\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 48 Fujian Nebula Electronics.Ltd(300648) )
Event: the company issued the annual report of 2021 and the first quarter report of 2022.
With lithium battery testing equipment as the core, the shipment scale continued to grow steadily. Since its establishment, the company has gradually realized import substitution in the field of lithium battery testing equipment. With the scale expansion of the downstream lithium battery industry, the shipment scale of the company's testing equipment business has increased rapidly. In 2021, the company's testing system sold 21100 channels, with a year-on-year increase of 148.08%, and the capacity utilization rate reached 110.07%. In 2021, the company achieved an operating revenue of 811 million yuan, a year-on-year increase of 41.02%, and a net profit attributable to the parent company of 76 million yuan, a year-on-year increase of 33.42%. In addition, the company continued to increase R & D and innovation, and the annual R & D investment reached 138 million yuan, a year-on-year increase of 68.86%, accounting for 17% of revenue.
Due to the superposition of multiple adverse effects, 2022q1 is less than expected, and Q2 chemical capacity separation equipment is expected to be opened and delivered, which is expected to bring a significant increase in revenue scale. In 2022q1, in addition to the impact of the rise in the prices of raw materials such as metals and chips, the outbreak of the epidemic in China also had a temporary impact on the company's supply chain and delivery. Some orders have not yet confirmed revenue in the first quarter, resulting in the failure to achieve the expected growth of revenue. However, the production line, process development investment and talent reserve prepared by the company for new businesses such as chemical composition and volume distribution are reflected in the expenses in the first quarter, resulting in a significantly lower profitability than expected. Looking forward to the second quarter, the company will further plan to improve the production capacity of the production line of chemical and volume separation equipment. At the same time, it is expected that orders will gradually begin to be delivered to Ningde, and the company will strengthen the control of the supply chain. It is expected that the production and delivery of main industries such as testing equipment will gradually return to normality, and the company's performance is expected to improve significantly month on month.
With the resonance between policy and market, the energy storage industry has entered a period of rapid development. The company and Contemporary Amperex Technology Co.Limited(300750) jointly established era nebula to deeply cultivate energy storage, which is a scarce and high-quality target with high growth on the user side and power grid side of Ningde battery main industry layout. Since the beginning of 2021, the state has issued a number of energy storage support policies to further clarify the dominant position of energy storage business, improve the economy of energy storage installation, and promote the commercialization and large-scale development of new energy storage such as electrochemical energy storage. According to GGII data, in 2021, China's energy storage battery shipments were 48gwh (+ 260%), including 29gwh (+ 439%) of electric energy storage batteries. It is estimated that by 2025, the global energy storage battery shipments will reach 416gwh, with an annual compound growth rate of about 72.8%, and the energy storage industry will enter a period of rapid development. The company has continued to deepen its efforts in the field of energy storage, and successively launched Nebula energy storage converter (PCS) and Nebula charging pile, which are mainly used in power generation side energy storage, grid side energy storage, optical storage and charging integrated power station, household energy storage and other fields. In 2019, the company jointly Contemporary Amperex Technology Co.Limited(300750) established the era nebula to enter the field of energy storage and actively layout the energy storage on the grid side and user side. Under the resonance of policy and market, the company's energy storage business is expected to enter a high-speed development channel.
Profit forecast: the company is expected to realize a net profit attributable to the parent company of RMB 153 / 260 / 380 million from 2022 to 2024, corresponding to 23.6 / 13.8 / 9.5 times of PE, maintaining the "buy" rating.
Risk tip: the development of new energy vehicle industry is not as expected; Industry competition intensifies.
