\u3000\u300 Shenzhen Guohua Network Security Technology Co.Ltd(000004) 9 Shenzhen Desay Battery Technology Co.Ltd(000049) )
Event: the company announced that the holding subsidiary Hunan Desai has completed the industrial and commercial registration and obtained the business license, and the energy storage cell business is progressing smoothly.
The energy storage is progressing smoothly, and the large-scale energy storage is imminent as planned. On January 21, the company announced that it plans to invest 7.5 billion yuan to build 20gwh energy storage cells in three phases. The first phase of the project has invested 1.6 billion yuan to build a capacity of 4gwh. The energy storage company has completed registration and obtained a business license. According to the project announcement plan, the construction preparation period is 12 months. The first phase of the project is expected to be put into operation in the first quarter of 2023. The project is progressing smoothly and the large-scale capacity is imminent.
The management of the energy storage joint venture participated in the shareholding to enhance the vitality of the company. In the equity structure of the joint venture, the strategic investor holds 28% and the management shareholding platform (Changsha cognate Qin, cognate Cheng and cognate letter) holds 2%. Within three years of paid in, the senior management team can repurchase. If the repurchase is completed, the management shareholding is expected to exceed 2%. The scheme activates the enthusiasm of employees and improves the vitality of the company.
SIP + energy storage to build a two wheel drive mode for the company’s performance. The company is in a leading position in the industry in the management and packaging integration of small and medium-sized power supply systems, supporting the head consumer electronics enterprises. At present, the newly invested SIP business is mainly battery management BMS packaging, strengthening the layout of industrial chain, improving business advantages, and further increasing the SIP market share. The total planned investment of SIP packaging project is about 2.1 billion yuan. The project will reach production within two years after it is put into operation. It is expected to increase the company’s revenue by 5 billion yuan after it is completed. At the same time, the company has rapidly developed its energy storage business, from energy storage system integration to the new development of upstream energy storage. According to the announcement, the full volume of energy storage business is expected to bring 12 billion yuan of revenue to the company, and the two new investment projects are expected to increase 17 billion yuan of revenue. The company has entered the dual wheel drive stage of consumer electronics and energy storage.
Investment suggestion and profit forecast: we believe that the business structure of the company has improved and energy storage has developed rapidly. We are optimistic about the development of the company. It is estimated that the company’s revenue from 2021 to 2023 will be 19.465/23.706/27.468 billion yuan respectively, and the net profit attributable to the parent company will be 780 / 10.38/13.37 billion yuan, corresponding to 15 / 12 / 9 times of PE, giving the company a “buy” rating.
Risk tip: the development of energy storage industry is less than expected, the company’s energy storage progress is less than expected, and the consumer electronics business is less than expected.
