Fujian Nebula Electronics.Ltd(300648) (300648)
Event: the company issued the restricted stock incentive plan (Draft) for 2021, granted restricted stock to 350 people including directors, secretaries, deputy general managers, middle managers and core technical (business) backbone employees, and made provisions on the performance evaluation from 2022 to 2024.
comment:
Strengthen confidence in high-speed growth and achieve a compound growth rate of 51% from 2020 to 2024
There are 350 incentive objects this time, Including the company’s directors (General Manager), secretaries (Deputy General Manager), deputy general managers, middle managers and core technologies (business) key employees, etc. in addition, some restricted shares are reserved and incentive objects will be determined within 12 months. Performance assessment requirements at the company level: operating revenue of no less than 1.3 billion yuan in 2022; cumulative operating revenue of no less than 3.3 billion yuan in 2022 and 2023; cumulative operating revenue of no less than 6.3 billion yuan in 2022, 2023 and 2024. It is assumed that the revenue from 2022 to 2024 is 13 and 20 respectively 3 billion yuan, then the compound growth rate of revenue from 2020 to 2024 will reach 51%.
Lithium battery equipment is bound to major customers, extending from detection to chemical fractionation
In 2020, the revenue will reach 575 million yuan, a year-on-year increase of 57%; The net profit attributable to the parent company was 57 million yuan, a year-on-year increase of 1506%. In the first three quarters of 2021, the revenue reached 572 million yuan, a year-on-year increase of 44%; The net profit attributable to the parent company was 73 million yuan, a year-on-year increase of 40%. The company’s lithium battery equipment is bound to Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) and other major customers. According to the announcement, from January to August 2021, the purchase order signed between the company and Contemporary Amperex Technology Co.Limited(300750) has reached 424 million yuan, nearly twice that of 2020. In the orders disclosed by the company in August 2021, the chemical composition and volume separation equipment supplied to Contemporary Amperex Technology Co.Limited(300750) appeared for the first time, with a total amount of 142 million yuan. This means that the company has made a breakthrough in the vertical extension of lithium battery rear section equipment, and further expanded from detection equipment to chemical capacity separation equipment.
Vigorously develop energy storage and charging pile business and create the second growth curve
In October 2018, the company announced the launch of the “industrialization project of new energy vehicle battery intelligent manufacturing equipment and intelligent power station converter control system”. In January 2021, the company raised a fixed increase of 400 million yuan to further invest in the field of energy storage and charging pile. The company has established a joint venture with Contemporary Amperex Technology Co.Limited(300750) Fujian times Nebula Technology Co., Ltd. (CNTE), which gathers various resources and the business is progressing smoothly. As of November 2021, the company has reached strategic cooperation with many local governments to implement projects such as optical storage charging station and optical storage charging intelligent microgrid.
Investment suggestion: the company’s lithium battery equipment orders continue to grow, and the energy storage and charging pile business is progressing smoothly. The release of the equity incentive plan binds the interests of core personnel and highlights the confidence of rapid growth. We maintain the company’s profit forecast of RMB 127 / 233 / 363 million for 21-23 years, corresponding to EPS of RMB 0.86/1.58/2.46, and the current stock price corresponding to PE of 21-23 years is 61 / 33 / 21 times respectively, maintaining the “buy” rating.
Risk warning: the risk of high customer concentration and the risk of rising raw material prices.
