Events:
On the evening of June 28, 2016, the company announced that it had received a total of 573 Ni-MH battery orders from the CRRC era, and the supply is expected to be completed by August 31, 2016. The order product is a matching Ni-MH battery customized by the company for the CRRC era, which is used for 10.5 m plug-in hybrid buses.
Comments:
The framework agreement forms the order, and the management plan is gradually landed. The Strategic Cooperation Framework Agreement was signed between the company and CRRC Times on April 29th, 2016. in the light of national policies and market conditions, the two sides will work together to vigorously promote 5000 vehicles equipped with the company's power batteries worldwide in the next three years. The company's sales plan for Ni-MH batteries for passenger cars in 2016 is 1000 sets, and the landing of this order is a practical promotion for the company to complete this year's plan.
Obtain funds for national key R & D projects to carry out plug-in hybrid performance optimization projects. On June 22, the High Technology Research and Development Center of the Ministry of Science and Technology publicized the project information for 2016, which will be included in the key special examination and approval link of the national key R & D program "New Energy vehicles". The company received 55.26 million central R & D funds in the project of "Hybrid performance Optimization of mainstream plug-in cars". Compared with Toyota's THS system, the company's CHS hybrid assembly system with independent intellectual property rights can better match plug-in hybrid vehicles, so it is worth looking forward to its wide application in plug-in hybrid vehicles in the future, and obtaining national special financial funds also confirms the company's technological leadership in this field.
The pre-issue plan was released, and the firepower was fully opened. The company issued a private placement plan on June 15, 2016. the number of A shares to be issued will not exceed 157 million shares, and the total amount of funds raised will not exceed 1.5 billion yuan, which will be used for Hunan Keba 508 million power battery industrialization project, Changde Liyuan annual output 6 million square meter nickel foam project and CHS hybrid assembly system research and development project. These include the hybrid research and development project for hydrogen fuel cell electric vehicles and the CHS Japan Research Institute project. The company's additional investment project will make a breakthrough in production capacity, scope of application, business area and other aspects, to further ensure the smooth progress of future business development.
Profit forecast and valuation: the company has made breakthroughs in the sales of pole sheets, Ni-MH battery packs and CHS hybrid assembly systems in the past 16 years, and we are optimistic about the scarcity value of the company in the deep mixing field for a long time. Based on a clearer understanding of the company's operation, we downgrade our profit forecast. It is estimated that the company's operating income in 16-18 is 1.71 billion, 2.86 billion and 5.68 billion respectively, and the net profit attributed to the owner of the parent company is 107 million, 167 million and 446 million respectively. The corresponding EPS is 0.08,0.12 and 0.32 yuan, respectively. The current stock price corresponds to a 16-year PE of 151x. Downgrade to "overweight" rating.
Risk Tip: order delivery is not as fast as expected
