2023 年我国汽车产销延续增长态势，分别完成3016.1 万辆和3009.4 万辆，同比增长11.6%和12%。在政策和市场的双重作用下，2023 年我国新能源汽车产销分别完成了958.7 和949.5 万辆，同比增长35.8%和37.9%。同时，23 年汽车装备海外市场恢复良好，海外订单占汽车装备整体订单比例已经超过40%。国内锂电行业2023 年降速换挡，但23 年出货量仍同比+27%。公司将持续受益于电动汽车、锂电行业的下游需求，实现设备销售营收增长。Hanchuan Intelligence released its 24Q1 quarterly report: 24Q1 achieved operating income of 267 million yuan (+46.81% year over year) and net profit to mother of 12 million yuan (+128.12% year over year).
Key points of investment
Production and sales of automobiles and new energy vehicles continue to grow, and lithium battery industry shipments are still in a boom range
In 2023, China's automobile production and sales continued to grow, completing 30.61 million vehicles and 30.94 million units respectively, up 11.6% and 12% year-on-year. Under the dual influence of policies and markets, China's NEV production and sales reached 958.7 and 9.495 million units respectively in 2023, up 35.8% and 37.9% year-on-year. At the same time, the overseas market for automobile equipment recovered well in '23, and overseas orders have accounted for more than 40% of the total automobile equipment orders. The domestic lithium battery industry decelerated in 2023, but shipments in '23 were still +27% year-on-year. The company will continue to benefit from downstream demand in the electric vehicle and lithium battery industries to achieve an increase in equipment sales revenue.
Benefiting from the rising popularity of the racetrack and the launch of new products, the company expanded production to enhance delivery capacity
Benefiting from the electrification and intelligent development of automobiles, the company's automotive intelligent equipment reached the first order cooperation with Yazaki Group, Rosenberg, and Kyocera Group to develop mainstream ADAS customers; the battery equipment field released a 120PPM omnidirectional cylindrical fully automatic assembly line product, which covers the core process of mainstream omnipolar large cylindrical batteries, and has received orders for pilot line projects from many companies and is being delivered one after another. At the same time, the company's fund-raising project is progressing smoothly. As of the disclosure date of the report, the “Intelligent Power Exchange Equipment Production and Construction Project” and the “Intelligent Equipment Production and Construction Project for Intelligent Electric Vehicle Parts” have completed the main construction of the project plant, which will enhance the company's future production capacity and product delivery capacity.
Due to the positive effects of multiple factors, the company's Q1 revenue and profit increased significantly. The company's Q1 revenue and profit increased significantly in 2024. The main reason was that the company focused on new energy and automobile electrification and intelligent main channels. The effects of platformization and standardization were shown, and project delivery mainly focused on Q1 confirmation, which would effectively guarantee the company's revenue growth in the future; at the same time, the company continued to reduce costs and increase efficiency and increase profitability.
Profit forecasting
The company's revenue for 2024-2026 is 15.62, 18.44, and 2.60 billion yuan, respectively, and EPS is 0.30, 0.40, and 0.51 yuan, respectively. The current stock price corresponds to PE of 42.9, 32.5, and 25.8 times, respectively. Considering the improvement in the company's net profit to the mother, the long-term trend of new energy electric vehicles is improving and covered for the first time, giving it a “buy” investment rating.
Risk warning
New energy industry policy risks, increased competition for lithium battery equipment and downstream inventory removal risks, increased competition for power exchange stations, and implementation of corporate fund-raising projects fell short of expectations.