Guangdong Lyric Robot Automation Co.Ltd(688499) (688499)
Event overview on January 4, the company announced that it plans to issue convertible corporate bonds to unspecified objects, and the total amount of funds raised will not exceed 950 million yuan. After deducting the issuance expenses, the funds raised are intended to be used for the industrialization project of special aircraft in the front and middle of lithium battery and complete equipment of the whole line (the total investment is 1.149 billion yuan, and the fund-raising is planned to invest 700 million yuan) and supplement working capital (250 million yuan). According to the announcement of the company, the calculation period of the project is 12 years, including 2 years of construction period and 10 years of operation period. After the project is completed, it can achieve an operating income of 2.758 billion yuan and a net profit of 350 million yuan. It is estimated that the after tax internal rate of return is 15.71% and the after tax static investment payback period is 8.97 years.
Analysis and judgment:
Order delivery capacity and product competition are expected to be further enhanced
At present, the company has many process modules involved in coater, die-cutting machine, lamination machine, winding machine, cell assembly line, battery assembly line, etc., and has the technical ability to extend to other process modules. This fund-raising expansion will help to further improve the company’s order delivery capacity and product competitiveness:
1) It can significantly improve the company’s whole line equipment delivery capacity and enrich the company’s product series;
2) In addition, the company can further improve the supply capacity of front and middle section equipment such as coater, lamination / winding machine. Coater and lamination / winding machine are the products with the highest value in the middle and front section, and belong to the core equipment in the whole line solution. At present, the company has undertaken a large number of new orders.
Deep binding honeycomb, Byd Company Limited(002594) , high order increase and strong certainty
1) In June 2021, the company signed the cooperation agreement on preferred suppliers with Byd Company Limited(002594) and its position in its supply chain system has been continuously improved.
2) In August 2021, the company signed the strategic cooperation framework agreement with honeycomb energy, which determined to carry out key cooperation in laser die-cutting equipment, winding / lamination equipment, assembly line development, module / equipment and European projects. In addition, the company has established good cooperative relations with other high-quality battery enterprises such as Gotion High-Tech Co.Ltd(002074) , Sunwoda Electronic Co.Ltd(300207) . In 2021, the company obtained the order and bid winning notice of nearly 5 billion yuan of power lithium battery. The company is deeply tied to key customers, with high increase in future orders and strong certainty.
Investment advice
We maintain the forecast of 21-year revenue and net profit attributable to parent company unchanged, which are RMB 2.251 billion and RMB 214 million respectively. Considering that the downstream battery manufacturers are accelerating their expansion and the company is expected to fully benefit, we raised the forecast of the company’s revenue of RMB 4.256/5.283 billion in 22-23 to RMB 4.556/6.012 billion, and the forecast of the company’s net profit attributable to the parent company of RMB 424/575 million in 22-23 to RMB 467 / 748 million. The company’s EPS was 2.43 yuan in 21 years, up from 22-23 years The forecast of 81 / 6.53 yuan to 5.31/8.50 yuan corresponds to the closing price of 266.01 yuan / share on January 4, 2022, and the PE of 21-23 years is 125 / 57 / 36 times respectively. We have not given a rating yet.
Risk statement
Product R & D is less than expected, the prosperity of downstream industries is less than expected, and fund-raising is less than expected.
