\u3000\u3 Guocheng Mining Co.Ltd(000688) 022 Suzhou Harmontronics Automation Technology Co.Ltd(688022) )
Suzhou Harmontronics Automation Technology Co.Ltd(688022) : implement the “1 + n” strategy and grow into a one-stop intelligent manufacturing solution provider
The company’s main business is automotive electronic automation equipment, and subsequently developed lithium battery equipment, medical and health equipment, etc. it will enter the field of power exchange equipment in 2021. The company continues to promote the “1 + n” business development model, deepen the strategic layout of the industry, further optimize the “1 + n” strategy in 2022, and bring the power exchange equipment into the category of “1”: “1” focuses on the main track of automobile electrification and intelligence, including automobile electronic equipment, lithium battery equipment and power exchange equipment; “N” is an exploratory new business, including industrial interconnection and industrial components. In 2020, affected by the “core shortage tide” & epidemic, the capital expenditure of downstream customers slowed down, and the company’s revenue of automotive electronic equipment decreased to only 255 million yuan, a year-on-year decrease of 39%; With the effective control of the epidemic and the promotion of automobile electrification and intelligence, the market demand for automobile electronic equipment procurement is gradually warming up with the increase of international leading companies’ investment in China. In 2021, the company’s traditional business gradually rebounded to the normal level.
Suzhou Harmontronics Automation Technology Co.Ltd(688022) actively layout the power exchange business and enjoy the first mover advantage as a head equipment supplier
In 2020 Suzhou Harmontronics Automation Technology Co.Ltd(688022) began to prepare for the power exchange project, and officially entered the field of power exchange station in 2021. It has three categories of products: power exchange station equipment manufacturing, core parts manufacturing and terminal operation system platform to provide intelligent overall power exchange solutions and services for power battery manufacturers, charge and exchange business operators and vehicle manufacturers. Suzhou Harmontronics Automation Technology Co.Ltd(688022) power exchange station products are customized Standardization and digitization. At present, the power exchange industry enters the market in many ways, and the industry is in the initial layout stage. Suzhou Harmontronics Automation Technology Co.Ltd(688022) as a head equipment supplier, it will benefit first. We expect that the number of replacement power stations to be built will exceed 16000 in 2025, with the corresponding investment in new equipment exceeding 40 billion yuan. Suzhou Harmontronics Automation Technology Co.Ltd(688022) has reached strategic cooperation with Gcl Energy Technology Co.Ltd(002015) and we expect to develop Contemporary Amperex Technology Co.Limited(300750) and other customers in the future. The company aims to maintain a high market share for a long time and benefit from the large-scale development of the replacement market.
Develop new power exchange business with multiple advantages and Suzhou Harmontronics Automation Technology Co.Ltd(688022) meet the second growth curve
(1) the company has successfully extended its experience in the field of automotive electronic automation to the field of power exchange: technically, the company has accumulated more know-how technologies and processes in the field of automotive electronics in the past, and has rich reserves of general underlying technologies, which can be directly applied to power exchange products; In terms of batch delivery capacity, the company’s automotive electronics business serves Tier1 and tier2 customers all year round, Suzhou Harmontronics Automation Technology Co.Ltd(688022) has accumulated more experience in mass rapid delivery, and has carried out standardized design of minimum procurement unit and equipment unit for power exchange products, which is convenient for rapid mass delivery. The personnel structure of “front light and rear heavy” in energy production is conducive to employee recruitment, And the standardization of plant construction can rapidly expand production capacity; In terms of project management experience, the company has accumulated more experience in project delivery and after-sales service through serving automotive electronics customers, with high customer recognition. (2) The industry is in the early stage of development, and Suzhou Harmontronics Automation Technology Co.Ltd(688022) first mover advantage is obvious: Suzhou Harmontronics Automation Technology Co.Ltd(688022) began to prepare for the power exchange project in 2020, and its power exchange teams are engaged in the power exchange business earlier. In the iteration process of power exchange technology, they will gain the dual advantages of technology and cost compared with the backward ones, Suzhou Harmontronics Automation Technology Co.Ltd(688022) first mover advantage is at least more than 1 year, even if there are new entrants later, Late development advantage is also difficult to exist. (3) Fully benefiting from the position of independent third-party equipment suppliers, customers are more diverse: as an independent third-party equipment supplier, the company can get orders from a variety of customers in a balanced manner and fully enjoy the dividends of the position and the development of the power exchange industry.
Profit forecast and investment rating: with the gradual recovery of traditional automotive electronic equipment business and the second growth curve brought by power exchange equipment, we expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 0.7/1.7/320 million respectively, and the corresponding PE to be 73 / 29 / 15x respectively. Based on the high growth of the company’s performance, we give the “overweight” rating for the first time.
Risk tip: the construction of replacement power station is less than expected, the capital expenditure of automotive electronics manufacturers is less than expected, and the development of new business is less than expected.
