[event]
Vico Technology recently released its third quarterly report. In the first three quarters, the company achieved operating income of 1.81 billion yuan, an increase of 20.1% over the same period last year, and a net profit of 12.859 million yuan, an increase of 128.9% over the same period last year.
[investment points]
Raw materials upward, gross profit margin under pressure. In the first three quarters, the company achieved operating income of 1.81 billion yuan, an increase of 8.5% over the same period last year; gross profit of 180 million yuan, down 6.4% from the same period last year; net profit of-20.302 million yuan; and net profit of 12.859 million yuan, an increase of 128.9% over the same period last year. The company's consolidated gross profit margin in the first three quarters was 9.7%, down 2.7 percentage points from the same period last year, and the single-quarter gross margin in the third quarter was 8.8%, down 0.9 percentage points from the second quarter. The prices of upstream raw materials such as lithium salt have risen sharply, putting pressure on the gross profit margin of the company's consumer battery products in 2022, which in turn weighs on the company's net profit performance after deducting non-return.
Cooperate with sodium innovative energy to enter sodium ion battery. On September 9, 2022, Vico Technology and Zhejiang Sochuang signed the Deep Cooperation Strategic Framework Agreement in Shaoxing, Zhejiang Province. Vico Technology will participate in Zhejiang Sodium Chuang A round financing, Zhejiang Sodium Chuang will use the raised capital to build the production capacity of sodium electric materials industrialization, and give priority to Vico Technology Sodium Battery production to ensure material supply and other aspects of support. At the same time, Vico Technology will build a sodium power industrialization base in Jiangxi Vike Industrial Park, and a 2GWh sodium battery production line will be built at the beginning of the project, mainly for low-speed cars and energy storage markets. The project will start construction in 2022 and achieve full production in June 2023. According to the agreement, Vico Technology will employ Professor Ma Zifeng as a technical consultant to provide comprehensive technical guidance to the company's Sodium Electric Research and Development Center. Up to now, the energy density of the sodium battery developed by the R & D center is 150Wh/kg, with 3000 cycles. In addition, the chairman of Sodium Innovation Energy has said publicly that Sodium Innovation Energy plans to complete the production of 3000 tons of cathode materials and 5000 tons of electrolyte in 2022, and in the next 3-5 years, the company will build 80,000 tons of cathode materials and supporting electrolyte production line in stages.
Polymer batteries are in great demand, and small power and energy storage batteries are to be expanded. The company has an annual production capacity of 38 million polymer lithium battery construction projects in full production in the first half of the year. The company's annual production capacity of 60 million polymer lithium batteries intelligent project expansion project began construction in May 2020. After the completion of the construction and decoration of Nanchang production base and the purchase of equipment, Weile battery project has been officially put into production in April 2021. In addition, the company plans to increase capital to Nanchang battery to expand the company's small power battery and energy storage project capacity.
[investment advice]
According to the situation of the company's consumer battery business and the release pace of sodium ion battery products, we estimate that the company's operating income in 2022, 2023, and 2024 will be 26.4 Company33.9 / 4.59 billion yuan, respectively. It is estimated that the net profit of homecoming is 0.14, 0.34, and 0.65 million yuan, respectively, and the EPS is 0.03, 0.06 and 0.12 yuan, respectively, and the corresponding PE is 3923, 160 and 84 times, respectively. Considering the high growth and large market application space of the company's sodium ion battery products, it is covered for the first time and given the "overweight" rating.
[risk Tip]
The progress of mass production of sodium ion battery is not as expected.
The cost of sodium ion battery fell less than expected.
Consumer battery shipments fell short of expectations.
