\u3000\u3000 Sunwoda Electronic Co.Ltd(300207) (300207)
Event: Sunwoda Electronic Co.Ltd(300207) announced that the total stock rights granted to incentive objects did not exceed 25.78 million shares, accounting for about 1.50% of the company’s total share capital of 17189572760 shares at the time of announcement of the draft incentive plan. Among them, 24.93 million equity shares were granted for the first time, accounting for about 1.45% of the total share capital of the company when the draft incentive plan was announced; There are 850000 reserved granted rights and interests, accounting for about 0.05% of the total share capital of the company at the time of announcement of the draft incentive plan. The total number of incentive objects granted by the incentive plan for the first time is 3306. The annual performance assessment objectives at the level of restricted stock companies granted for the first time: the operating revenue value in 2022 shall not be less than 43.2 billion yuan; The cumulative operating income value in the two years from 2022 to 2023 shall not be less than 92.9 billion yuan; The cumulative operating revenue in the three years from 2022 to 2024 shall not be less than 150 billion yuan. This incentive plan will help the company retain high-end talents, fully mobilize the enthusiasm and creativity of the company’s core team, effectively improve the team cohesion and enterprise core competitiveness, and highlight the company’s confidence in future development.
Signed a cooperation framework agreement with China energy Lvhui to conduct in-depth cooperation in photovoltaic power generation, energy storage and other businesses. Sunwoda Electronic Co.Ltd(300207) actively grasp the good opportunity for the vigorous development of new energy industry under the double carbon background, and recently signed the cooperation framework agreement with Ceepower Co.Ltd(300062) wholly-owned subsidiary Zhongneng Lvhui. In the future, the two sides plan to conduct in-depth cooperation in photovoltaic power generation, energy storage and comprehensive energy services. Sunwoda Electronic Co.Ltd(300207) when purchasing products required by comprehensive energy, including high and low voltage equipment, prefabricated cabin and other products, China energy Lvhui will give priority to purchasing Sunwoda Electronic Co.Ltd(300207) comprehensive energy products when purchasing required energy storage products, centralized control platform and other products. Energy storage has entered large-scale development and is expected to become the next outlet of lithium battery. Driven by multiple factors such as industrial endogenous power, external policy and carbon neutralization goal, China’s energy storage industry has entered a stage of large-scale development. With the proposal of the “30.60” goal of carbon peaking and carbon neutralization, the strategic position of renewable energy represented by photovoltaic and wind power has become prominent, and energy storage, as a key technology supporting the development of renewable energy, has developed rapidly. Sunwoda Electronic Co.Ltd(300207) in 2020, the total installed capacity exceeded 800mwh, and in 2021h1, the total installed capacity exceeded 554mwh. Electric energy storage, home storage and network energy business showed an upward trend.
The development momentum of power battery is good, Sunwoda Electronic Co.Ltd(300207) ranks among the top ten in the global power battery list. Super fast charging of power battery will become an inevitable trend, and the company’s product matrix is constantly enriched. According to the data of sneresearch, a South Korean market research institution, in November, the installed capacity of global power batteries was 33gwh, up 26% month on month. From January to October, the installed capacity of global power batteries was 250.8gwh, up 16% month on month, and Sunwoda Electronic Co.Ltd(300207) was listed for the first time. With the gradual release of production capacity this year, the installed capacity is expected to further increase. The company’s products focus on square aluminum shell cells, covering Bev, HEV, 48V and other application markets. The company has successively obtained Dongfeng Liuqi Lingzhi cm5ev, Dongfeng E70, GAC a9e, Geely PMA platform and Geely ghs2 0 platform, SAIC GM Wuling Hongguang mini and other automobile enterprises. In 2020, the company’s phase I plant in Nanjing will be mass produced and delivered. The production of Huizhou and Nanjing plants will be further expanded by the end of 2021, and the HEV production line will be further expanded. In 2022, with the construction of new bases in Nanchang and Zaozhuang, Shandong Province, it is expected that the production capacity of power batteries will be further expanded.
Li Wei made a rapid breakthrough and the capacity scale continued to increase. The company has actively arranged consumer cells, and lithium Wei has rapidly increased its volume, and the self supply rate of cells has increased year by year. The technical threshold and market access requirements of the cell industry are relatively high, Sunwoda Electronic Co.Ltd(300207) since the acquisition of Dongguan Liwei in 2014, it has actively cut into the track of consumer lithium-ion cells, continuously increased R & D investment, and the self supply rate of cells has increased year by year. At present, the company’s products have been widely used in Huawei, oppo, vivo, Xiaomi, moto, Lenovo, Amazon, Google, voice and other smart phones, laptops and other electronic products. As of the first half of 2021, the self supply rate of the company’s cell was 27.39%; The production capacity of the company’s projects under construction is 93.6 million consumer cells, which will reach the production capacity by the end of 2021. It is expected that the self supply proportion of the company’s consumer cells will be further improved.
Profit forecast and valuation suggestions: we expect the company’s 2021e / 2022e / 2023e to achieve operating revenue of RMB 37.678/50865/66.125 billion, with a year-on-year increase of 26.9% / 35.0% / 30.0%, and the net profit attributable to the parent company of RMB 910 / 2142 / 2819 million, with a year-on-year increase of 13.5% / 135.2% / 31.6%; At present, the corresponding PE of the stock price is 67.5/28.7/21.8x, maintaining the “buy” rating.
Risk warning: the economic situation changes and the downstream demand is less than expected.
