Event: nebula Co., Ltd. releases its half-yearly report for 2021.
The delivery of lithium-ion equipment accelerated, and the company's performance increased significantly in the first half of the year. Benefiting from the continued high economy downstream of lithium power, battery manufacturers actively promote production expansion plans, and the company achieved rapid growth in the delivery of lithium power equipment in the first half of the year.
In the first half of 2021, the company achieved operating income of 351 million yuan, an increase of 57.51% over the same period last year; a net profit of 61 million yuan, an increase of 84.40% over the same period last year; and a net sales interest rate of 18.14%, an increase of 2.78pcts over the same period last year.
The large landing of sub-capacity equipment is expected to open up a new growth point of the company and promote the rapid expansion of lithium power equipment business. On August 5, the company issued a notice on signing major contracts for daily operation, which showed that in August 2021, the company signed a 142 million yuan supply contract for chemical sub-capacity equipment with Ningde New Energy and Jiaocheng era. Successfully cut into the field of capacity from traditional testing equipment. The proportion of the value of chemical separation equipment in the lithium battery production line is much higher than that of modules and battery pack testing equipment. The landing of Ningde chemical separation equipment is expected to open up the growth space of the company's lithium battery equipment business and continue to promote the rapid growth of the business.
With Ningde era to establish in-depth cooperation, lithium equipment orders continue to be strong, the company will fully benefit from the lithium power expansion trend. From January 1 to August 5, 2021, the company signed orders with Ningde Times and its subsidiaries totaling 424 million yuan, accounting for 73.98% of the company's main business income. In the context of the transformation of new energy, lithium power leaders have laid out large-scale production expansion plans, and Ningde plans to invest nearly 100 billion yuan in capacity expansion. As the leader of lithium testing equipment growing with Ningde, the income from Ningde accounts for nearly 40%. In the future, equipment sales are expected to follow Ningde's capacity expansion to achieve rapid expansion.
Energy storage accompanied by policy and market resonance, the industry has entered a period of rapid development, the company and Ningde era joint venture to establish time Nebula, deep ploughing energy storage, is around the Ningde battery industry layout of the user side and the grid side of the high growth of scarce and high quality targets. Since the beginning of the year, the state has issued a number of energy storage support policies to further clarify the commercial status of energy storage, improve the economy of energy storage and promote the development of new types of energy storage such as electrochemical energy storage to commercialization and large-scale development. GGII statistics show that China's energy storage battery shipments will increase from 16.2GWh in 2020 to 58GWh in 2025, with a compound annual growth rate of more than 30% in the next four years, and the energy storage industry will enter a period of rapid development. The company continues to work deeply in the field of energy storage, and has successively launched products such as nebula energy storage converter (PCS) and nebula charging pile, which are mainly used in power generation side energy storage, grid side energy storage, integrated light storage and charging power station, household energy storage and other fields. In 2019, the company set up the Times Nebula in the Ningde era, entered the field of energy storage, and actively distributed energy storage on the grid side and user side. Under the resonance of policy and market, the company's energy storage business is expected to enter a high-speed development channel.
Profit forecast: the company is expected to achieve a net profit of 1.41 million yuan from 2021 to 2023, corresponding to a net profit of 32.4 million yuan for PE, maintaining a "buy" rating.
Risk hint: the development of the new energy vehicle industry is not as expected; the competition in the industry is intensified.
