\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 311 Camel Group Co.Ltd(601311) )
The annual report of the parent company was 12.4 billion yuan, and the overall net profit was 12.4 billion yuan, which was higher than that of the parent company in 2021.
1. The company is the king in the field of traditional low-voltage battery. In the past 21 years, the shipment volume of the company's traditional low-voltage battery reached 31.52 million KVAh, with a year-on-year increase of 12%. Thanks to its strong competitiveness, the company's revenue increased by 29% year-on-year, much higher than the growth of shipments, the overall product price continued to rise, the improvement of product competitiveness and price level was much better than other competitors in the industry, and took the lead in the field of low-voltage batteries.
2. Product structure optimization and customer structure optimization. In terms of product structure, among the company's product shipments in 21 years, the proportion of AGM, EFB and other high value-added start and stop batteries has been increasing; In terms of customer structure, Audi, Lincoln, Cadillac and other traditional luxury car brands continue to assign models to the company; The "double excellence" of products and customers shows the strong leadership of the company in the field of traditional low-voltage batteries.
3. The huge car ownership market ensures the medium and long-term growth of the company's traditional products. In 2021, the cumulative sales volume of the company's maintenance and replacement am market increased by 15.4%, and the market share increased to 27.4%. Compared with the OEM market, the company still has strong room to improve its market share in the AM market. In the past 21 years, the company continued to promote the "excellent energy" service model for the AM market, and completed the construction and activation of more than 1800 "excellent energy" service providers and more than 53500 "excellent energy" terminal providers nationwide. In the future, the "excellent energy" service model will strongly help the company's am market business expansion.
4. The overseas market has become the company's new blue ocean market. In the past 21 years, despite the adverse factors such as tight transportation capacity and limited production due to the epidemic, the company's overseas market sales increased by 123% year-on-year, with a strong momentum. The contraction of the global traditional low-voltage battery supply end is also obvious, and the scale and technical advantages of camel will be gradually reflected. The overseas market will become the company's new blue ocean market.
5. Enter into new business areas such as low-voltage lithium battery and energy storage, and make further grand plans. In addition to the 48V low-voltage lithium battery continuously obtaining the fixed point of the main engine factory, the 12V low-voltage lithium battery has also obtained the fixed point of gillelutes, BMW and other companies. The low-voltage lithium battery products have been further expanded, and it is the manufacturer with the most abundant reserves of low-voltage lithium battery products. The company has identified the energy storage business as the "second track" for the development of the company, and has obtained the designated project of Three Gorges electric energy.
Investment strategy: we estimate that the net profit attributable to the parent company in 2022 and 2023 will be 1.0 billion yuan and 1.2 billion yuan. At present, the dynamic valuation of the company in 2022 is only 11 times, maintaining the "buy" rating.
Risk tip: the sales volume of customers is lower than expected, and the price of raw materials continues to deteriorate.
