Hang Ke Technology (688006) in-depth report: High-quality lithium battery orientation equipment supplier builds moats with technology
Key points of investment: High-quality lithium battery embedded equipment supplier with rapid growth. Hang Ke Technology was established in 2011. It is a leading domestic manufacturer of alternative equipment.Possess core technology and capabilities, and can provide overall solutions for post-processing systems of lithium-ion battery production lines.
Company performance maintained rapid growth, 2015?
In 2018, the company’s operating income and net profit after deduction to non-returned motherhood CAGR reached 62.
03%, of which soft pack lithium battery charging and discharging equipment is the company’s main source of revenue, accounting for 63% of revenue.
The expansion plan for power battery production has been gradually promoted, and lithium battery equipment has benefited. We have calculated the capacity expansion plans of major domestic and foreign first-, second-, and third-line power battery manufacturers in China. It is estimated that 2019?
In 2021, China ‘s power battery capacity will increase by 75/80 / 90GWh respectively. Given the current shortage of high-end high-quality capacity, it is expected that most of the newly added capacity will be high-end capacity.
With the increase in the concentration of the power battery industry, the concentration of the domestic lithium battery equipment industry has gradually increased, and companies optimistic about the power battery leader are optimistic.
According to the power battery capacity planning, we expect 2019?
The market space for lithium-ion equipment in 2021 will be 17.3 / 166 / 16.8 billion, respectively.
The equipment has excellent performance. Through continuous R & D and promotion of power- and consumer-type two-wheel drive equipment, the company has continuously improved its core technology level. Many of the company’s technologies have exceeded the average level of domestic and foreign industries and are in a leading position.
In terms of consumer lithium battery charging and discharging equipment, it achieved revenue in 20184.
910,000 yuan, an increase of 41 in ten years.
07%, positioning is biased towards mid-to-high-end, mainly for sales to foreign mid-to-high-end customers, such as South Korea’s Samsung, LG Chem, Japan’s 武汉桑拿 Murata, etc .; in terms of power-type lithium battery charging and discharging equipment, it achieved revenue in 20184.
110,000 yuan, an increase of 27 in ten years.
25%, mainly for domestic customers. At the same time, it is actively expanding foreign power battery customers. It has cooperated with Japanese and Korean companies such as LG Chem, Panasonic, and Samsung.
The value of a single device increased, and the number of unit channels and unit units of the company’s remaining charge and discharge machines in Dublin increased year by year, indicating that the value of the company’s single device has increased. From the perspective of the single channel contract value of the charge and discharge equipment that is out of the warehouse,The proportion has been increasing year by year, showing that the company’s product structure has gradually moved upwards.
In terms of hand orders, as of the end of the first quarter of 2019, the company has 19 orders in hand.
17 ppm, a ten-year increase2.
37%, will provide a strong guarantee for the company’s performance growth.
At the end of 2018, the company’s capacity utilization of charge and discharge machines was 82.
20%, production capacity is reduced to a certain extent. The company actively expands production capacity to increase demand by raising investment.
Profit forecast and forecast analysis
In 2021, the operating income will be 15 respectively.
98 ppm, with annual growth rates of 35.
91% / 34.
54% / 33.
03%; net profit attributable to mother 3.
670,000 yuan, the annual growth rate was 20.
06% / 32.
17% / 24.
86%, corresponding EPS is 0.
41 yuan / share, corresponding to 79/60/48 times PE.
We consider that the long-term positive trend of new energy vehicles will not change. At the same time, the company is a high-quality lithium battery orientation equipment supplier. The company’s growth is relatively certain. The business aims to maintain rapid growth. The first coverage is given an “overweight” rating.
Risk warning: the growth rate of new energy vehicles exceeds expectations; the progress of power battery capacity expansion is less than expected; the company’s power battery customer expansion is less than expected; downstream customers’ price reductions have caused the company’s gross margin to decline more than expected.