Main points of investment
Events:
According to official account, the company won another big order from the European automobile group giant, and the development of Europe will be the next city.
Once again won the European automotive giant new energy battery order, the European plate strength again step company as the module pack automation equipment leading enterprise, for many years deep cultivation German automobile supply chain, the production line automation rate has reached the world advanced level. After the German subsidiary won the new energy order of European luxury car brand in May, it won a big order of new energy battery from European automobile giant. In the bidding process of this project, the company, as the only Chinese company selected, finally obtained the order after many rounds of competition.
The acquisition of Ningde Dongheng Machinery, cut into the lithium battery module structure, the new product layout made a major breakthrough Dongheng Machinery main lithium battery precision structure, widely used in the shell structure of power battery module. In 2021, the revenue of Ningde era accounted for 93%. It is a key supplier of power battery shell components for a key international customer in Ningde era. The company's products eventually serve well-known automobile brands such as Tesla, Inc., Mercedes-Benz, BMW and Volkswagen.
Ningde Dongheng has won the certification of "CATL Outstanding supplier" and "CATL production contribution Award" for many times. After the completion of M & A, the two sides can produce synergy in customer development, resource maintenance, internal production efficiency and other aspects, which is conducive to further expand the product line and expand new business growth points.
The completion of the equity incentive scheme demonstrates the confidence of the management
In 2022, the equity incentive plan awarded a total of 1 million restricted shares at a price of 108 yuan to a total of 148 directors, executives and business backbones of the target company, demonstrating the confidence of management.
New energy vehicle module / PACK equipment leader, the five factors driving performance acceleration are: 1) growth of new energy vehicles; 2) improvement of automation rate of equipment; 3) domestic substitution; 4) globalization; 5) breakthroughs in new products and new fields.
It is estimated that the domestic module / PACK line market will reach 11.3 billion yuan in 2025, with a compound growth rate of 19% from 2021 to 2025.
Growth drivers: 1) the demand for lithium power equipment continues to grow; 2) the module / PACK automation rate increases.
From domestic substitution to global supply. 1) the company's domestic market share is about 25% in 2020, and there is room for further improvement. 2) with the rapid growth of new energy vehicles in Europe and the United States, it is estimated that the market size of European / American module / PACK line will reach 8.3 billion yuan in 2025, and the compound growth rate from 2021 to 2025 will reach 20%. 67%.
Profit forecast and valuation
It is estimated that the company's homing net profit from 2022 to 2024 is 27,000,000 yuan respectively, with a year-on-year growth rate of 281%, 73% and 36%, respectively; corresponding to 2022-2024, the PE is twice as much as 34-20-14, maintaining the "buy" rating.
Risk Tips:
The competition in the industry intensified, the expansion of new products fell short of expectations, and the progress of asset restructuring was not as expected.
