Guoxuan Hi-Tech (002074): Full orders and smooth expansion of production

Guoxuan Hi-Tech (002074): Full orders and smooth expansion of production

Event: The company released its 2018 annual report and the first quarter of 19Q1, and realized 51 revenue.

27 ppm, a five-year increase of 5.

97%; realized net profit attributable to mother 5.

8 billion, down -30.

75%; deduct non-attributed net profit 1.

9.1 billion, down 63 every year.

87%.

In the first quarter of 2019, the company achieved revenue of 17.

520,000 yuan, an increase of 65 in ten years.

31%; realized net profit attributable to mother 2.

02 ppm, an increase of 25 in ten years.

22%; deduct non-attributed net profit 1.

7.6 billion, an annual increase of 32.

77%.

The deviation of the results in 2018 was mainly due to the company’s reduction in operating income and operating costs of Ankai Bus, State Grid Jiangsu and other companies.confirm.

In addition, the company supplemented the provision for bad debts and increased asset impairment losses.

18 years of installed capacity lead the country, 19 years is expected to increase to 10GWh: According to GGII data, the company’s power battery installed capacity in 20183.

4GWh, market share is about 5.

2%, ranking third in the country.

According to the company’s annual report, the company actually realized sales12.

7.6 billion ampere hours (about 4.

08GWh), an increase of nearly 70 in ten years.

09%; production capacity is about 5.

65GWh, inventory is about 2.

4GWh.

In 2019, the cruising range of the company’s supply models is expected to be mainly concentrated around 300-400km, and the product energy density will be mainly concentrated in 140-160Wh / kg.

According to the announcement, the company has negotiated supply strategies with long-term cooperative customers such as BAIC, JAC, Chery, and Zotye. The current orders are full and the order is expected to be above 12GWh. The expected increase is expected to reach 10GWh (three yuan is expected to be around 1GWh). One yearPerformance can be expected.

Perfect industrial chain layout and smooth expansion of production capacity: The company actively lays out upstream resources, establishes a joint venture with MCC in 杭州桑拿网 Caofeidian, Tangshan, and establishes a stable supply relationship of cobalt and nickel raw materials. The company and Shanghai Electric jointly establish a company based on power lithium battery energy storage businessTo further expand the scope of business.

Summary of the report, “4GWh of high specific energy lithium battery industrialization project”, “Nanjing Guoxuan 300 million Ah of high specific energy lithium battery industrialization project” and other projects have been implemented in batches, with rapid production capacity.Get released.

According to GGII data, the company’s capacity scale at the end of 2018 is 7-8GWh, and the effective capacity is expected to reach 14GWh in 2019, including 2GWh ternary capacity and 12GWh iron and lithium capacity.

Long-term planning is expected to reach 30GWh capacity by the end of 2020 and 50GWh capacity by 2022.

Key technology R & D, obvious product advantages: In 2018, the company’s R & D investment4.

93 ppm, completed the technical transformation and production line adjustment of 190Wh / kg lithium iron phosphate battery cells and 140Wh / kg battery packs, the production and introduction of high-density lithium iron phosphate materials, and achievedProduct technology design for mass production of battery cells and soft-packed cells.

According to the annual report, the average growth rate of the company’s power batteries in 2018 was about 1.

12 yuan / Wh, the average cost is about 0.

795 yuan / Wh, gross profit margin is nearly 28.

80%.

The product has obvious cost performance advantages, and it is supplemented with the high safety of LFP batteries. Against the background of supplementary declines, the company is expected to benefit from the development trend of low-end model technology routes in 2019. Supporting Bosch in Germany and starting gradual progress: The company currently has many strategic cooperative customers such as JAC, BAIC New Energy, Zotye, Yutong Bus, SAIC Group, Zhongtong Bus, Ankai Bus and so on.

The report was connected in series. The company signed a procurement framework agreement with BOSCH, which will provide 12V lithium iron phosphate vehicle start-stop batteries. The end users may be located all over the world.Another preliminary in the field of batteries.

Of course, the company’s other overseas ternary battery projects are also being actively promoted, and it is expected to achieve continuous breakthroughs.

Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 127.

47%, 22.

89%, 28.

85%, net profit growth rate was 74.

47%, 24.

40%, 27.

73%.

Maintain the company’s buy-A investment rating, with a 6-month target price of 25.

00 yuan.

Risk warning: intensified product competition, new energy vehicle development is less than expected, and overseas cooperation progress is lower than expected