\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 50 Wuxi Lead Intelligent Equipment Co.Ltd(300450) )
Year on year performance in 2021 + 107%, year on year performance in 2022q1 + 72.5%: in 2021, the company achieved a total operating revenue of 10.037 billion yuan, year on year + 71.3%; The net profit attributable to the parent company was 1.585 billion yuan, a year-on-year increase of + 106.5%; The net profit deducted from non parent company was 1.532 billion yuan, a year-on-year increase of + 117.8%, which was in line with the performance forecast. In 2022q1, the company achieved an operating revenue of 2.926 billion yuan, a year-on-year increase of + 142.4%; The net profit attributable to the parent company was 346 million yuan, a year-on-year increase of + 72.5%; Deduct the net profit not attributable to the parent company of 341 million yuan, a year-on-year increase of + 75.2%.
The change of income structure makes the gross profit margin adjusted, and the expense rate during the period is well controlled: in 2021, the company achieved a gross profit margin of 34.1%, a year-on-year increase of -0.3pp. In 2022q1, the company’s gross profit margin was 30.8%, with a year-on-year increase of -9.4pp. It is mainly due to the adjustment of revenue structure due to the increase of the proportion of logistics equipment and Titan segment revenue. In 2021, the company achieved a sales expense ratio of 2.7%, a year-on-year increase of -0.3pp; The management expense ratio was 5.2%, with a year-on-year increase of -0.2pp; The financial expense rate was -0.02%, with a year-on-year increase of -0.8pp; The R & D expense ratio was 8.9%, with a year-on-year increase of -0.2pp; The total period expense rate was 16.9%, year-on-year -1.5pp. In 2022q1, the sales expense rate was 2.6%, year-on-year -0.8pp; The management expense ratio was 5.3%, with a year-on-year increase of -3.8pp; Financial expense ratio was – 0.2%, year-on-year + 0.2pp; The R & D expense ratio was 8.8%, with a year-on-year increase of -2.0pp; The total period expense rate was 16.5%, year-on-year -6.4pp.
The newly signed orders hit a new record, and the high-intensity R & D in the early stage continued to deliver results: the amount of newly signed orders reached 18.7 billion yuan (excluding tax) in 2021, a year-on-year increase of + 69%. The newly signed orders hit a new high over the years, creating favorable conditions for the sustained and rapid growth of the company’s future performance. The high-intensity R & D investment in the early stage began to be realized, and the coater entered the leading battery enterprise. The roller press has achieved batch supply, and the high-speed lamination machine has entered the main battery enterprises and has achieved a high share. In addition, the company has actively provided intelligent manufacturing overall solutions to multiple customers at home and abroad, serving the whole life cycle of lithium battery production, and the competitiveness of platform companies has become increasingly prominent.
Investment suggestion: the company is the world’s leading manufacturer of lithium battery equipment and is committed to becoming a leading platform type special high-end equipment. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 2.55 billion yuan, 3.48 billion yuan and 4.59 billion yuan, corresponding to pe25, 18 and 14 times, maintaining the “buy” rating.
Risk tip: downstream investment and production expansion are lower than expected, product and technology iteration and renewal risks, and the competition pattern of lithium battery equipment manufacturers has changed
