This report is read as follows:
The company benefits from the rapid development of the laminated lithium battery industry, deeply binds to high-quality customers such as BYD and ATL, and has broad room for growth in the future.
Main points of investment:
Maintain the overweight rating. The company's lithium battery mold business is deeply bound to BYD and ATL high-quality customers, and the company will fully benefit from the rapid development of laminated batteries. We estimate that the EPS in 2022-2024 will be 1.79,3.59 (+ 1.15,5.48 yuan). If we give the company 30XPE in 2023, we will raise the target price to 107.7 yuan (+ 38.23 yuan).
The pattern of the industry is stable and there are plenty of orders on hand. The company is the absolute leader of lithium laminated die.
At present, the company's global market share is about 20%. Benefiting from the trend of mold localization, the market share is expected to continue to increase in the future. At the same time, the company has plenty of orders on hand. By the end of 2021, the company has orders on hand of 375 million yuan. With the signing of a long-term supply agreement between Q1 and BYD in 22 years, the company is expected to have 400 million orders on hand now.
The company has a high-quality customer structure and deeply binds BYD and ATL. In the field of consumer batteries, the company's main customers include Ningde New Energy (ATL), in the field of power batteries, the main customers include BYD, Funeng Technology, AVIC Lithium and so on. With high-quality product quality and customer service, form a deep binding system with customers.
The technical level is leading and the future space is broad. The burr index of the company's high-precision cutting die products can reach Va/Vb ≤ 10 μ m, the 3C battery electrode burr can reach ≤ 5 μ m, and the life and precision of the company's products can reach the international first-line level. Under the general trend of CTC, the market share of lamination technology is expected to increase. At present, the global market scale of lamination die is about 2 billion yuan, and it is expected to reach 7 billion yuan in 2025.
Risk hint. Competition aggravates the risk and the risk of purchasing raw materials.