Guoxuan High-tech (002074)： Market share continues to increase, power batteries, energy storage field
Guoxuan High-tech (002074): Market share continues to increase, power batteries, energy storage field
The company’s recent situation The new energy vehicle sector has seen a sharp increase in prices. Guoxuan Hi-Tech is discussing with Volkswagen on possible future strategic cooperation in technology, products, capital and other aspects to promote the company’s continuous and continuous growth.Cooperation methods, content, prices and other specific aspects have reached consensus, and no substantive and binding agreement, commitment or other arrangement has been signed or reached on related cooperation matters).
Commenting on the company’s third domestic installed capacity of power batteries in 2019, the market share continues 青岛夜网 to increase.
According to the statistics of the “New Energy Vehicle Industry Chain Database” released by the GGII of the Institute of Advanced Industry Research, the gradual development of new energy vehicles in 2019 will gradually produce about 117.
70,000 units, a decrease of 4% each year; the installed capacity of power batteries is gradually increased by about 62.
38GWh, an increase of 9% per year.
The company’s total installed capacity in 2019 reached 3.
22GWh, a year-on-year growth of 4%, continuing to maintain the top three in the industry.
In addition to the steady growth of the domestic power battery market supply, Guoxuan Hi-Tech also has a multinational procurement framework agreement with Bosch in Germany, starting to supply lithium batteries, modules and battery packs in batches in 2020.At the same 上海夜网论坛 time, it will jointly build an enterprise with India’s Tata to enter the Indian market., Progress gradually started.
We expect the company to maintain rapid growth in the field of LFP power batteries and energy storage in the next three years.
On January 19th, the company invested in Liuzhou Generator “Guoxuan Liuzhou 10GWh Power Battery Production Base Project Investment Agreement”. The project was implemented in two phases. The first phase of the project built a new 5GWh lithium-ion power battery system to generate electricity, and the second phase was supplemented with 5GWh. Production capacity, accumulatively achieved 10GWh production capacity.
In the field of energy storage, the company has signed strategic cooperation agreements with Huawei, Zhongnengjian, Jiyuan Software and other companies, which have made up the foundation for the subsequent development of the company’s energy storage business.
The layout of the industrial chain is perfect, and downstream customers have developed smoothly.
The company has gradually invested in upstream, permanent and supplementary upstream key raw materials, and has gradually achieved self-sufficiency. The main customers of power batteries include JAC, Geely, BAIC, Zotye, Chery, etc., Energy Storage and National Grid, China Tower, Huawei, and some U.S. companiesCooperation.
In terms of product research and development, the company’s self-developed ternary battery products have been completed and mass-produced. The energy density of the monomer is more than 210Wh / kg, and the cycle life exceeds 1500 weeks. The energy density of the lithium iron phosphate battery is more than 190Wh / kg.Chemical synthesis of JAC, Chery and other new energy customers.
It is estimated to maintain the 2019/2020 profit forecast6.
0 billion, while 1021 profit forecast10.
7 trillion, the company currently corresponds to 39-20 in 2019-2021.
8x / 29.
1x / 24.
We are optimistic about the company’s rapid growth in the field of LFP power batteries and energy storage in the next three years. We maintain our Outperform rating and raise our target price by 59% to 27.
8 yuan, corresponding to 20% growth space and 35 years from 2019-2021.
0x / 29.
4x / 22.
5x price-earnings ratio.
Risk installed capacity was lower than expected, and project progress exceeded expectations.