Investment advice
Considering the current high prosperity of lithium battery equipment industry, the outbreak of new orders by enterprises, high subsequent performance and strong certainty of growth, as well as the continuous expansion of global battery enterprises, Chinese equipment enterprises are expected to fully participate in the global capacity expansion, and the subsequent strong demand for lithium battery equipment, they are given the “increased holding” rating for the first time. It is suggested to pay attention to China’s leading equipment manufacturers Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Shenzhen Yinghe Technology Co.Ltd(300457) ; Rear section equipment faucet Zhejiang Hangke Technology Incorporated Company(688006) ; Guangdong Lyric Robot Automation Co.Ltd(688499) , from consumption to rapid breakthrough in power; Laser welding faucet Shenzhen United Winners Laser Co.Ltd(688518) ; Leader of laser automation equipment Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) .
Industry perspective
In 2021, the number of new orders signed by lithium battery equipment enterprises increased rapidly, and the prosperity of the industry was high: in 2021, the number of new orders signed by Chinese lithium battery equipment enterprises achieved explosive growth. It is estimated that 30045 , Shenzhen United Winners Laser Co.Ltd(688518) , Shenzhen Yinghe Technology Co.Ltd(300457) , Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) four enterprises signed new orders of 38.5 billion yuan in 2021, an increase of 109% year-on-year. The performance of Japanese and Korean enterprises also recovered in 2021. The newly signed orders of Japanese coater leader Hirano 2021q3 coater increased by 63.8% year-on-year, and the industry boom is high. In 2022, it is expected that the new orders signed by Chinese lithium battery equipment enterprises will further increase, and the performance will continue the high growth in 2021.
The rapid development of new energy vehicles / energy storage, the continuous expansion of battery enterprises and the strong demand for lithium battery equipment: according to our calculation, the global sales volume of new energy vehicles is expected to reach 20 million in 2025, bringing the demand for power batteries of 1282gwh. The new installed capacity demand of global energy storage is expected to reach 297gwh, including 98gwh in China. Facing the power battery demand brought by the new energy vehicle and energy storage market, we have counted the capacity planning of leading battery enterprises in China and abroad. It is estimated that the global lithium battery equipment market space will reach 110.8 billion yuan and 112.2 billion yuan in 2022 and 23. It is estimated that the market space of lithium battery equipment in China will be RMB 90 billion and 87.5 billion in 2022 and 23.
Chinese lithium battery equipment enterprises are expected to deeply participate in global capacity expansion: compared with Japan and South Korea, Chinese lithium battery equipment started later. However, with the rapid expansion of China Shipbuilding Industry Group Power Co.Ltd(600482) battery enterprise capacity and the support of capital market, Chinese enterprises catch up from behind. At present, Chinese enterprises are ahead of Japanese and South Korean enterprises in terms of income scale, R & D investment and personnel allocation. China’s leading lithium battery equipment enterprises continue to win orders from overseas battery manufacturers and vehicle manufacturers, which is expected to form a demonstration effect, gradually supply global first-line battery manufacturers and vehicle manufacturers, and deeply participate in global capacity expansion.
Risk tips
The epidemic situation repeatedly lengthens the order cycle; The sales volume of new energy vehicles is lower than expected; Battery overcapacity caused a slowdown in production expansion.
