Guoxuan Hi-Tech (002074): Performance in line with expectations Expected to continue to benefit Benefits Increased iron-lithium penetration for passenger cars

Guoxuan Hi-Tech (002074): Performance in line with expectations Expected to continue to benefit Benefits Increased iron-lithium penetration for passenger cars

Event On August 29, the company released the 2019 semi-annual report, which reported and realized operating income36.

07 billion, an annual increase of 32.

86%; net profit attributable to mothers3.

52 ppm, with a ten-year average of 24.

49%; net profit after deduction of non-return to mother 2.

92 ppm, an increase of 10 in ten years.

34%; Realize basic profit income of 0.

31 yuan, down 24.

39%; net cash flow from operating activities -2.

6.1 billion.

A brief review of the large increase in installed capacity in the first half of the year led to rapid revenue growth and better cost control is the leading domestic lithium iron phosphate power battery. In the first half of the year, the total installed capacity in the domestic new energy vehicle market was approximately 1.

77GWh, a big increase of 92 a year.

98%.

Benefiting from this, the company’s battery pack revenue was 32.

79 trillion, a 48-year increase.

71%; battery pack gross margin is 30.

35%, a slight decrease of 2.
.

12 units, an increase of 5 units from the second half of 2018; gross profit margin of transmission and distribution products 14.
.

34%, above average budget.

In terms of expense control, the sales expense ratio and management expense ratio decreased by 1.

10, 1.

57 units, the financial expense ratio increased by 2.

54 averages, during which the expense ratio decreased by one.

1 unit.

The strength of lithium iron phosphate is outstanding, and the ternary battery energy storage company is ready. Through the optimization of the material system, the improvement of the cell structure design, and the improvement of equipment control capabilities, it is currently the only company that has developed a single-cell battery with an energy density exceeding 190Wh / kgAnd it has successfully industrialized and merged into passenger car users such as JAC, Chery New Energy, etc. According to the statistics of the high-tech lithium battery company, the installed capacity of lithium iron phosphate batteries for passenger cars accounted for nearly 40% of the company’s overall.

As the replenishment continues to decline, lithium iron phosphate batteries are expected to rely on its cost-effective advantages to continue to increase the penetration rate in the passenger car field. As the leader of lithium iron phosphate, the company is the first to benefit from the lithium iron phosphate batteries for passenger cars, which is the core benefit.Subject.

On ternary battery products, the company has completed design verification and mass production, and is currently supplying ternary battery products in batches for Chery Little Ant and other models.

The company’s ternary battery has achieved a single cell energy density of more than 210Wh / kg and a cycle life of more than 1500 weeks.

With the upgrade and transformation of the ternary production line completed, the annual output of 4GWh ternary is expected to achieve iron and lithium, and the ternary will go hand in hand.

The whole industry chain layout can effectively respond to the company’s existing capacity of 13,000 tons of ferric phosphate silicate conversion materials affected by the decline of the slope, Sanyuan 622 has a capacity of 6,000 tons, and 16,000 tons of lithium iron phosphate are being constructed, and 10,000 tons of high nickel ternary replacementMaterials and 5,000 tons of silicon carbon nanomaterials, and through the joint venture with Xingyuan Materials, has a wet diffusion capacity of 80 million square meters, and will continue to expand to an annual production capacity of 500 million square meters.

The company’s layout of midstream battery materials can basically ensure that the materials are self-sufficient, can effectively reduce 苏州夜网论坛 production costs, and stabilize the gross profit margin level against the backdrop of supplementary decline.

The blue ocean market for energy storage is actively deployed. Overseas overseas is expected to bring more lithium iron phosphate batteries. Earlier ternary batteries have advantages such as good safety, long cycle life, and low cost. In markets other than power, such as energy storage and electricTools and other fields have broad application prospects.

Recently, the company’s wholly-owned subsidiary Hefei Guoxuan High-tech Power Energy Co., Ltd. and Huawei have long-term “lithium battery supplier procurement cooperation agreement”, which has agreed to expand in-depth cooperation in the field of lithium battery energy storage applications.

In addition, the company has signed a purchase agreement with Bosch to provide 佛山桑拿网 lithium-ion batteries, modules and battery pack products to Bosch as its qualified supplier.

In terms of overseas markets, the company recently announced that it intends to establish a joint venture with India’s Tata Group in India. The Indian new energy industry started late, the penetration rate of electric vehicles is extremely low, and the potential for new energy vehicles in the future is huge. The company has advanced into the Indian power battery market.Enjoy dividends from overseas markets.

Profit forecast we expect 2019?Revenue in 2020 was 81.

9.5 billion, 119.

68 ppm, 164.
8.8 billion; net profit attributable to mothers was 7, respectively.

3.8 billion, 8.

7.8 billion, 10.

79 trillion; current sustainable corresponding PE is 19 respectively.

44,16.

34, 13.

29 times.

Maintain “Buy” rating.