\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 50 Wuxi Lead Intelligent Equipment Co.Ltd(300450) )
Event: the company released its 2021 annual report, realizing an operating revenue of 10.037 billion yuan, a year-on-year increase of 71.32%, and a net profit attributable to the parent company of 1.585 billion yuan, a year-on-year increase of 106.47%. Among them, Q4 achieved a revenue of 4.089 billion yuan, a year-on-year increase of 139.22%, and a net profit attributable to the parent company of 581 million yuan, a year-on-year increase of 353.87%.
In addition, the company released the first quarterly report of 2022. Q1 achieved an operating revenue of 2.926 billion yuan, a year-on-year increase of 142.41%, and a net profit attributable to the parent company of 346 million yuan, a year-on-year increase of 72.50%.
Revenue exceeded 10 billion for the first time, and new orders reached 18.7 billion in 21 years. In the past 21 years, the company’s lithium battery equipment business grew significantly, while the non lithium battery business developed rapidly. Viewing the split business, lithium battery equipment, photovoltaic equipment, 3C equipment and intelligent logistics system achieved revenue of 6.956 billion yuan, 600 million yuan, 591 million yuan and 1.056 billion yuan respectively, with a year-on-year growth rate of 114.82%, – 44.64%, 5.25% and 90.54%. In terms of orders, the amount of new orders signed by the company in 2021 reached 18.7 billion yuan (excluding tax), a record high over the years, with a year-on-year growth rate of 70%. In retrospect, the company’s orders (excluding tax) in 2019 / 2020 were 4.5 billion yuan and 11 billion yuan respectively. Abundant orders will provide guarantee for the company’s future performance to continue to grow rapidly.
22q1 gross profit margin decreased and the profit of subsidiary Titan improved. In 2021, the company’s comprehensive gross profit margin was 34.05%, basically unchanged year-on-year; The net interest rate was 15.79%, a year-on-year increase of 2.69 percentage points; The comprehensive gross profit margin of 21q4 / 22q1 company was 29.05% and 30.80% respectively, with a year-on-year decrease of 0.18% and 9.41%; The net interest rates were 14.21% and 11.84% respectively, with a year-on-year increase of 6.72% and – 4.80%. In terms of business, the gross profit margin of intelligent logistics system decreased significantly in 21 years, down 7.86 percentage points. According to the company’s feedback, the gross profit margin of intelligent logistics business is expected to recover in the second half of the year. In addition, the net profit of Titan, a subsidiary, was 170 million yuan in 21 years, which was significantly higher than the loss in 20 years, indicating that the profit was improving.
New products continue to be introduced and production capacity continues to expand. The company has always maintained R & D innovation. In 2021, the R & D investment was 898 million yuan, accounting for 8.95% of the revenue. The high investment in the early stage began to be realized. At present, 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. The lithium battery equipment in the front, middle and rear sections of the company has reached the world leading level. The company continues to improve its production capacity and increase its delivery capacity to meet the increasing market demand. The number of employees of the company in 2021 was 14858, a significant increase compared with 8215 last year. At the same time, the company comprehensively improves the level of automation, informatization and digitization of production capacity, and creates an intelligent factory.
The ability of cost control continued to improve. The company’s expense rate during the period of 21 years was 7.94%, a year-on-year decrease of 1.26 percentage points. According to the split, the sales expense rate / management expense rate / financial expense rate were 2.74%, 5.22% and – 0.02% respectively. In addition, the expense rate during 21q4 / 22q1 in a single quarter was 5.80% / 7.71% respectively, a year-on-year decrease of 7.87/4.39 percentage points, indicating that the company’s expense control ability was further enhanced. In 2021, the company’s inventory turnover days and accounts receivable turnover days were 290 days and 121 days, with a year-on-year increase of 54 days and a decrease of 17 days. As of the first quarter of 2022, the company’s inventory was 8.794 billion yuan, construction in progress was 269 million yuan and contract liabilities were 4.499 billion yuan, significantly increasing year-on-year and month on month, indicating that the company is in the stage of substantial expansion.
Profitability forecast and valuation. We continue to be optimistic about the future development of the company. It is estimated that the company’s revenue from 2022 to 2024 will be 15.733213.92/26.498 billion yuan respectively, and the net profit attributable to the parent company will be 26.34/37.29/4.862 billion yuan respectively, corresponding to pe24 / 17 / 13 times.
Risk warning: downstream expansion is less than expected; The pattern of horizontal competition deteriorated, and the product promotion was less than expected.
