\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 311 Camel Group Co.Ltd(601311) )
In 2021, the total revenue was 12.4 billion yuan, a year-on-year increase of + 28.7%
On April 21, the company released its annual report for 2021. In 2021, the total revenue of the company was 12.4 billion yuan, a year-on-year increase of 28.7%, and the net profit attributable to the parent company was 830 million yuan, a year-on-year increase of 14.6%. In terms of business, the revenue of lead-acid battery / lithium battery / recycled lead was 9.63/0.19/2.63 billion yuan respectively, with a year-on-year increase of + 13.6% / + 4.7% / + 148.9% respectively. In 2021, the annual gross profit margin decreased by 2.78 PCTs to 16.95% year-on-year, mainly due to the significant increase in the proportion of revenue from recycled lead business with low gross profit margin. In 2021, the net profit attributable to the parent company in Q1-Q4 in a single quarter was RMB 2.8/2.3/1.7/160 million respectively, the gross profit margin in a single quarter was 20.7% / 18.4% / 16.3% / 12.5% respectively, and the net profit margin in a single quarter was 8.8% / 7.7% / 5.9% / 4.9%. Considering the impact of the epidemic in China and the sluggish downstream demand for commercial vehicles, we lowered the company’s profit forecast for 20222023 and added a profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 10.3 (- 2.9) / 1.26 (- 4.2) / 1.56 billion yuan respectively, and EPS will be 0.88 (- 0.25) / 1.08 (- 0.35) / 1.33 yuan / share. The current share price corresponds to PE in 20222024, which is 10.8/8.7/7.1 times respectively. The energy storage business is expected to open the company’s secondary growth curve, Maintain the “buy” rating.
The basic sector business of lead-acid battery is stable, and the sales volume has reached a record high
In 2021, the company’s lead-acid battery sales volume was 31.52 million KVAh, with a year-on-year increase of 12.2%, reaching a record high. In 2021, the sales volume of the company’s lead-acid battery supporting market increased steadily, the maintenance market sales volume increased by 15.4% year-on-year, and the market share increased to about 27.4%. The company’s battery sales increased by 57% year-on-year in 2021. According to the company’s annual report, the company’s low-voltage lithium battery business achieved 11 fixed-point projects for 9 enterprises in 2021. At present, the 12V lithium battery has been fixed-point for 6 projects, such as Geely lutes, Geely cm1e, Jiangxi Isuzu and BMW.
Actively carry out the second main business of energy storage, and have reached cooperation with the Three Gorges power
The company actively develops energy storage as the second main business, focusing on promoting industrial energy storage, household energy storage and portable energy storage products. At present, the company has reached cooperation with the Three Gorges power, signed a cooperation agreement with a total amount of no less than 1GWh and the first 50mwh supply contract, and the overall project is advancing in an orderly manner. In addition, the company actively communicates with large energy and power enterprises, cloud computing and big data enterprises, and the energy storage business is expected to usher in rapid development.
Risk tip: the demand for automobiles at home and abroad is less than expected, the price of raw materials fluctuates sharply, and the development of new projects is less than expected.
