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1. Main products and services: 's core product is laptop lithium battery!
Company is mainly engaged in the research, development, production and sales of consumer polymer soft-pack lithium-ion batteries, and is also deploying power lithium-ion batteries. The company's main products are polymer soft-pack lithium-ion batteries. According to downstream application fields, it can be divided into consumer lithium-ion batteries and power lithium-ion batteries. Among them, consumer lithium-ion battery products include battery cells and PACK, and their application fields cover laptops, tablets, smartphones, wearable devices, consumer drones, etc.
The company's revenue in 2020 mainly comes from consumer lithium batteries, accounting for 99.84% in 2020, of which the core is laptop computers account for 67.82%! And it has grown rapidly since 2018! The growth of mobile phones and other consumer categories is significantly slower than that of laptops! company has been trying to develop power lithium batteries since 2018, but it has not yet reached a scale!
2. Market and industry situation: industry is growing rapidly!
According to the report "Global Battery Market -Growth, Trends, and Forecast (2020 –2025)" released by Mordor Intelligence, 's global battery industry is expected to continue to achieve medium-to-high-speed growth, and the market size is expected to reach US$168.88 billion in 2025, and 's compound growth rate from 2017 to 2025 will reach 10.73%!
According to Mordor Intelligence statistics, the global lithium-ion battery market size reached US$46.85 billion in 2019, and is expected to reach US$104.94 billion in 2025. 2020-2025 compound growth rate is expected to reach 19.97% ! Among them, the global consumer lithium-ion battery market size reached US$11.58 billion in 2019, and is expected to reach US$27.33 billion in 2025, and the compound growth rate from 2020 to 2025 is expected to reach 20.27%!
3. Benchmarking and valuation of the same industry: notebooks and tablet lithium batteries are the second in the world! The fifth largest lithium battery in the world in mobile phones! A profit of 22,000 yuan was made in one sign!
According to Techno Systems Research statistics, ranked second in the world in total shipment of lithium-ion batteries for laptops and tablets in 2020! Smartphone lithium-ion battery shipments rank fifth in the world!
We selected Xinwangda, a listed company similar to the company's business, for benchmarking. Xinwangda's market value is 65.1 billion yuan (circulating market value is 58.6 billion yuan), with revenue of 29.7 billion yuan and net profit of 800 million yuan in 2020; the company's revenue and net profit are 24% and 103%! From the benchmark, company's reasonable market value is 66 billion yuan! The company is listed on the Science and Technology Innovation Board, with 500 shares signed and a profit of 22,000 yuan per sign!
4, focus: the top five customers in account for 69.89%, the customers are relatively concentrated, and the largest customers account for 27.56%! Gross profit margin is high and rapidly increasing! Employees follow up! Strategic allocation of Xinzhoubang, Midea, Shenchi Mechanical and Electrical, Shanghai Automobile and other products! The actual controller holds only 35.07% of the shares!
1), main customer situation: has established long-term and stable cooperative relationships with laptop and tablet manufacturers such as HP, Lenovo, Dell, Asus, Acer, Microsoft, Amazon, smartphone manufacturers such as Huawei, OPPO, Xiaomi, Motorola, and ZTE, as well as drone and smart wearable manufacturers such as DJI, BOSE, Facebook, and other drones and smart wearable manufacturers. has entered the supply chain system of Apple, Samsung, VIVO and other manufacturers.The company's top five customers accounted for 69.89% of revenue in 2020, with relatively concentrated customers, and the largest customers accounted for 27.56% of Xinpu Technology! The second Xiaomi accounts for more than 10%!
2), the gross profit margin is relatively high and it increases rapidly: company's comprehensive gross profit margin in 2020 was 30.99%! Compared with 16.97% in 2018, it showed a rapid increase year by year! Among them, the main improvement is the company's core product, laptop-type lithium battery! What needs to be paid attention to at the same time is that the company's power gross profit margin is still a large negative number and has not yet formed a profit!
5, Fundraising: funds raised are mainly invested in the construction of Zhuhai polymer lithium battery production base, Chongqing lithium battery cell packaging production line project, R&D center upgrade and replenish working capital!
6. Recent performance and forecasts: 's revenue in the first half of 2021 increased by 88.63% year-on-year, and non-net profit increased by 89.41% year-on-year! In the first three quarters of 2021, revenue is expected to grow by 66.67% year-on-year, and net profit excluding non-net profits will increase by 33.92% year-on-year!
7. Summary: Follow carefully!
Zhuhai Guanyu, the company is from Zhuhai, and is a company that mainly produces consumer lithium batteries. The current product structure is the core of lithium batteries for laptops and tablets. It ranks second in global shipments in 2020! The mobile phone product shipments rank fifth! It can be said to be a relatively high-quality target, but good companies, especially those whose value has been reflected, are often not cheap. The company is, from the current shareholders after the strategic investment, downstream companies have entered the market, including Midea, Xiaomi, and even many investment institutions, with 31 private equity funds holding shares! Of course, the company may also make another leap forward due to the development of power lithium batteries in the future, but from the current perspective, the experiment has not been passed, and the gross profit margin is also relatively outrageous! But this can indeed give you more imagination and valuation! Overall, the company's track is excellent, the size is good, the customer structure is good, and has certain technical strength. The biggest problem is that it is not cheap, and whether the power lithium battery track can be found in the future!
company was listed today. The company is a rare industry-leading battery stock recently, but the company is really not cheap to issue circulating shares, and it has reached 2.247 billion yuan. After listing, it is estimated that it will quickly reach a reasonable market value. However, the advantage is that at present, new energy and lithium batteries are not the most beautiful ones, so there are certain trading opportunities in the secondary market! Comprehensively give the company a review worthy of attention! (The overall evaluation is divided into five levels: strong recommendation, recommendation, careful attention, worth paying attention, and understanding!).
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Special statement: The information in this article comes from the company's prospectus, announcements and related professional databases. This article is not a stock recommendation, and rational analysis can better guide operations.
