\u3000\u3 Guocheng Mining Co.Ltd(000688) 499 Guangdong Lyric Robot Automation Co.Ltd(688499) )
Event: the company released its 2021 annual report, realizing an operating revenue of 2.331 billion yuan, a year-on-year increase of 63.04%, and a net profit attributable to the parent company of 212 million yuan, a year-on-year increase of 51.18%. Among them, Q4 achieved a revenue of 674 million yuan, a year-on-year increase of 45.54%, and a net profit attributable to the parent company of 55 million yuan, a year-on-year increase of 13.41%.
The rapid growth of revenue is mainly due to the company’s active expansion of the full coverage of the lithium battery industry chain. In the business structure, the revenue of lithium battery manufacturing equipment was 2.137 billion, a year-on-year increase of 79.65%. In this business, in addition to maintaining the leading position in the cell detection link, the company actively develops the market in the cell assembly, cell manufacturing, battery assembly, storage and logistics links, and realizes the mass production and sales of the cell detection link into the capacity testing machine, as well as the welding machine, winding / laminating machine, welding machine, film pasting / gluing machine and other models in the cell assembly section, so as to realize the gradual growth of sales.
In the whole year of 21, about 7.042 billion yuan (including tax) was obtained from contract orders and notification of award. In 2021, the company will continue to keep its long-term, stable business partnerships with lithium-ion battery leaders like new energy technology, Contemporary Amperex Technology Co.Limited(300750) energyand photovoltaic fields.
Speed up the company’s international business. Customers in North America, Germany and South Korea have made major breakthroughs and successfully signed orders for relevant lithium battery equipment, laying a solid foundation for in-depth cooperation with other Korean and European and American customers. At present, the company has nearly 30 overseas on-the-job personnel and external consultants, has set up subsidiaries in Hamburg, Germany, and has set up offices in Los Angeles, Toronto, Canada, Hanover, Munich and other places, so as to realize localized operation in Europe and America and better serve local customers.
The production capacity continues to improve to meet the delivery demand. The company’s business is developing rapidly. At present, the IPO raised investment project is under construction. It is expected to be completed by the end of 2022 and put into operation in 2023. In addition, the company continues to add rental sites and new assembly workshops. By the end of 2021, the company has 6496 employees, an increase of more than 1900 compared with the end of last year, which can meet the needs of large-scale order delivery of customers.
Profitability was basically flat, and R & D investment continued to be high. The company’s 21-year comprehensive gross profit margin was 38.52%, basically unchanged year-on-year. The gross profit margin in Q4 was 41.33%, which increased year-on-year / month on month; The expense rate during the period was 19.3%, an increase of 1.18 percentage points over the same period last year; R & D investment remained high, and the R & D expense rate was 11.7%, slightly higher than the same period. By the end of the 21st century, the company’s inventory was 1.656 billion yuan, contract liabilities were 1.356 billion yuan and projects under construction had increased significantly year-on-year.
Profitability forecast and valuation. We continue to be optimistic about the future development of the company. It is estimated that the company’s revenue from 2022 to 2024 will be 49.97/74.95/9.475 billion yuan respectively, and the net profit attributable to the parent company will be 480795/997 million yuan respectively, corresponding to PE32 / 19 / 15 times.
Risk warning: downstream expansion is less than expected; The pattern of horizontal competition deteriorated, and the product promotion was less than expected.
