\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 50 Wuxi Lead Intelligent Equipment Co.Ltd(300450) )
The company recently released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 10.037 billion yuan, a year-on-year increase of 71.32%; The net profit attributable to the parent company was 1.585 billion yuan, a year-on-year increase of 106.47%. In 2022q1, the company achieved an operating revenue of 2.926 billion yuan, a year-on-year increase of 142.41%; The net profit attributable to the parent company was 346 million yuan, a year-on-year increase of 72.5%.
The comprehensive gross profit margin declined and the expenses were well controlled during the period. In 2021, the company’s comprehensive gross profit margin decreased slightly by 0.27 percentage points to 34.05% year-on-year, of which the gross profit margin of lithium battery intelligent equipment business increased by 1.09 percentage points to 34.63% year-on-year; The gross profit margin of intelligent logistics system business decreased by 7.86 percentage points to 14.78% year-on-year. The high growth of business income of intelligent logistics system with relatively low gross profit margin and the large year-on-year decline of gross profit margin of this business are one of the main reasons for the decline of comprehensive gross profit margin of the company.
In 2022q1, the company’s gross profit margin decreased by 9.41 percentage points year-on-year to 30.8%, and its short-term profitability decreased. In 2021, the company’s period expense rate decreased by 1.50 percentage points to 16.89% year-on-year, of which the sales / management / R & D / financial expense rate decreased by 0.34, 0.17, 0.24 and 0.75 percentage points to 2.74%, 5.22%, 8.95% and – 0.02% year-on-year respectively. During 2022q1, the company’s expense rate decreased by 6.39 percentage points to 16.53% year-on-year, reflecting the improvement of the company’s expense control ability during the period.
The penetration rate of new energy vehicles has increased rapidly, and the company’s lithium battery equipment sector has achieved high growth. At present, the green development model has formed a consensus all over the world. Under this background, the new energy vehicle industry presents a trend of rapid development. According to marklines data, the global sales volume of new energy vehicles in 2021 was 6.11 million, an increase of 110% year-on-year. With the improvement of the cost performance and market awareness of new energy vehicles, the penetration rate of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China has increased rapidly. According to the data of China Automobile Industry Association, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China increased by 158% year-on-year to 3.52 million in 2021. In 2022q1, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China increased by 1.4 times year-on-year, and the market penetration rate reached 19.3%. Among them, the penetration rate of new energy vehicle market in March reached 21.7%, a record high. In 2021, the company’s lithium battery intelligent equipment business revenue increased by 114.82% year-on-year to RMB 6.956 billion, and the revenue proportion increased by 14.03 percentage points to 69.30%. With the rapid development of the new energy vehicle industry, the strong willingness of leading battery enterprises to expand production continues to benefit the lithium battery equipment industry, and the company is expected to continue to benefit from it.
With outstanding technical advantages, the products have certain international competitiveness. In 2021, the company’s R & D investment increased by 55.22% year-on-year to 1.07 billion yuan, accounting for 10.66% of the operating revenue, demonstrating the company’s emphasis on R & D innovation. Based on the technical accumulation over the years, the performance of the front, middle and rear section equipment of the company in the field of lithium battery equipment has reached the world leading level. The coater, rolling and slitting integrated equipment, die-cutting machine, winding machine, laminating machine, cell assembly line and chemical composition and volume distribution system have met the needs of mainstream customers at home and abroad and have obvious price advantages. In addition, in recent years, the company has gradually arranged new businesses such as 3C intelligent equipment, intelligent logistics system, automobile intelligent production line, hydrogen energy equipment and laser precision processing equipment. The characteristics of platform companies are more and more obvious. In 2021, the company signed new orders of 18.7 billion yuan (excluding tax), laying an important foundation for future performance growth. The company is one of the earliest Chinese equipment enterprises to carry out international layout. At present, it has set up branches / subsidiaries in the United States, Germany, Sweden, Japan and South Korea. Based on good international competitiveness, the company’s export business revenue increased by 23.4.15% year-on-year to 1.478 billion yuan in 2021. With the continuous development of overseas markets, international business will continue to inject new momentum into the company.
Profit forecast and investment rating: it is estimated that the company’s EPS from 2022 to 2024 will be 1.66, 2.30 and 2.88 yuan respectively. Calculated by the closing price of 42.24 yuan / share on April 28, the corresponding dynamic PE will be 25.45, 18.37 and 14.67 times respectively, maintaining the “recommended” investment rating of the company.
Risk warning: the intensified market competition leads to the company’s performance falling short of expectations; Market risks caused by the global epidemic worsening beyond expectations; Market risks caused by the further deterioration of China US comprehensive relations; Systemic risk of secondary market outside China
