\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 50 Wuxi Lead Intelligent Equipment Co.Ltd(300450) )
Events
The company released the 2021 annual report and the first quarter financial report: the company achieved a revenue of 10.04 billion yuan in 2021, a year-on-year increase of + 71.3%; The net profit attributable to the parent company was 1.58 billion yuan, a year-on-year increase of + 106%; The comprehensive gross profit margin is 34.1%; In the first quarter of 2022, the revenue was 2.93 billion yuan, a year-on-year increase of + 142%; The net profit attributable to the parent company was 346 million yuan, a year-on-year increase of + 72.5%; The comprehensive gross profit margin is 30.8%.
Key investment points
New orders reached a new high, benefiting from the expansion of downstream lithium battery manufacturers
The lithium battery equipment business revenue of the company was 6.96 billion yuan, with a year-on-year increase of 115%, accounting for 69.3% of the revenue, which has increased, and remains the largest business of the company. The gross profit margin of the business was 34.6%, with a year-on-year increase of 1.09pct. The company’s largest customer Contemporary Amperex Technology Co.Limited(300750) contributed 4.11 billion yuan of revenue, accounting for 40.9% as a whole. The company’s lithium battery equipment business has significantly benefited from the increased penetration of new energy vehicles and the active expansion of downstream lithium battery manufacturers. In 2021, the global sales volume of new energy vehicles was 6.11 million, with a year-on-year increase of 110%; The sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China was 3.52 million, with a year-on-year increase of 158%, and the penetration rate increased month by month, reaching 16% in the whole year, significantly higher than 5.4% in 2020. With the continuous improvement of mileage and safety of new energy vehicles, as well as the continuous improvement of charging, power exchange and other supporting facilities, the sales of new energy vehicles will continue to grow rapidly. According to the prediction of GGII, the global power battery shipment will reach 1550gwh in 2025. The company has maintained high investment in lithium battery equipment. The coater has entered the leading battery enterprise, the roller press has achieved mass supply, and the high-speed lamination machine has entered the main battery enterprise and achieved a high share. In 2021, the amount of new orders excluding tax signed by the company was 18.7 billion yuan, a record high.
Horizontal expansion to build platform automation equipment suppliers
The company’s revenue exceeded 10 billion yuan in 2021. While maintaining a leading position in the field of lithium battery equipment, the company actively expanded horizontally and created a platform type automation equipment supplier, covering the fields of 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 so on. Among them, the revenue scale of intelligent logistics system has exceeded 1 billion; The revenue of 3C intelligent equipment increased from 30.5 million yuan in 2018 to 591 million yuan in 2021. In the medium and long term, China’s industrial economic structure is undergoing rapid adjustment and upgrading, the demand for industrial automation in emerging industries is rapidly releasing, the demand for “machines for people” in traditional industries still has potential, the industrial automation industry is in the process of spiral growth, and the company’s platform layout will continue to enjoy the dividends of the improvement of automation and intelligence in the manufacturing industry.
Profit forecast
It is estimated that the company’s revenue from 2022 to 2024 will be 15.1 billion yuan, 20.6 billion yuan and 27.4 billion yuan respectively; The net profit attributable to the parent company is 2.64 billion yuan, 3.94 billion yuan and 5.52 billion yuan respectively, and the corresponding dynamic PE of the current stock price is 24, 16 and 12 times respectively. For the first coverage, give a “recommended” rating.
Risk tips
The risk of market demand decline caused by macroeconomic fluctuations; The risk of intensified market competition and declining profitability; Management risks caused by the expansion of the company’s scale, etc
