\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 50 Wuxi Lead Intelligent Equipment Co.Ltd(300450) )
Event overview
The company issued the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved revenue of 10.037 billion yuan / yoy + 71.32%; Net profit attributable to parent company: RMB 1.585 billion /yoy+106.47%; The net profit attributable to the parent company after deducting non profits is 1.532 billion yuan / yoy + 117.83%. In the first quarter of 2022, the company achieved revenue of 2.926 billion yuan / yoy + 142.41%; Net profit attributable to parent company: 346 million yuan / yoy + 72.50%; Net profit attributable to parent company after deduction of non profit: 341 million yuan / yoy + 75.23%
Analysis and judgment:
The performance doubled in 2021, and the revenue of lithium battery equipment increased significantly
Benefiting from the increasing penetration rate of new energy vehicles and the rapid development of energy storage industry, the company's revenue and net profit attributable to the parent company increased significantly in the first quarter of 2021 and 2022. In terms of products, the company's lithium battery intelligent equipment business revenue in 2021 was 6.956 billion yuan, a year-on-year increase of + 114.82%, and the proportion of revenue increased by 14.03pct to 69.30%, which is the main source of the company's revenue, and it is expected to maintain a high growth trend in 2022; The revenue of photovoltaic intelligent equipment business was 600 million yuan, with a year-on-year decrease of - 44.64%, and the proportion of revenue decreased by 12.52 PCT to 5.98%; The revenue of 3C intelligent equipment was 591 million yuan, a year-on-year increase of + 5.25%, and the proportion of revenue decreased by 3.69pct to 5.89% year-on-year; The revenue of intelligent logistics system was 1.056 billion yuan, a year-on-year increase of + 90.54%, and the proportion of revenue increased by 1.06 PCT to 10.52%. The revenue of other businesses was 834 million yuan, a year-on-year increase of + 98.20%, and the proportion of revenue increased by 1.13 PCT to 8.31%. In addition, in 2021, the company's wholly-owned subsidiary Zhuhai Titan new power (the main product is lithium battery back channel equipment) had a revenue of 1.943 billion yuan and a net profit of 170 million yuan, which gradually improved the development of Titan new power.
The gross profit rate is slightly under pressure and the ability of cost control is enhanced
In 2021, the company's gross profit margin was 34.05%, a slight decrease of 0.27 percentage points over the same period, and the net profit margin was 15.79%, an increase of 2.69 percentage points year-on-year. In terms of products, the gross profit margin of the company's lithium battery intelligent equipment business in 2021 was 34.63%, an increase of 1.09 percentage points year-on-year; The gross profit margin of intelligent logistics system business was 14.78%, a year-on-year decrease of 7.86 percentage points. In 2021, the company's expense rate was 16.88%, a year-on-year decrease of 1.51 percentage points, and all expense rates decreased. In 2021, the company's sales / management / Finance / R & D expense ratio was 2.74% / 5.21% / - 0.02% / 8.95% respectively, with a year-on-year decrease of 0.35pct/0.18pct/0.75pct/0.23pct respectively. 2022q1 company expects that affected by the price of raw materials, the gross profit margin is under pressure, which is 30.80%, down 9.41pct year-on-year, and the net profit margin is 11.84%, down only 4.47 percentage points year-on-year / 2.36 percentage points month on month.
The demand for lithium battery equipment increases rapidly, and the future growth of platform companies can be expected
1) new energy vehicles have broad prospects and strong certainty. We expect the global sales of new energy vehicles to increase from 6.11 million in 2021 to 25 million in 2025, giving rise to a huge demand for power lithium battery equipment. According to GGII, global power battery shipments will reach 1550gwh in 2025. According to our calculation, the demand for lithium battery equipment is expected to reach 136.1 billion yuan in 2025, accounting for more than 40% of CArG.
2) the company is a leading enterprise of lithium battery equipment, with the production capacity of the whole line and single machine, and the market share of many products such as winding machine is the first. The company is deeply tied to Contemporary Amperex Technology Co.Limited(300750) , a leader in the lithium battery industry. At the same time, it has increased its overseas layout, improved the quality of orders, and is expected to continue to enhance its profitability in the future. The company has the ability to produce international standard products and strong independent research and development. In the future, the wave of overseas lithium battery expansion will benefit the overseas layout and expand the growth space.
3) at present, the company has formed three major businesses of lithium battery, photovoltaic and 3C, and established business departments of lithium battery, photovoltaic, 3C, laser, logistics, automobile and hydrogen energy, which has gradually become a platform company. In addition to the lithium battery equipment business, the company has also made breakthroughs in other business segments and continued to gain market recognition. Benefiting from the rapid development of the lithium battery industry and the remarkable results of the company's platform layout, the new orders signed by the company in 2021 reached 18.7 billion yuan (after tax), with a year-on-year increase of nearly 70%, and the future performance can be expected to increase.
Investment suggestion: we adjusted the profit forecast for 202223, adjusted the revenue from 202223 from 15.312/19.851 billion yuan to 15.529/22.225 billion yuan, and increased the revenue forecast for 2024 by 29.315 billion yuan; The net profit attributable to the parent company in 202223 was adjusted from RMB 2.585/3.336 billion to RMB 2.800/4.086 billion, with a new forecast of RMB 5.511 billion in 2024; In 202223, EPS was adjusted from 1.65/2.13 yuan to 1.79/2.61 yuan respectively, and the forecast for 2024 was increased by 3.52 yuan, corresponding to the closing price of 44.68 yuan / share on April 22, 2022. PE in 202224 was 25 / 17 / 13 times respectively. We maintained the overweight rating.
Risk tip: the price of raw materials fluctuates sharply, the prosperity of downstream industries is less than expected, and the industry competition intensifies.
