\u3000\u30003 Inner Mongoliayuan Xing Energy Company Limited(000683) 00068)
Ten year layout focuses on energy storage, and the second venture is ready to start: Zhejiang Narada Power Source Co.Ltd(300068) established in 1994, it is the leader of China's communication backup power supply. By 2020, the company's main business has covered communication / energy storage / power / recycled lead and other industries, with revenue accounting for 23% / 4% / 34% / 36% respectively. The company's energy storage business began to layout ten years ago. After fierce market competition, high technical and market access barriers have been formed. In 2019, the company appointed Zhu Baoyi as the general manager to start a second venture. At the end of 2021, the company announced the stripping of the two wheel power business of lead-acid to focus on the business of energy storage (including backup power supply). After the adjustment of the company's business, it is expected to take advantage of the east wind of the energy storage industry to realize the take-off of the energy storage business sector.
The overseas shipment volume of energy storage business is leading in the industry, and the expansion project is actively promoted: the company recently won the bid for the benchmark project of energy storage outside China, and the installed capacity of energy storage in the world has reached 2.4gwh. According to cnesa data, in the overseas electrochemical energy storage (excluding household energy storage) market in 2020, Zhejiang Narada Power Source Co.Ltd(300068) ranked second among energy storage technology providers in terms of installed capacity and third among energy storage system integrators in terms of power / energy scale. At present, the company's energy storage orders are full and in short supply. The energy storage lithium battery project is also actively expanding production and looking for resource cooperation. The production capacity is expected to reach 5-6gwh in the middle of this year and 9-10gwh at the end of this year, which will greatly improve the delivery capacity of energy storage products.
The lithium recovery business will be large-scale and effectively support the development of energy storage: in recent years, the Ministry of industry and information technology has successively issued several documents to gradually establish the China Shipbuilding Industry Group Power Co.Ltd(600482) lithium battery recovery policy framework, and the lithium battery recovery industry will be further standardized and formed a scale. The company established a lithium battery recycling subsidiary in 2017 and established a technology development team with well-known universities such as Central South University. The 25000 ton lithium recycling phase I (with a total planning of 100000 tons) project was put into operation in March 2021. The "lithium battery recycling industry chain" has initially taken shape, effectively reducing the cost of energy storage batteries and supporting the company's development strategy of focusing on energy storage.
Investment suggestion: we predict that the operating revenue of the company from 2021 to 2023 will be 11.86 billion yuan, 13.9 billion yuan and 16.51 billion yuan respectively, with a year-on-year increase of 15.6%, 17.2% and 18.7% respectively. The net profit attributable to the parent company will be - 1.12 billion yuan, 710 million yuan and 1.06 billion yuan respectively. It will turn loss into profit in 2022. The dynamic P / E ratio in 2022 will be 13.1 times, and the "buy-b" investment rating will be given for the first time.
Risk tip: the competition in the energy storage industry intensifies, and the expansion of the company's energy storage business is less than expected; Lithium prices rose sharply; The price of lead fell sharply.
