\u3000\u3 China Vanke Co.Ltd(000002) 009 Miracle Automation Engineering Co.Ltd(002009) )
Event: the company announcement and Jingdong Technology Information Technology Co., Ltd. (Jingdong Technology) signed the strategic cooperation agreement. The two sides intend to make full use of their respective advantages to further promote the green supply chain management system of waste lithium batteries, and realize the “Internet plus recovery” Scene sharing resources and complementary advantages, and create a lithium battery recycling and reuse ecosystem.
Cooperate with JD technology to comprehensively improve the advantages of resource acquisition, logistics, supply chain and supporting services. The partner Jingdong technology is a wholly-owned subsidiary of Jingdong technology group. Jingdong Technology Group is a business sub group of Jingdong group focusing on technology for industrial services. It is committed to providing technical products and solutions of the whole value chain for enterprises, financial institutions, governments and other customers, and is the core output platform for Jingdong group to provide technical services to the outside world. The signing of the framework cooperation agreement will lead to the establishment of an integrated platform for lithium battery recovery, cascade utilization, disassembly and fragmentation and element recovery with Jingdong technology. Based on the “Internet plus recycling” new business model, the company will further expand the B terminal to the C side, and gradually improve the layout of the waste lithium battery storage and transportation management field and the closed-loop recycling of lithium battery recycling industry. The cooperation is expected to comprehensively improve the company’s advantages in resource acquisition, logistics integration, supply chain platform and supporting services in the lithium battery recycling industry chain.
The cooperation includes 7 major aspects: building the Internet plus recycling platform and building a national waste battery recycling system. Relying on Jingdong technology in the supply chain technology platform, logistics platform management experience and rich Miracle Automation Engineering Co.Ltd(002009) host plant resources, waste battery recycling industry resources and experience, the two sides cooperate from the following 7 aspects, including 1) jointly build waste battery “Internet plus recycling” platform: the two sides jointly build waste battery recycling, echelon utilization and dismantling integrated platform. Provide comprehensive integrated services such as retired battery recycling, information traceability and matching transactions for upstream and downstream partners of the industrial chain to form a closed-loop system for the recycling of waste battery resources; 2) Discuss the establishment of waste battery recycling industrial park and the establishment of waste battery recycling system in the country; 3) Supply chain industry finance cooperation: JD technology provides supply chain technology products for Miracle Automation Engineering Co.Ltd(002009) and its affiliates; 4) Supply chain logistics cooperation: discuss the integration of supply chain logistics resources, optimize the layout of waste battery recycling supply network, and realize the optimal planning of warehouse network such as recycling point, regional operation center and battery reuse terminal network; 5) Cooperation prospect of “automobile aftermarket”: Miracle Automation Engineering Co.Ltd(002009) provide a complete set of energy-saving and emission reduction solutions for market demanders including JD technology; 6) Top level planning of digital transformation; 7) Cloud computing technology cooperation.
Profit forecast and investment rating: the high prospect of the battery recycling industry is coming. The company actively plans to expand production capacity, expand production and technological transformation of jintaige, increase the treatment capacity of waste batteries from 20000 tons / year to 50000 tons / year in 2021, increase the capacity of lithium carbonate from 2000 tons to 5000 tons in 2021, and the capacity elasticity is 150%. The company expects that the expansion project will be put into operation in April 2022, contributing to growth, Expand and lay out waste battery recycling channels at the same time. We maintain the expected net profit attributable to the parent company of RMB 156 / 236 / 350 million from 2021 to 2023, EPS of RMB 0.41/0.62/0.92/share from 2021 to 2023, and the current corresponding PE is 48x / 32x / 21x, maintaining the “buy” rating.
Less than expected progress and risk of new energy vehicle sales
