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东方财富:维持珠海冠宇(688772.SH)“买入”评级 扩大10GWh动力产能打开成长空间
Oriental Wealth: maintain Zhuhai Guanyu (688772.SH) "buy" rating, expand 10GWh power capacity and open up room for growth

智通財經 ·  {{timeTz}}

智通财经APP获悉,东方财富发布研究报告,维持珠海冠宇(688772.SH)“买入”评级,作为消费锂电龙头,动力领域拓展顺利,预计2021-23年实现营收106/125/142亿元,对应归母净利11.6/16/20亿元,EPS为1.04/1.42/1.79元,对应PE为60/44/35倍。

Zhitong Financial APP learned that Oriental Wealth released a research report to maintain the "buy" rating of Zhuhai Guanyu (688772.SH). As a consumer lithium leader, the power field is expected to expand smoothly. In 2021-23, it is expected to achieve revenue of 106amp 125 / 14.2 billion yuan, corresponding to its mother's net profit of 11.6 shock 16 / 2 billion yuan, EPS 1.04 pound 1.42max 1.79 yuan, corresponding to PE for 60-44-35 times.

事件:2021年11月18日公司发布公告,公司全资子公司浙江冠宇电池有限公司拟投资40亿元在浙江嘉兴海盐县新建锂离子动力电池项目,预计项目建设周期为36个月。浙江冠宇已于2021年11月18日与海盐县人民政府、浙江百步经济开发区管理委员会签署《项目投资协议书》。

Events:Zhejiang Guanyu Battery Co., Ltd., a wholly owned subsidiary of the company, plans to invest 4 billion yuan to build a new lithium-ion power battery project in Haiyan County, Jiaxing, Zhejiang Province, with an estimated construction period of 36 months. Zhejiang Guanyu signed the Project Investment Agreement with the people's Government of Haiyan County and the Management Committee of Zhejiang Baibu Economic Development Zone on November 18, 2021.

东方财富主要观点如下:

The main points of Oriental Wealth are as follows:

消费电池深耕多年,技术底蕴深厚。

The consumer battery has been ploughed for many years and the technical background is profound.

公司前身为珠海光宇,自1998年起就开始锂电池研发,目前已经成长为全球消费锂电龙头企业,2020年在笔电电池市占率达到24%,仅次于ATL。公司深耕消费电芯,对于电池材料微观形貌及底层原理具有深厚积累。消费电池底层原理及供应链与动力电池有共通之处,动力领域龙头如CATL、LG化学等均为消费电池龙头升级而来。公司在消费领域技术、工艺积累以及供应链关系可复用在动力领域,动力业务有望快速取得突破。

The company, formerly known as Zhuhai Guangyu, has started lithium battery research and development since 1998 and has grown into a leading consumer lithium battery company in the world, accounting for 24% of the market share of notebook batteries in 2020, second only to ATL. The company ploughs consumer cells and has a deep accumulation of micro-morphology and underlying principles of battery materials. The underlying principle and supply chain of consumer battery have something in common with power battery, and the leaders in power field, such as CATL and LG chemistry, are all upgraded from consumer battery leader. The company's technology, process accumulation and supply chain relationship in the field of consumption can be reused in the field of power, and the power business is expected to make a breakthrough quickly.

大手笔投资扩产,打开业绩增长空间。

Invest heavily to expand production and open up room for performance growth.

公司目前动力产能规模约为2.5GWh,其中本部0.5GWh试验线,嘉兴2GWh生产线,生产12V、48V的HEV电池及储能电池,主要配套客户为豪爵、康明斯、中华汽车等,上半年形成收入0.7亿元左右。公司本次10GWh产能建设期为36个月,在2023-2025年将逐步达产,除现有HEV和储能电池之外,有望进一步向BEV电池进军。

The company's current power production capacity is about 2.5GWh, of which the main 0.5GWh test line, Jiaxing 2GWh production line, the production of 12V, 48V HEV battery and energy storage battery, the main supporting customers are Haojue, Cummins, China Motor, etc., with an income of about 70 million yuan in the first half of the year. The company's 10GWh capacity construction period is 36 months, in 2023-2025 will gradually reach production, in addition to the existing HEV and energy storage battery, is expected to further enter the BEV battery.

公司此前发布公告,作为上汽集团定点供应商,为其开发和供应智己LS7车型的12V锂电池。公司凭借优秀的产品性能有望在动力及储能领域取得快速突破,而本次产能扩张也为后续持续客户拓展奠定深厚基础。消费电池是一个稳定增长的市场,混动电池领域锂电池替代铅酸趋势明确,在碳中和的背景下,动力及储能电池远期市场空间近万亿。公司横向拓展进入动力领域有望打开业绩增长空间。

The company previously announced that it would develop and supply 12V lithium batteries for Zhiji LS7 models as a designated supplier to SAIC. With its excellent product performance, the company is expected to make a rapid breakthrough in the field of power and energy storage, and this capacity expansion also lays a solid foundation for subsequent continuous customer expansion. Consumer battery is a steadily growing market. In the field of hybrid battery, the trend of lithium battery replacing lead acid is clear. Under the background of carbon neutralization, the long-term market space of power and energy storage battery is nearly trillion. The horizontal expansion of the company into the field of power is expected to open the space for performance growth.

消费业务持续向好,盈利迎来修复。

Consumer business continues to improve, profits ushered in repair.

消费电池领域,伴随日韩企业逐步退出,公司迎来结构性机会。公司凭借产品性能、研发实力、响应速度等多方面的优势,客户拓展顺利,笔电客户供应链渗透率持续提高、手机领域不断开拓新客户,整体保持满产满销的状态。另外,为满足持续增长的客户需求,公司加速产能布局,预计2021、2022年底产能可达到5000、6000万只。另外,公司三季度由于限电及原材料涨价,盈利端承压。进入四季度,限电影响逐步消退,原材料成本有望向下游传导,公司将迎来盈利修复。

In the field of consumer batteries, with the gradual withdrawal of Japanese and South Korean enterprises, the company ushered in structural opportunities. The company relies on product performance, R & D strength, response speed and other advantages, customer expansion is smooth, notebook customer supply chain permeability continues to improve, mobile phone field continues to open up new customers, as a whole to maintain the state of full production and sales. In addition, in order to meet the growing customer demand, the company has accelerated the layout of production capacity, which is expected to reach 5000 or 60 million by the end of 2021 and 2022. In addition, the company's profit side is under pressure in the third quarter due to power cuts and rising prices of raw materials. Enter the fourth quarter, the impact of power cuts gradually fade, raw material costs are expected to be transmitted downstream, the company will usher in profit repair.

风险提示:公司产能扩产不及预期;公司后续产品质量测试不及客户预期。

Risk Tips:The company's production capacity expansion is not as expected; the company's follow-up product quality test is not as expected by customers.

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