The company helps Datong hydrogen Capital Construction, maintain the "overweight" rating and maintain the target price of 27.30 yuan.
Based on lead-acid battery business, the company actively distributes lithium-ion battery, hydrogen fuel cell and other fields. Recently, the company has signed a cooperation framework agreement with relevant partners to help Datong build a hydrogen capital. 1800 hydrogen energy vehicles are expected to land in the next three years, and the company's development is expected to reach a new level.
Considering that the company achieved a net profit of 154 million yuan in the first three quarters of 2019, and the subsequent orders for hydrogen fuel vehicles gradually landed, the company is expected to increase its estimated EPS0.63 (+ 0.21%), 1.19 (+ 0.61105%) and 1.35 (+ 0.62%) yuan from 2019 to 2021. Taking into account the uncertainty of the subsequent landing of the company's fuel cell business, maintain the target price of 27.30 yuan, corresponding to 2019 PE 43 times, maintain the "overweight" rating.
Based on lead battery, layout in the field of lithium-ion battery. Lead battery is the core business of the company, and battery revenue accounted for more than 75% of the company's total revenue from 2015 to 2018. In 2018, battery revenue was 2.282 billion yuan, accounting for 77.20% of revenue. At the same time, the company actively distributes the field of lithium-ion batteries, especially the recycling of power batteries. The company's revenue of lithium-ion batteries reached 476 million yuan in 2018. The company has set up Hubei Xiongtao environmentally friendly battery to carry out echelon utilization and recycling business, which will enter the track of rapid development in the future.
Help Datong hydrogen capital construction, the company's development is expected to reach a new level. During the period when the company settled in Datong, the company built the first hydrogenation station and built a fuel cell engine production line with an annual production capacity of 57000 kg and an annual production capacity of 10,000 sets, and independently operated 50 hydrogen fuel buses online, with a total operation of 1.2 million km. This time, a framework cooperation agreement was signed with partners, which is planned to release 300,600,900 respectively from 2020 to 2022, and hydrogen fuel cell engines will be provided by Xiongtao hydrogen, a subsidiary of the company. The order is expected to be gradually landed in the future.
Catalyst: all localities step up efforts to promote fuel cell policies
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