Guangdong Lyric Robot Automation Co.Ltd(688499) (688499)
event:
The company announced that it plans to issue convertible corporate bonds to unspecified objects, with a total financing scale of no more than 950 million yuan, and raise funds for the industrialization projects of special aircraft in the front and middle sections of lithium batteries and complete sets of equipment for the whole line.
In 2021, the newly signed power lithium battery order is RMB 5 billion; It is planned to issue 950 million yuan of convertible bonds to expand production
The company plans to invest 1.13 billion yuan to expand the production capacity of the front and middle section and the whole line of lithium battery equipment, including 700 million yuan invested by raised funds. The construction period of the project is two years. The company is expected to have an annual income of 2.758 billion yuan after reaching the production capacity.
Global new energy vehicles are in a period of accelerated and large-scale growth, and power battery enterprises have set off a new round of production expansion wave. According to the announcement, in 2021, the company obtained orders for power lithium battery equipment and notification of award amounting to 5 billion yuan. The company needs to expand the plant area to meet this demand. In addition, the implementation of the project will help to improve the delivery capacity of the company’s whole line equipment and the supply capacity of front and middle section equipment such as coater, lamination machine / winding machine.
According to the equity incentive plan, the compound growth rate of net profit is expected to reach 79% in the next three years
The incentive plan is unlocked in three years, and the ownership proportion is 30% / 30% / 40% respectively. The performance unlocking conditions are as follows: 1) the first unlocking period: in 2021, the income shall not be less than 2.2 billion yuan or the net profit shall not be less than 220 million yuan; 2) The second unlocking period: from 2021 to 2022, the cumulative revenue shall not be less than 5.6 billion yuan or the net profit shall not be less than 645 million yuan; 3) The third unlocking period: from 2021 to 2023, the cumulative revenue shall not be less than 10.8 billion yuan or the net profit shall not be less than 1.45 billion yuan. (Note: net profit refers to the net profit attributable to the parent company after excluding share based payment expenses). Assuming that the two conditions of each unlocking period above are met at the same time, the corresponding revenue from 2021 to 2023 is RMB 2.2/34/5.2 billion respectively; The corresponding net profit attributable to the parent company from 2021 to 2023 is RMB 220 / 425 / 805 million respectively.
Actively expand the process equipment of the whole lithium battery industry chain, and the power lithium battery equipment business is in full bloom
Expand the whole chain process equipment of lithium battery and form the layout of “special machine + section line (whole line) + digital intelligence whole plant solution”. According to the announcement, as of August 25, the company had obtained a total of 4.554 billion yuan (including tax) in hand orders in the field of lithium batteries, including 2.784 billion yuan (including tax) in hand orders for power lithium battery equipment.
Strong R & D capability, significant advantages in large-scale delivery and effective global layout
1) The company is good at research and development. By December 2021, it has obtained 978 authorized patents and 237 authorized software copyrights, ranking in the forefront of the industry. The company is simultaneously developing laminating machines with three technical routes, and has obtained large-scale orders. 2) The company coordinates site resources and reserves personnel in advance to meet the needs of customers for centralized and large-scale delivery. 3) In July 2021, the company won the bid for the European project of honeycomb energy, with an amount of 16.34 million euros, maintained close business ties with the German public, and is actively expanding the North American market with fruitful global layout. The company has been cooperating with European enterprises since 2014, with a long-term overseas customer share target of 30-40%.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 221 / 504 / 732 million respectively, with a compound growth rate of 73%, and the corresponding PE will be 106 / 46 / 32 times respectively, maintaining the “buy” rating.
Risk tip: the order expansion of power lithium battery equipment is lower than expected; Sales of new energy vehicles were lower than expected
