\u3000\u30 Jinzai Food Group Co.Ltd(003000) 14 Eve Energy Co.Ltd(300014) )
Event: 1) the subsidiary Yiwei power plans to invest and build a 20gwh square iron lithium battery and 48gwh power energy storage battery project (18 + 15 + 15gwh) in Jingmen, with a total investment of 12.6 billion. 2) The ninth phase of the employee stock ownership plan was released, with an upper limit of 180 million yuan. 3) It is proposed to repurchase the company’s shares with its own funds of 150300 million, and the repurchase price shall not exceed 129 yuan / share
Production capacity planning has been gradually implemented, and production expansion and speed up. Daimler and Daimler, Daimler and Daimler, and Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler, Daimler. The company previously announced that it would build a battery industrial park with a capacity of 153gwh in Jingmen. The 20 + 48gwh project is the implementation of the previous plan, of which 20gwh is a square lithium iron phosphate battery and 48gwh is a power energy storage battery. We expect the construction cycle to be 1-2 years and it is expected to be gradually put into operation from 2023h2. In addition, the company plans 50 GWH in Chengdu, 10 GWH in Huizhou and 20 GWH in joint venture with Linyang, with a total capacity of nearly 250 GWH.
Multi technology layout has been bound by key customers, and the shipment volume will blossom at many points from 2022 to 2023. In 2021, the shipment of power energy storage batteries is expected to be 12-13gwh, double year-on-year; 27-30gwh is expected to be shipped in 2022, including 10gwh of Sanyuan soft package, + 42%; Iron lithium battery 17-20gwh, + 300%, in which the energy storage contributes 8gwh increment and the shipment elasticity is large; In 2023, lithium iron phosphate will continue to contribute to the growth, and the company’s large cylindrical 20gwh capacity will be released, which is expected to contribute to the 10gwh shipment. At the same time, the company’s 10gwh ternary square will reach the production capacity, and the shipment is expected to reach 55-60gwh, which will continue to double.
Strengthen supply chain layout and help improve profitability in 2023. Since 2021q4, the company’s battery price has increased by about 20%, which has transmitted the rising pressure of some raw materials. The self built / joint venture supply chain of 2022h2 company will be put into operation gradually, which is expected to reduce costs and help restore profitability. At present, the company has cooperated with Zhejiang Huayou Cobalt Co.Ltd(603799) , Shenzhen Dynanonic Co.Ltd(300769) , beiteri, Shenzhen Capchem Technology.Ltd(300037) , Dahua Chemical, Yunnan Energy New Material Co.Ltd(002812) , Hunan Zhongke Electric Co.Ltd(300035) , Sunresin New Materials Co.Ltd Xi’An(300487) in the strategic layout of nickel, electrolyte, lithium iron, high nickel, lithium resources, diaphragm, negative electrode, etc. the supply chain management has been further improved, and 20000 tons of lithium carbonate capacity has been released in 2022q3, which is expected to contribute 5000 tons within the year, High quality and stable upstream material supply will ensure the company’s comprehensive expansion of production, and the company’s technology + customers + supply chain management are in the first echelon in China. Deeply bind high-quality customers and support the continuous high growth of the company’s power battery business.
Profit forecast and investment rating: due to the rise of raw materials and the pressure on the company’s short-term profits, we slightly revised down the company’s performance expectations. We expect the net profit attributable to the parent company to be RMB 2.91/40.2/71 billion from 2021 to 2023 (the original forecast was RMB 2.997/47.357581 billion), with a year-on-year increase of 76% / 38% / 77%, corresponding to 49 / 36 / 20xpe. 55xpe in 2022 and the target price of 116.6 yuan were given to maintain the “buy” rating.
Risk tip: the sales volume and profit are lower than expected, the cost of raw materials rises, competition intensifies, etc.
