Sunwoda Electronic Co.Ltd(300207) (300207)
Event: Sunwoda Electronic Co.Ltd(300207) announced the draft of the third phase of the employee stock ownership plan. The maximum amount of the employee stock ownership plan is 400 million yuan, and the maximum amount raised by employees is 200 million yuan (inclusive). The number of participants in the employee stock ownership plan does not exceed 1250, including 2 directors, supervisors and senior managers of the company. According to the calculation of the company’s stock closing price of 42.74 yuan / share on December 27, 2021, the maximum number of shares held by the employee stock ownership plan is 9358914, accounting for 0.5445% of the company’s total share capital. Within 6 months after the general meeting of shareholders approves the ESOP, the ESOP will complete the purchase of the underlying shares through secondary market purchase (including but not limited to block trading, competitive trading, agreement transfer) and other ways permitted by laws and regulations, with a lock-in period of 12 months.
The development momentum of power battery is good. In November Sunwoda Electronic Co.Ltd(300207) , it ranked among the top ten in the global power battery list for the first time. Super fast charging of power battery will become an inevitable trend, and the company’s product matrix is constantly enriched. According to the data of sneresearch, a South Korean market research institution, in November, the installed capacity of global power batteries was 33gwh, up 26% month on month. From January to October, the installed capacity of global power batteries was 250.8gwh, up 16% month on month, and Sunwoda Electronic Co.Ltd(300207) was listed for the first time. With the gradual release of production capacity this year, the installed capacity is expected to further increase. The company’s products focus on square aluminum shell cells, covering Bev, HEV, 48V and other application markets. The company has successively obtained Dongfeng Liuqi Lingzhi cm5ev, Dongfeng E70, GAC a9e, Geely PMA platform and Geely ghs2 0 platform, SAIC GM Wuling Hongguang mini and other automobile enterprises. In 2020, the company’s phase I plant in Nanjing will be mass produced and delivered. The production of Huizhou and Nanjing plants will be further expanded by the end of 2021, and the HEV production line will be further expanded. In 2022, with the construction of new bases in Nanchang and Zaozhuang, Shandong Province, it is expected that the production capacity of power batteries will be further expanded.
Energy storage has entered large-scale development and is expected to become the next outlet of lithium battery. Driven by multiple factors such as industrial endogenous power, external policy and carbon neutralization goal, China’s energy storage industry has entered a stage of large-scale development. With the proposal of the “30.60” goal of carbon peaking and carbon neutralization, the strategic position of renewable energy represented by photovoltaic and wind power has become prominent, and energy storage, as a key technology supporting the development of renewable energy, has developed rapidly. Sunwoda Electronic Co.Ltd(300207) in 2020, the total installed capacity exceeded 800mwh, and in 2021h1, the total installed capacity exceeded 554mwh. Electric energy storage, home storage and network energy business showed an upward trend.
The combination of strong and strong, and the ecological layout continued to make breakthroughs. Sunwoda Electronic Co.Ltd(300207) cooperates with upstream companies, invests in the construction of “mineralization in one” new energy material recycling industry project in Weng’an county with Guizhou Chanhen Chemical Corporation(002895) , and signs an agreement with Xi’an jinzang membrane incubated and established by Shaanxi Membrane Separation Technology Research Institute, which is conducive to integrating advantageous resources of all parties and giving full play to Sunwoda Electronic Co.Ltd(300207) technology R & D advantages in lithium battery field and Guizhou Chanhen Chemical Corporation(002895) phosphate rock resources, Accelerate the development of phosphate rock and other mineral resources and further expand the production scale of iron phosphate and other products for batteries, which is conducive to the company’s continuous development of the upstream industrial chain.
Li Wei made a rapid breakthrough and the capacity scale continued to increase. The company has actively arranged consumer cells, and lithium Wei has rapidly increased its volume, and the self supply rate of cells has increased year by year. The technical threshold and market access requirements of the cell industry are relatively high, Sunwoda Electronic Co.Ltd(300207) since the acquisition of Dongguan Liwei in 2014, it has actively cut into the track of consumer lithium-ion cells, continuously increased R & D investment, and the self supply rate of cells has increased year by year. At present, the company’s products have been widely used in Huawei, oppo, vivo, Xiaomi, moto, Lenovo, Amazon, Google, voice and other smart phones, laptops and other electronic products. As of the first half of 2021, the self supply rate of the company’s cell was 27.39%; The production capacity of the company’s projects under construction is 93.6 million consumer cells, which will reach the production capacity by the end of 2021. It is expected that the self supply proportion of the company’s consumer cells will be further improved.
Profit forecast and valuation suggestions: we expect the company’s 2021e / 2022e / 2023e to achieve operating revenue of 37.678/50.865/66.125 billion yuan, a year-on-year increase of 26.9% / 35.0% / 30.0%, and the net profit attributable to the parent company of 1.043/21.48/2826 billion yuan, a year-on-year increase of 30.1% / 105.8% / 31.6%; At present, the corresponding PE of the stock price is 69.5/33.7/25.6x, maintaining the “buy” rating.
Risk warning: the economic situation changes and the downstream demand is less than expected.
