\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 50 Wuxi Lead Intelligent Equipment Co.Ltd(300450) )
Conclusions and suggestions:
Thanks to the explosion of demand for lithium battery equipment, the company’s revenue and net profit grew rapidly in 2021. At the same time, the performance trend of 1q22 company continued to improve, with revenue increasing by 142% and net profit increasing by 73%.
Under the background of increasingly stringent global carbon reduction policies, overseas mainstream car enterprises have accelerated their transformation to electrification, and the scale of lithium battery equipment industry has expanded rapidly. As the industry leader, the company will enjoy the growth dividend of the industry for a long time. It is estimated that in 2022 and 23, the company will realize a net profit of 2.52 billion yuan and 3.75 billion yuan, with a year-on-year increase of 59% and 49% respectively, and EPS of 1.61 yuan and 2.4 yuan respectively. At present, the share price corresponds to 24 times and 16 times of PE from 2022 to 2023 respectively. The valuation is low and is rated as “buy”.
The demand for lithium battery equipment broke out, and the net profit increased significantly in 2021: in 2021, the company realized a revenue of 2.24 billion yuan, and yoy increased by 87.1%; The net profit was 700 million yuan, yoy increased by 142.2% and eps2.2% 98 yuan.
Among them, in the fourth quarter, the company achieved a revenue of 700 million yuan, yoy increased by 110.6%, and a net profit of 250 million yuan, yoy increased by 203.7%. In terms of business, the revenue of lithium battery intelligent equipment increased by 115% year-on-year to 6.96 billion yuan, and the gross profit margin increased by 1.1 percentage points compared with 2020, which is the main driving force of performance growth; In addition, the logistics system also showed strong growth momentum, with a year-on-year increase of 91% to 1.06 billion yuan.
1q22 performance was better than expected: in the first quarter of 2022, the company achieved a revenue of 2.93 billion yuan, and yoy increased by 142.4%; The net profit was 350 million yuan, yoy increased by 72.5% and eps0.5% 22 yuan. The company’s performance is better than expected. We believe that the reason why the company’s performance is better than expected is that the business of lithium battery equipment and logistics equipment system continues to grow at a high speed, and the overall revenue recognition scale is better than expected.
The global carbon reduction policy is becoming increasingly strict, and the demand for lithium battery equipment continues to expand: the EU plans to ban the sale of fuel vehicles in the EU region by 2035. Therefore, it is expected that the electric transformation of the automotive industry will be further accelerated. Globally, the penetration rate of new energy vehicles in 2021 is only about 8%, which is at an early stage of development as a whole. According to GGII, global power battery shipments will reach 1550gwh in 2025, with huge space. As a leading enterprise of lithium battery equipment, the company is in a leading position in the industry in terms of automatic winding technology, high-speed slitting technology, lamination technology, coating and other technologies. At the same time, it has a number of global first-line lithium battery enterprises, including catl, ATL, northvolt, Byd Company Limited(002594) , LG and so on, which will fully benefit from the growth of industry demand.
Profit forecast: looking forward to the future, the company’s leading battery manufacturer Contemporary Amperex Technology Co.Limited(300750) is deeply bound, and will continue to benefit from the growth of industry demand in the future. At the same time, the amount of new orders signed in 2021 will reach 18.7 billion yuan, with high certainty of performance growth. It is estimated that in 2022 and 23, the company will realize a net profit of 2.52 billion yuan and 3.75 billion yuan, with a year-on-year increase of 59% and 49% respectively, and EPS of 1.61 yuan and 2.4 yuan respectively. At present, the share price corresponds to 24 times and 16 times of PE from 2022 to 2023 respectively. The valuation is low and is rated as “buy”.
Risk warning: the impact of the epidemic exceeds expectations;
