\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 82 Suzhou Slac Precision Equipment Co.Ltd(300382) )
Core view
In 2021, the revenue increased by 13.66% year-on-year, and the net profit attributable to the parent company increased by 67.95% year-on-year. The company achieved a revenue of 1.003 billion yuan in 2021, with a year-on-year increase of 13.66%; The net profit attributable to the parent company was 107 million yuan, a year-on-year increase of 67.95%; In 2022q1, the revenue was 292 million yuan, a year-on-year increase of 56.88%; The net profit attributable to the parent company was 44 million yuan, with a year-on-year increase of 177.31%. The performance growth was mainly due to the steady improvement of the traditional can and lid business.
The gross profit margin / net profit margin increased year-on-year, and the profitability of the company recovered significantly. The gross profit margin / net profit margin of the company in 2021 were 37.26% / 9.18% respectively, with a year-on-year increase of 3.12/2.73 PCT; The sales expense rate / management expense rate / financial expense rate / R & D expense rate were 2.64% / 10.55% / 3.06% / 3.82% respectively, with a year-on-year change of -0.46 / - 0.09 / - 1.65 / + 0.40 PCT, and the expense rate during the period decreased by 2.20 PCT year-on-year. The increase of gross profit margin was mainly caused by the low base of gross profit margin under the influence of the epidemic in 2020, which was driven by the scale effect.
The business of cans and lids grew steadily, and the new energy battery case business is waiting for a large volume. The company is mainly engaged in the R & D, design, production, assembly and commissioning of metal packaging products production equipment such as high-speed easy pull lid and can, as well as the R & D, processing and manufacturing of relevant intelligent detection equipment and spare parts. With the R & D achievements and production experience accumulated in the field of easy pull lid and can production equipment, the company has extended to the field of intelligent production line of new energy battery shell and manufacturing of battery shell structural parts. (1) In terms of products, in 2021, the company achieved revenue of 3.65/2.93/0.78/0.72/115 billion yuan respectively for the high-speed production equipment of cans / lids / new energy battery cases / intelligent detection equipment / spare parts of lids, with a year-on-year change of 25.76% / - 9.40% / 16.58% / 28.06% / 17.13%, accounting for 36.36% / 29.18% / 7.81% / 7.15% / 11.48% of revenue respectively. (2) In terms of new energy battery shells, the company accelerated the further implementation of Xinxiang Shengda, Anhui Sixiang and Changzhou Lesheng projects, among which the plant construction of Xinxiang Shengda and Anhui Sixiang has come to an end; Changzhou Laisheng has obtained the real estate ownership certificate. a) In terms of cylindrical battery shell, the first production line has been mass produced, and the second and third production lines are under installation and commissioning. The small-diameter steel cylindrical battery shell has begun to be supplied in batch. At the same time, the company has completed the relevant verification and technical reserve of large-diameter cylindrical battery shell, realized the sample trial production, and the core host equipment for mass production has also been put into manufacturing. b) In terms of square aluminum battery shell, the laboratory simulation and the design of some main production equipment have been completed, and the research of key process has also been verified by experiments. The company focuses on the new energy battery case business, which is expected to help the company's sustainable growth.
Risk warning: risk of technology iteration and upgrading; The expansion of battery case business was less than expected.
Investment suggestion: the company's traditional can and lid business has grown steadily, and the new energy battery shell business has made a breakthrough. We expect the net profit attributable to the parent company in 202224 to be RMB 214 / 306 / 405 million, corresponding to pe26 / 18 / 14 times, and give a "buy" rating for the first time.
