\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 50 Wuxi Lead Intelligent Equipment Co.Ltd(300450) )
Matters:
Wuxi Lead Intelligent Equipment Co.Ltd(300450) released the annual report of 2021. In 2021, the company achieved revenue of 10.037 billion yuan (year-on-year + 71.32%) and net profit attributable to parent company of 1.585 billion yuan (year-on-year + 106.47%). The company plans to pay a cash dividend of 5 yuan (including tax) for every 10 shares.
Ping An View:
Lithium battery equipment has doubled, and the orders in hand are full. In 2021, the company's revenue from lithium battery equipment was 6.956 billion yuan (year-on-year + 114.82%), and the gross profit margin was 34.63% (year-on-year + 1.09pct). In 2020, the company's newly signed orders exceeded 11 billion yuan (excluding tax), laying a high growth of revenue in 2021. In 2021, the lithium battery equipment market was in short supply, and the new orders signed by the company reached 18.7 billion yuan (excluding tax), of which lithium battery equipment was the main one, which laid the foundation for the continuous high growth of performance in 2022. In 2021, although the price of raw materials increased significantly, the gross profit margin of lithium battery equipment increased instead of decreased, reflecting the company's good cost management ability. Looking forward to 2022, on the one hand, the power battery and energy storage battery industry will continue to expand production, and the lithium battery equipment order market will continue to be hot; On the other hand, the continuous breakthrough of the company's front-end equipment and overseas customers will further enhance the company's ability to obtain orders. We expect that the new orders signed by the company in 2022 are expected to reach a new high.
The non lithium battery business will blossom at multiple points and build a platform company. In 2021, the company's intelligent logistics equipment, photovoltaic equipment and 3C equipment achieved revenue of 1.056 billion yuan (year-on-year + 90.54%), 600 million yuan (- 44.64%) and 591 million yuan (+ 5.25%) respectively. 1) The company's intelligent logistics equipment is mainly shuttle, AGV and intelligent logistics warehouse. In 2021, the company made an important breakthrough for customers such as power batteries. 2) Although the company's photovoltaic equipment revenue declined in 2021, the company's TOPCON whole line equipment won the order of Wuxi Suntech 2gww whole line in 2021. In 2022, TOPCON battery ushered in a large-scale production expansion period, which directly benefited the company's photovoltaic equipment.
In 2021, Zhuhai Titan turned losses into profits. In 2021, Zhuhai Titan, a wholly-owned subsidiary of the company, realized a revenue of 1.943 billion yuan and a net profit of 170 million yuan, turning losses into profits. In 2020, Titan lost more than 78 million yuan due to the decline of orders, personnel changes and the increase of R & D investment. In 2021, the competition of lithium battery back channel equipment has intensified. At the same time, facing the competition of series and parallel component capacity technology, Zhuhai Titan still succeeded in turning losses into profits. The integrated Zhuhai Titan has become an integral part of the company's whole line equipment.
Investment suggestion: in view of the higher than expected growth of the company's orders, we raised the profit forecast. It is expected that the net profit attributable to the parent company will be 2.669 billion yuan, 3.720 billion yuan and 4.720 billion yuan respectively from 2022 to 2024 (the value before 20222023 is 2.556 billion yuan and 3.163 billion yuan), and the corresponding P / E ratio will be 26 times, 19 times and 15 times respectively. The company is the leader of China's automation platform. Lithium battery equipment is in the outbreak period. Photovoltaic equipment, 3C automation and other equipment have great potential. We maintain the "recommended" rating.
Risk tips: (1) the impact of the epidemic increases the risk. If the global covid-19 pneumonia epidemic intensifies, it will have a significant impact on the national economy and affect the performance growth of the company. (2) The risk that the expansion of key customers is less than expected. If the production expansion rhythm of Contemporary Amperex Technology Co.Limited(300750) and other major customers is less than expected, the newly signed equipment orders of the company will be affected. (3) Risk of bad debts of accounts receivable. If the business condition of downstream customers deteriorates, there is a risk of bad debt of accounts receivable. (4) Goodwill impairment risk. In 2017, the company acquired 100% equity of Titan new power. If the performance of Titan new power deteriorates, there is a risk of goodwill impairment.
