Kodali (002850): Leader of battery structural components is deeply bound to the top ten domestic battery manufacturers

Kodali (002850): Leader of battery structural components is deeply bound to the top ten domestic battery manufacturers
This report reads: The new energy automobile industry has entered a boom cycle. As the leader of lithium battery structural parts, the company is the core supplier of the top ten power battery manufacturers in China, and its future growth is expected.The first coverage is given an “overweight” rating with a target price of 102.70 yuan. Key points of investment: The first time we give an “overweight” rating with a target price of 102.70 yuan.The market believes that the company’s products are metal structural parts, and the industry has insufficient growth, but we believe that from the analysis of downstream customers, the company is the core supplier of the top ten power battery manufacturers in China.Into the rapid growth period.It is estimated that the revenue for 2019-2021 will be 23 respectively.84, 35.95, 51.480,000 yuan, net profit 2.28, 3.32, 4.71 ppm, corresponding to EPS of 1.08, 1.58,2.24 yuan.Given a target price of 102.70 yuan, corresponding to 65 times PE in 2020 (comparable companies average 64.92 times), the first coverage given the “overweight” rating. Leading companies in lithium battery structural parts have maintained rapid 武汉夜网论坛 growth.The company’s products mainly include lithium battery structural parts and automotive structural parts, with lithium battery structural parts as the core (2018 revenue accounted for 77%.85%), customers include CATL, Panasonic, LG, BYD and other major battery manufacturers. The company’s performance has grown rapidly, with 2018 revenue and net profit of 20 respectively.00, 0.8.2 billion, 2011-2018 revenue and net profit CAGR were 23 respectively.98%, 18.65%.At the same time, the company has a nationwide layout, responding quickly to local customers, increasing investment in research and development, and continually consolidating its leading position. New energy vehicles entered the boom cycle, and the company actively expanded its production to meet industry dividends.Driven by policies and auto companies represented by Tesla, global new energy vehicles have entered the boom cycle. It is estimated that global new energy vehicle sales will exceed 13 million by 2025.The compound annual growth rate will reach 31 in 2025.01%.At the same time, the domestic market GGII is expected to reach 6.23 million units in 2025. 2019?2025 compound annual growth rate of 31.48%, also maintained rapid growth.The demand for power batteries from new energy vehicles has doubled, and the long-term demand for upstream battery metal structural components has also continued to increase (the vehicle cost ratio).41%), the company actively expands production and welcomes industry dividends. Catalyst: policy incentives, Tesla releases new products, new energy vehicle sales risk warning: new energy vehicle sales are less than expected; policy withdrawal