively, EPS to be RMB 2.52/3.63/5.11, and the current share price corresponds to pe63.5% 3 / 43.8 / 31.1 times, covered for the first time, and given a "buy" rating.
The negative pole business has completed the integrated layout and entered the cost reduction fast lane
With the demand for lithium batteries switching from 3C to new energy vehicles, the negative electrode material factory began to bear the pressure of cost reduction. We believe that the key to the competition in the negative electrode industry in the future lies in the ability of cost control. Since 2017, the company has taken a series of cost reduction measures: in 2017, it acquired 51% equity of Shandong Xingfeng, arranged the cost focus - graphitization link, and built an integrated production base in Sichuan. In 2019, participate in the revitalization of carbon materials and further extend to the field of raw material needle coke. The advantages of the company's integrated layout in the negative field have gradually emerged since the second half of 2020. We expect that in the future, the company will further increase the market share of the artificial graphite negative electrode industry by virtue of its cost control advantages.
Coating diaphragm business, deepen business synergy and enhance product competitiveness
Dongguan zhuogo, a subsidiary, began to engage in coating diaphragm business in 2011 and gradually mastered the core formula and process of ceramic coating and PVDF coating. We believe that the core competitiveness of the coating diaphragm factory lies in the coating uniformity, thickness and cost. The decisive factor of the first two lies in the coating equipment, while the latter is related to the integrated layout and large-scale effect. As a subsidiary of Shanghai Putailai New Energy Technology Co.Ltd(603659) , The competitive advantages of zhuogo lie in: (1) relying on the new Jiatuo platform, optimizing the diaphragm coating equipment; (2) other subsidiaries of Shanghai Putailai New Energy Technology Co.Ltd(603659) have a deep layout in the field of coating materials, effectively reducing the cost of coating raw materials. The company's coating business fully enjoys the advantages of multi business synergy, and its product power is gradually Contemporary Amperex Technology Co.Limited(300750) And ATL. With the improvement of safety assessment standard of power battery, the permeability of coated diaphragm will be greatly improved, and the company's Coated diaphragm business will usher in rapid growth.
Risk tip: the sales volume of new energy vehicles is lower than expected, and the competition in the negative electrode industry is intensified
