\u3000\u3000 Shenzhen Desay Battery Technology Co.Ltd(000049) (000049)
The company disclosed the performance forecast: in 2021, the revenue was about 19.465 billion yuan, a year-on-year increase of 0.3%, and the net profit attributable to the parent was 750-800 million yuan, a year-on-year increase of 12.0% – 19.5%.
After acquiring the residual interests of subsidiaries, the profit will be increased after wholly-owned: Shenzhen Desay Battery Technology Co.Ltd(000049) the acquisition of 25% minority shareholders’ interests of subsidiaries Huizhou battery and Huizhou Lanwei. Since August 2020, the subsidiary has officially become a wholly-owned subsidiary of the listed company, and the net profit attributable to the shareholders of the listed company has increased over the same period.
Growth of new business segments and improvement of the company’s net profit margin: in recent years, the company has begun to adjust its business structure and focus on emerging growth areas: electric tools, intelligent hardware, etc. the gross profit margin of emerging segments is high, the volume of revenue is growing rapidly, and the company’s gross profit margin and net profit margin are increased year-on-year. According to the median performance forecast, the net interest rate of the company in 2021 increased by 0.44pct year-on-year, with significant marginal improvement. In the future, with the increase in the proportion of revenue from electric tools and intelligent hardware, the company’s gross profit margin and net profit margin will be further improved.
A new growth pole in the energy storage field, the second growth curve of the company: the company has been deeply engaged in the energy storage field for many years and is the main supplier of energy storage business of Huawei, growatt and other companies. The company recently announced that it plans to establish a joint venture holding subsidiary to carry out energy storage cell business, make use of good customer resource advantages, and carry out the energy storage sector integration strategy. If the energy storage cell progresses smoothly, the company’s revenue scale will further grow rapidly, and the energy storage sector will be profitable, which is the main focus of the company in the future.
Profit forecast and Valuation: the business structure of the company continues to improve, the energy storage sector develops rapidly, and the future growth can be expected. It is estimated that the company’s revenue from 2021 to 2023 will be RMB 194.65/237.06/27.468 billion respectively, and the net profit attributable to the parent company will be RMB 780/1038/1337 million, corresponding to 22.5/16.9/13.1 times of PE, maintaining the “buy” rating of the company.
Risk tip: the growth of intelligent hardware is less than expected; The development of energy storage industry is less than expected; The company’s energy storage progress is less than expected.
