The company released its three-quarter report in 2022, with revenue of 621 million yuan in the third quarter, an increase of 124.2 percent over the same period last year, a return profit of 110 million yuan, an increase of 192.56 percent, and a deduction of 110 million yuan, an increase of 189.27 percent over the same period last year.
The company's Q3 profit exceeded expectations. The income realized in the third quarter was 621 million yuan, an increase of 69% over the previous quarter; the return profit was 110 million yuan, an increase of 221%; and the non-return profit was 110 million yuan, an increase of 221% over the previous month.
With the addition of Changzhou battery shell production project, capacity construction is expected to be accelerated. The company increases the investment scale of the "Changzhou Battery Shell production Project" in the fund-raising project, increasing the investment amount to 585 million yuan, and the additional 200 million yuan investment will be used for the new expansion project and the construction of two battery shell molding production lines. The construction cycle of the new expansion project is one year longer than the original plan. In addition, the company acquired 55% of Dongguan A Li subsidiary Changzhou and Sheng. Based on the technical advantages of metal precision forming high-speed automatic production line, the company has debugged the equipment and initially completed the optimization of an experimental production line. The production efficiency has been doubled from the original 20 / min, and the transformation of the remaining production line is also being carried out step by step.
We believe that the company's battery structure continues to accelerate, the company relies on its own technology accumulation to transform the original production line, superimposed investment project landing, the future structure capacity construction is expected to further accelerate.
Tesla, Inc. 4680s production capacity may be raised to 1000GWh in the future, and the company is expected to benefit. At present, Tesla, Inc. 's North American production capacity has increased three times compared with Q2, the number of battery packs has reached more than 1000 sets per week, and the second generation production equipment has been installed in Texas. Referring to the relevant information of Tesla, Inc. 's three-quarter report meeting, Truss hopes to increase 4680 production capacity to 1000GWh, which has a detailed timetable from now to 2026. With reference to the company's disclosure, the company developed 4680 cylindrical batteries in the second half of last year, which is expected to be installed and mass produced in the third quarter. We believe that the company is expected to use Tesla, Inc. to expand production Dongfeng, to increase the company's future revenue in the field of lithium battery structures, so as to open the second growth curve.
Profit forecast and investment rating: we expect the company's revenue from 2022 to 2024 to be 18.75,33.52 and 4.562 billion yuan, an increase of 87%, 79% and 36% respectively over the same period last year, and its net profit is 2.2,3.3 and 480 million yuan respectively, an increase of 106%, 49% and 45% over the same period last year. The market capitalization as of October 25 corresponds to 66 and 44 times of PE for 22-23 years.
Risk factors: industry demand is lower than expected risk; raw material price fluctuation risk; risk of new technology development.
