Derui lithium battery (833523)
Company events: the company released its 2021 annual report: in 2021, the company achieved a revenue of 221 million yuan, a year-on-year increase of 26.97%; The net profit attributable to the parent company was 461541 million yuan, a year-on-year increase of 34.10%.
Focusing on the R & D and production of primary batteries, the business of lithium manganese + lithium iron batteries has increased significantly: the company focuses on the R & D, production and sales of lithium primary batteries such as lithium manganese batteries and lithium iron batteries. Its main products are lithium manganese batteries and lithium iron batteries. In 2021, it was awarded the title of “specialized special new ‘little giant’ enterprise”, and is one of the largest manufacturers of cylindrical lithium manganese batteries in China. In 2021, the company’s business progressed steadily and the market development progressed smoothly, which led to the growth of production and sales of the company’s products, and the scale of revenue and profit increased significantly year-on-year. In terms of single quarter, the revenue of 2021q4 company was 647114 million yuan, a year-on-year increase of 46.69% and a month on month increase of 0.77%; The net profit attributable to the parent company was 11.349 million yuan, a year-on-year increase of 22.15% and a month on month decrease of 19.37%. In 2021, the revenue was 221 million yuan, with a year-on-year increase of 27%, and the net profit attributable to the parent company was 46.15 million yuan, with a year-on-year increase of 34%.
There is a vast downstream market space for intelligent instruments such as the Internet of things, and new progress has been made in the research and development of lithium manganese batteries: with the rapid development of the downstream application market, lithium manganese batteries are widely used in the downstream Internet of things, intelligent instruments and meters, intelligent security, smart home, GPS tracker, RFID tags and other fields with many advantages, such as high energy density, long service life, wide applicable temperature range and light weight. The development space of lithium manganese batteries is broad, Market demand continues to grow. The company’s lithium manganese battery products include lithium manganese cylindrical battery product series and lithium manganese soft pack battery product series. Thanks to the excellent product performance and environmental protection characteristics, the company accelerated the layout in 2021, and the industrial R & D and technical level continued to improve. It has obtained UL, UN, CE, RoHS and other certifications. In 2021, the company obtained “an explosion-proof structure of cylindrical battery”, “an explosion-proof structure of high temperature resistant lithium battery” and “an explosion-proof structure of high reliability lithium battery”, The four utility model patents of “a soft packed lithium metal battery with high lithium utilization rate” continue to maintain the company’s strategy of taking lithium manganese battery as the core, taking advantage of its competitive advantages in the field of lithium manganese battery, opening the market from point to area and expanding high-quality customers, so as to provide power for the continuous growth of the company’s performance. In 2021, the revenue reached 212 million yuan, with a year-on-year increase of 25%.
Lithium iron battery technology has outstanding environmental protection advantages and is expected to replace traditional batteries. The demand of new and old customers will continue to increase in 2021: at present, the primary battery market is dominated by zinc manganese battery and alkali manganese battery, accounting for more than 90% of the market share. The indicators of lithium iron battery in terms of specific energy, battery life, applicable working temperature, green environmental protection, etc. are significantly higher than those of zinc manganese battery and alkali manganese battery, which can meet the demand for high-end primary batteries in downstream fields, and there is a substitute for transmission unified secondary batteries. With the continuous progress of technology and the continuous improvement of large-scale advantages, the future manufacturing cost will be continuously reduced, and the environmental protection awareness of the whole society will be continuously improved. The high-performance green and environment-friendly lithium iron battery will be used as the future substitute of zinc manganese and alkali manganese battery, and will have huge market potential. In 2021, the company’s lithium iron battery business continued to develop well. Due to the company’s continuous consolidation and development of the market, the demand of old customers increased significantly, and new customers also brought a certain proportion of new growth. The company’s lithium iron battery sales increased by 116.91%, accounting for 4.14% of the total revenue from 2.42% last year.
Investment suggestion: as disclosed in the annual report, by the end of 2021, the infrastructure of the industrial park has been completed, and some production lines have passed the commissioning and started trial production. At present, the latest market value of the company is 1 billion yuan, pettm21x. The company announced that the total amount of funds to be repurchased is no less than 15 million yuan and no more than 30 million yuan, and the number of repurchased shares ranges from Shanghai Pudong Development Bank Co.Ltd(600000) shares to 1.2 million shares. The company expects to pay a cash dividend of 1558482600 yuan, which is recommended to be paid attention to.
Risk warning: competition and market development risk, export business accounts for a relatively high risk and epidemic risk
