\u3000\u3 Guocheng Mining Co.Ltd(000688) 499 Guangdong Lyric Robot Automation Co.Ltd(688499) )
Event:
Release the annual report of 2021: in 2021, the operating revenue was 2.3 billion yuan, a year-on-year increase of 63%; The net profit attributable to the parent company was 210 million yuan, a year-on-year increase of 51%; Net profit deducted from non parent company was 210 million yuan, with a year-on-year increase of 64%.
The performance in 2021 is in line with expectations: the product category is extended, and the customer base is further deepened and expanded
1) in 2021, in addition to the cell detection link, the company actively expanded the market of cell assembly, assembly, manufacturing and logistics links. The product category was further extended from chemical capacity separation equipment to special welding machine, winding / laminating machine and other equipment, and the sales revenue increased significantly.
2) in terms of customers, the company maintains long-term and stable cooperation with new energy technology (ATL), Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , honeycomb energy, Gotion High-Tech Co.Ltd(002074) , Sunwoda Electronic Co.Ltd(300207) , etc., and has successively signed the preferred supplier cooperation agreement with Byd Company Limited(002594) and the strategic cooperation framework agreement with honeycomb energy; Continue to deepen business cooperation with Ganfeng Lithium Co.Ltd(002460) , Sinochem International Corporation(600500) , haopeng international and other customers; New customer groups such as Xiamen Haichen, vision and weikawei are developed, and the equipment extends from the field of power lithium battery to the field of energy storage, hydrogen energy and photovoltaic.
In 2021, the amount of newly signed equipment orders reached 7 billion yuan; It is planned to issue 950 million yuan of convertible bonds to expand production
At the end of 2021, the company’s contractual liabilities were 1.36 billion yuan, a significant increase of 110% year-on-year. In 2021, the total contract orders and bid winning notices obtained by the company amounted to 7.042 billion yuan (including tax). According to the previous announcement, in 2021, the company obtained orders for power lithium battery equipment and notification of award amounting to 5 billion yuan, accounting for more than 70% of the total order amount. The company plans to invest 1.15 billion yuan to expand the production capacity of the whole line of special aircraft and lithium battery equipment in the front and middle section, of which 700 million yuan is invested with 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.
After issuing the equity incentive plan, the company expects that the compound growth rate of net profit in the next three years is expected to reach 79%
The incentive plan is unlocked in three years, and the ownership proportion is 30% / 30% / 40% respectively. Assuming that the two performance unlocking conditions in each unlocking period are met at the same time, the corresponding company’s 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 million, RMB 425 million and RMB 805 million respectively.
Strong R & D capability, significant advantages in large-scale delivery and effective global layout
1) in 2021, the company’s R & D expenditure was RMB 273 million, with a year-on-year increase of 66%. The “lithium battery laser welding technology” was identified as “international advanced level”. 2) The company has greatly improved its delivery capacity by expanding plant area and recruitment. In 2021, the company continued to add new rental sites and new assembly workshops, and the total number of employees reached 6496 at the end of the year, with a year-on-year increase of 42%. 3) Successfully signed lithium battery equipment orders with customers in North America, Germany and South Korea, established a branch in Shanghai and responded to each other with its German subsidiary.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 504 / 727 / 881 million yuan respectively, with a compound growth rate of 61%, corresponding to 30 / 21 / 17 times of PE respectively, maintaining the “buy” rating.
Risk tips
The sales volume of new energy vehicles is lower than expected; The income of a single major customer accounts for a relatively high risk.
