\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 50 Wuxi Lead Intelligent Equipment Co.Ltd(300450) )
In 2021, the revenue increased by 71.32% year-on-year, and the net profit attributable to the parent company increased by 106.47% year-on-year. The company achieved a revenue of 10.037 billion yuan in 2021, with a year-on-year increase of 71.32%; The net profit attributable to the parent company was 1.585 billion yuan, a year-on-year increase of 106.47%. In 2022q1, the company’s revenue was 2.926 billion yuan, a year-on-year increase of 142.41%; The net profit attributable to the parent company was 346 million yuan, a year-on-year increase of 72.50%. The performance growth was mainly due to the strong downstream demand, which promoted the substantial growth of lithium battery equipment business. At the same time, non lithium battery businesses such as intelligent logistics system, 3C intelligent equipment and automobile intelligent production line developed rapidly. In 2021, the amount of new orders signed by the company reached 18.7 billion yuan (excluding tax), with a year-on-year increase of 69.03%, a new high over the years, creating favorable conditions for the sustained and rapid growth of the company’s future performance.
Driven by the scale effect, the cost rate decreased significantly and the net interest rate increased significantly. In 2021, the company’s gross profit margin / net profit margin was 34.05% / 15.79%, with a year-on-year change of -0.27 / + 2.69 PCT. In 2021, the company’s sales expense rate / management expense rate / financial expense rate / R & D expense rate was 2.74% / 5.22% / – 0.02% / 8.95%, with a year-on-year change of -0.34 / – 0.17 / – 0.75 / – 0.24 PCT, and the expenses during the period decreased by 1.26 PCT year-on-year. The rapid growth of operating revenue promoted the significant decline of expense rate and brought a significant increase in net profit rate.
Leading enterprise of lithium battery equipment, build a new energy intelligent equipment platform company. The company specializes in the R & D, design, production and sales of high-end non-standard intelligent equipment. It is a leading provider of new energy equipment in the world. The business covers lithium battery intelligent equipment, photovoltaic intelligent equipment, 3C intelligent equipment, intelligent logistics system, automobile intelligent production line, hydrogen energy equipment, laser precision processing equipment and other fields. In 2021, the company’s business revenue of lithium battery intelligent equipment / intelligent logistics system / photovoltaic intelligent equipment / 3C intelligent equipment was 69.56/10.56/6.00/591 million yuan respectively, with a year-on-year change of + 114.82% / + 90.54% / – 44.64% / + 5.25%, accounting for 69.30% / 10.52% / 5.98% / 5.89% of operating revenue respectively. Relying on the advantages of technology and customers, the company has cut into a more growing lithium battery and photovoltaic track from the original thin-film capacitor track, and achieved rapid development. At present, the company has become a global leader in lithium battery equipment. It is one of the few lithium battery equipment companies outside China that can provide the whole product lithium battery line scheme. Downstream customers include Contemporary Amperex Technology Co.Limited(300750) , northvolt, Eve Energy Co.Ltd(300014) , China Innovation airlines Honeycomb energy and other Chinese foreign battery enterprises. At the same time, the company actively develops non lithium battery business sectors such as photovoltaic, 3C, hydrogen energy and automobile intelligent production line, and is committed to building a new energy intelligent equipment platform company, with multi-point business flowering, so as to provide assistance for the sustainable growth of the company.
Risk warning: risk of technology iteration and upgrading; Industry competition accelerates; Customer expansion was less than expected.
Investment suggestion: considering the company’s sufficient orders and strong demand for downstream equipment, we expect the net profit attributable to the parent company in 202224 to be RMB 2330 / 3361 / 4487 million, corresponding to PE 30 / 21 / 16 times, maintaining the “overweight” rating.
