\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 50 Wuxi Lead Intelligent Equipment Co.Ltd(300450) )
Company events: the official account of the company disclosed the new order of the laminated machine. Recently, the company received a lot of orders and signed a 200+ cooperation agreement with the customers. In 2021, the company shipped more than 400 lamination equipment, which is expected to reach a new high in 2022. Due to the absolute advantages of lamination process in battery cell charge and discharge rate, safety and energy density, the technical application is gradually developing from the manufacture of square shell and soft pack battery to the field of power battery.
Forward looking layout lamination process development to create intelligent lamination equipment. Lamination process is the core process of cell assembly. Due to the application of this process, the battery has absolute advantages in cell charge and discharge rate, safety and energy; With the rapid release of the demand for China Shipbuilding Industry Group Power Co.Ltd(600482) batteries, the lamination process is gradually developing from the manufacture of square shell and soft pack batteries to the field of power batteries. Compared with the traditional winding process, the lamination method is complex and difficult to control, so it has higher requirements for equipment accuracy. As the leader of high-end lithium battery equipment, the company has a forward-looking layout of lamination process research and development, and has accumulated rich experience in lamination equipment research and development and manufacturing. At present, there are four types of laminating machines in the market. The company’s laminating equipment mainly continues to optimize on the basis of traditional laminating equipment, and introduces more efficient cutting and laminating integrated equipment and heat load laminating equipment. From the actual equipment delivery, the company completed the shipment of more than 400 lamination equipment in 2021. The signing of new orders represents that the company’s products have been more widely recognized by customers.
The continuous promotion of overseas layout also benefits the sales of lamination equipment of the company. According to the company’s official website, in November 2021, the company signed a cooperation agreement with inobatauto, a European customized battery R & D and production company, on the lithium battery soft package whole line production project in Slovakia, Wuxi Lead Intelligent Equipment Co.Ltd(300450) as the only equipment supplier of the project, developed a customized lithium battery whole line solution for inobatauto. Highlights of cooperation include: 1) whole line solutions; 2) Adopt high-speed lamination technology, leading the world in production efficiency and precision; 3) The high compatibility of the production line involves, which can realize the self switching of various processes and sizes; In terms of layout, inobat plans to build a large-scale mass production super factory in the future. Relying on its whole line supply capacity, the company takes the lead in signing a strategic cooperation agreement with inobat. The supply contract will ensure the growth of the company’s overseas business and open a broader space for the sales of lamination equipment.
Equity incentive shows the company’s long-term development determination, and the compound growth rate of net profit is expected to be about 37.4% from 2021 to 2023. In October 2021, the company issued restricted stock incentive. The evaluation period of this incentive plan is set as 20212023, and the performance unlocking conditions are as follows: 1) the first unlocking period: Based on 2020, the revenue growth rate in 2021 is not less than 50% or the net interest rate in 2021 is not less than 16%; 2) The second unlocking period: Based on 2020, the revenue growth rate in 2022 shall not be less than 120% or the net interest rate in 2021 shall not be less than 18%; 3) The third unlocking period: Based on 2020, the revenue growth rate in 2022 shall not be less than 170% or the net interest rate in 2023 shall not be less than 20%. According to the above unlocking conditions, the net profit attributable to the parent company from 2021 to 2023 is expected to be RMB 1.406/23.20/3.164 billion respectively, with a year-on-year increase of 83%, 65% and 36% (the incentive target will be achieved in 2021).
Investment suggestion: in the context of the rapid expansion of global battery capacity, leading lithium battery equipment enterprises give priority to benefit. We expect the company to achieve a revenue of RMB 8.952/13.337/19.962 billion and a net profit attributable to the parent company of RMB 1.516/25.63/37.77 billion from 2021 to 2023. The current share price corresponds to 61, 36 and 24 times of PE respectively, maintaining the “recommended” rating.
Risk tip: downstream demand is less than expected, battery capacity expansion is less than expected, raw material prices, etc.
