Event
On November 16, the company issued a notice on the transfer of some of the company's shares and changes in its rights and interests by the controlling shareholder.
Main points of investment
The controlling shareholder of the company intends to transfer 5% of the shares to Morningway Jinxin. On November 15, the controlling shareholder of the company, Coles, signed a "share transfer Agreement" with Chendao Jinxin. Coles intends to transfer 31330000 shares of the company with unlimited conditions of sale to Chendao Jinxin at a price of 18.53 yuan per share, accounting for 5% of the total share capital of the company, with a total share transfer price of 580544900 yuan. After this equity change, Colliss holds 261564080 shares of the company, accounting for 41.75% of the total share capital of the company, while Jinxin holds 31330000 shares of the company, accounting for 5.00% of the total share capital of the company. This share transfer will not lead to a change in the controlling shareholder and actual controller of the company.
With the accelerated landing of the battery shell business, the production efficiency of the new technology will be several times higher than that of the traditional way: according to the company announcement, the company has two production lines of 34 series aluminum cylindrical shells in the Hefei production base of Sixiang, Anhui Province. the products have been supplied in bulk by head battery enterprises and have been installed and used in passenger cars. 4680 large cylindrical shell: the main equipment of the large cylindrical steel shell production line is ready, and the connection work will be completed soon, and a small batch trial production will be carried out in the Xinxiang production base. At present, the single-line production speed of the large cylinder production line is temporarily 200 / min, and it is continuing to climb the slope. Square shell endogenesis: the company is accelerating the R & D and design of square battery shell DWI technology, which is several times higher than the traditional square shell production efficiency. Changzhou Laisheng base, as the company's main production base of square shell, is accelerating construction in the third quarter.
Square shell extension: 55% shares of Dongguan A Li subsidiary Changzhou and Sheng have been acquired, the optimization of A Li's original production line has been initially completed, and the production efficiency has doubled from the original 20 / min. In the follow-up, the transformation of all other equipment will be completed, and finally the self-designed square shell production line will be introduced, so as to improve the production efficiency several times.
The transformation of new energy battery shell opens the second growth curve, and is optimistic that the company's new energy battery shell business will accelerate from "shovel man" to "water seller", and the company has transformed from a can equipment leader to a downstream battery structure, opening up several times the room for growth. The company cut into the field of battery shell by virtue of unique metal high-speed automatic precision forming (DWI) process, and its automatic production line has the advantages of high product consistency, strong safety, high precision and low material loss rate compared with the existing traditional punch stand-alone production mode. It can achieve a perfect combination of product quality and efficient production, and will greatly reduce cost and increase efficiency after mass production. According to the company's fifth phase of the employee stock ownership plan, its performance evaluation target for 2025 income is 13.6 billion yuan, a compound growth rate of 92% over the four-year compound growth rate of 2021.
Profit forecast and valuation
It is estimated that the company's revenue in 2022-2024 will be RMB 1.67 trillion, an increase of 86%, 95%, 74%, and net profit of 2.3 won, 3.6%, 590 million yuan, an increase of 111%, 58%, 65%, corresponding to PE of 67-43-26. The company's new energy battery shell business is expected to break the existing competition pattern soon. The company's net profit will grow at a compound rate of 76% over the next three years, maintaining a "buy" rating.
Risk hints: the penetration of new energy vehicles is lower than expected; battery shell business is not as expected; demand for cans / lids has fallen sharply.
