\u3000\u3 Guocheng Mining Co.Ltd(000688) 518 Shenzhen United Winners Laser Co.Ltd(688518) )
In 2021, the revenue was + 59.44% year-on-year, and the newly signed orders increased by 138.66% year-on-year. In 2021, the company realized an operating revenue of 1.4 billion yuan, a year-on-year increase of + 59.44%; The net profit attributable to the parent company was 92 million yuan, a year-on-year increase of + 37.39%. On the one hand, the growth was due to the low income base caused by the impact of covid-19 epidemic in 2020; On the other hand, revenue will be recognized for the delivery of new orders in 2020 in 2021. By industry, the revenue of power battery, automobile and hardware, consumer electronics, optical communication and other businesses was 997 / 1.71 / 1.55 / 0.12/17 million yuan respectively, with a year-on-year increase of + 62.05% / + 42.47% / + 108.97% / – 13.01% / + 19.29% respectively. In 2021, the company signed 3.599 billion yuan of new orders, a year-on-year increase of 138.66%, of which 85.30% of the new orders came from the power battery industry, with strong accuracy of performance growth.
The gross profit margin increased steadily, and the net profit margin decreased slightly due to the advance of expenses. In 2021, the company’s gross profit margin was 37.04%, a slight increase of 0.37pcts over the same period; Among them, the gross profit margin of power battery was 31.74%, with a year-on-year increase of -0.46pcts, while the gross profit margin of automobile, hardware and consumer electronics industry increased significantly year-on-year. In 2021, the company’s net interest rate was 6.58%, a year-on-year decrease of 1.05pcts. The expense rate during the period was 32.16%, with a year-on-year increase of 0.33pcts; Among them, the rates of sales / management / Finance / R & D expenses were 5.99% / 18.91% / – 0.11% / 7.38% respectively, with a year-on-year increase of -1.24 / + 3.03 / – 0.59 / – 0.85pcts respectively. The increase in the rate of management expenses was mainly due to the increase in production capacity and the active expansion of personnel and venues. We believe that with the gradual recognition of the company’s future income, the embodiment of scale effect and the increase of per capita output value, the company’s net interest rate is expected to increase steadily.
Respond to market demand, actively expand production capacity, strengthen information construction, improve quality and efficiency. 1) In terms of site, the area of factory buildings built in 2021 will increase rapidly. In the future, with the completion of Jiangsu phase III, Huizhou phase II and Yibin base, the site area of the company will be more than three times that of the end of 2020; 2) By the end of 2021, the company had 3517 employees, a year-on-year increase of 84.91%, of which the R & D, design, production and commissioning personnel were nearly doubled, and the production capacity is expected to increase significantly; 3) We will continue to promote standardization, improve the standardized process of non-standard automatic manufacturing, product delivery, installation and commissioning, and the production efficiency and per capita output value are expected to increase.
The income growth and profitability of laser welding experts with vertical integration ability are expected to continue to rise. More than 80% of the self-made laser systems are used in the field of vertical welding automation, which is higher than that of the company in the same industry. In terms of customers, the company has deep cooperation with Contemporary Amperex Technology Co.Limited(300750) , Gotion High-Tech Co.Ltd(002074) , Eve Energy Co.Ltd(300014) and other head battery factories. From 2019 to 2021, the company’s sales to Contemporary Amperex Technology Co.Limited(300750) accounted for 20.5%, 36.53% and 38.83% of its operating revenue respectively. The rapid production expansion of downstream customers lays a foundation for the future growth of the company’s revenue, of which the planned capacity of Contemporary Amperex Technology Co.Limited(300750) 2025 is about 747gwh. In addition, the prototype of the company’s 4680 battery laser welding assembly line is currently in the commissioning stage and is expected to fully benefit from the improvement of 4680 battery penetration in the future.
Investment advice
It is estimated that the company will achieve a revenue of 2.878 billion yuan / 4.556 billion yuan / 5.943 billion yuan and a net profit of 302 million yuan / 545 million yuan / 737 million yuan in 202224. The current price earnings ratio corresponding to the stock price is 27x / 15x / 11x, maintaining the “buy” rating.
Risk tips
The customer’s production expansion is less than expected, the battery manufacturing process has undergone great changes, and the product iteration is less than expected.
