\u3000\u3000 Camel Group Co.Ltd(601311) (601311)
The company has won the fixed-point project of BMW 12V auxiliary lithium battery power supply system in Germany, and is expected to achieve mass production in 2025
On January 24 Camel Group Co.Ltd(601311) , it was announced that camel group battery sales Co., Ltd., a wholly-owned subsidiary of the company, received the fixed-point letter of BMW 12V auxiliary lithium battery system project in Germany, and will supply 12V lithium battery auxiliary power supply system for BMW new energy vehicles in Germany. The project cycle is 7 years. It is expected to achieve mass production in 2025, and the life cycle is estimated to sell 3.4-4.7 million sets of auxiliary lithium battery power supply system. The company’s Lead-acid starter battery is basically stable, with a forward-looking layout of low-voltage lithium battery start-up and stop and auxiliary battery. The lead-acid + lithium battery is parallel, the overseas market is accelerated, and the energy storage business is expected to contribute new increment in the future. We maintain the company’s profit forecast for 2021 unchanged and raise the company’s profit forecast for 2022-2023. It is estimated that the company’s net profit attributable to the parent company in 2021-2023 will be 1.0 / 13.2 (+ 1.3) / 1.68 (+ 170) billion yuan respectively, and the EPS will be 0.85/1.13 (+ 0.12) / 1.43 (+ 0.14) yuan / share, corresponding to the current share price PE of 16.5 / 12.5 / 9.8 times, maintaining the company’s “buy” rating.
The company’s 12V low-voltage lithium battery business welcomes another breakthrough, and the expansion of mainstream foreign customers is accelerated
Since 2007, the company has been committed to the research and development of lithium batteries. In recent years, the low-voltage lithium battery business has made great breakthroughs. 12V / 24V / 48V low-voltage lithium battery products have been designated by many passenger car and commercial vehicle main engine plants. The company’s 12V lithium battery products are mainly used for new energy auxiliary batteries. Previously, it was designated by Geely Automobile project. This time, it entered the German BMW supply system, which represents the company’s great breakthrough in the market of mainstream foreign high-end automobile enterprises, and the strength of low-voltage lithium battery products has been further verified. With the continuous mass production of Geely Automobile and German BMW projects, the company’s forward-looking layout in the field of low-voltage lithium batteries is expected to enter the harvest period.
Entering into the energy storage system integrator, the energy storage business is expected to bring new increment
In addition to the automobile start / stop / auxiliary battery, the company takes advantage of the supply advantage of the battery system to enter the field of energy storage and enter the energy storage system integrator. In 2020, the company completed the installation and testing of the lithium battery container fixed energy storage project, and four products passed the Theil certification. In October 2021, the company reached a cooperation with the Three Gorges electric power to provide the Three Gorges electric power with the general contracting service of no less than 1GWh energy storage power station project. The implementation of subsequent energy storage projects is expected to drive the company’s performance to a higher level.
Risk tip: the demand for cars at home and abroad is less than expected, the sales volume of new models is less than expected, and the expansion of overseas markets is less than expected.
