公司(si)(si)是輕(qing)型電(dian)(dian)(dian)(dian)(dian)動(dong)車電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)(chi)領軍(jun)企業(ye)：公司(si)(si)主(zhu)要(yao)產品包括鋰(li)(li)電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)(chi)模組(包括輕(qing)型車用鋰(li)(li)離子電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)(chi)、儲(chu)能電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)(chi)、消費電(dian)(dian)(dian)(dian)(dian)子類電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)(chi))和鋰(li)(li)電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)(chi)電(dian)(dian)(dian)(dian)(dian)芯(xin)，2017 年收(shou)(shou)購凱德(de)新能源，實現電(dian)(dian)(dian)(dian)(dian)芯(xin)-電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)(chi)模組一體化布局，致力(li)于成為全球(qiu)最具競爭力(li)的鋰(li)(li)電(dian)(dian)(dian)(dian)(dian)綜合解決方案引領者。2021 年實現營(ying)收(shou)(shou) 22 億元，主(zhu)要(yao)產品輕(qing)型車用鋰(li)(li)電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)(chi)占主(zhu)營(ying)業(ye)務收(shou)(shou)入(ru)56%，主(zhu)要(yao)收(shou)(shou)入(ru)來(lai)自(zi)海外輕(qing)型動(dong)力(li)鋰(li)(li)電(dian)(dian)(dian)(dian)(dian)池(chi)(chi)(chi)業(ye)務(占比(bi)49%)。收(shou)(shou)入(ru)及客戶(hu)端維持快速增長;期(qi)間費用率邊際下降，盈利能力(li)穩步增強。

　　公(gong)(gong)司(si)各項業(ye)(ye)務(wu)(wu)多點開花，行業(ye)(ye)空間大：輕型(xing)(xing)電(dian)動(dong)車鋰(li)(li)電(dian)業(ye)(ye)務(wu)(wu)市(shi)場(chang)(chang)空間廣闊，海(hai)外高(gao)端產品利潤率高(gao)，收入占據(ju)公(gong)(gong)司(si)半壁江山，是業(ye)(ye)績的核心增長(chang)點。全球輕型(xing)(xing)電(dian)動(dong)車對鋰(li)(li)電(dian)池(chi)需求(qiu)空間大，2020-2025 年(nian)(nian)年(nian)(nian)均復合增速有望超過(guo)30%。新興消費電(dian)子(zi)產品市(shi)場(chang)(chang)規模的進一步擴大有望帶動(dong)相關鋰(li)(li)離(li)子(zi)電(dian)池(chi)市(shi)場(chang)(chang)規模的增長(chang)。公(gong)(gong)司(si)儲能電(dian)池(chi)業(ye)(ye)務(wu)(wu) 2021 年(nian)(nian)高(gao)容量(liang)的電(dian)池(chi)組(zu)銷量(liang)增加，未來隨著儲能市(shi)場(chang)(chang)爆發，以(yi)及公(gong)(gong)司(si)產品結構(gou)升級，儲能電(dian)池(chi)業(ye)(ye)務(wu)(wu)有望實現量(liang)價(jia)齊升。公(gong)(gong)司(si)股權激勵于5 月授予，激勵對象共 128 人，2022-2025 四年(nian)(nian)歸屬期(qi)激勵人才骨干(gan)提速公(gong)(gong)司(si)成長(chang)。

　　多(duo)重優勢(shi)構(gou)建公司長期(qi)護城河，打造全球輕型電動(dong)車(che)鋰電龍頭(tou)企業：技術優勢(shi)：

　　掌握電(dian)(dian)(dian)(dian)池(chi)(chi)組智能管(guan)理技術(shu)在內的(de)(de)多項核(he)心技術(shu)。客戶(hu)優(you)(you)勢(shi)(shi)：公(gong)司躋(ji)身歐洲(zhou)電(dian)(dian)(dian)(dian)踏車(che)用(yong)鋰電(dian)(dian)(dian)(dian)池(chi)(chi)市場前三，綁定海外優(you)(you)質客戶(hu)，針(zhen)對(dui)客戶(hu)不同產品的(de)(de)定制化(hua)(hua)需求，以提供鋰電(dian)(dian)(dian)(dian)綜合解決方案，渠道(dao)與技術(shu)優(you)(you)勢(shi)(shi)并存。規模優(you)(you)勢(shi)(shi)：IPO 募資(zi)(zi)加速輕型電(dian)(dian)(dian)(dian)動(dong)車(che)電(dian)(dian)(dian)(dian)池(chi)(chi)組擴產節奏。建(jian)設(she)157.5 萬組鋰電(dian)(dian)(dian)(dian)池(chi)(chi)組產能，擴產完成后(hou)總產能將從(cong) 2020年(nian)的(de)(de) 102.9 萬組提升至 260.4 萬組。供應鏈(lian)優(you)(you)勢(shi)(shi)：1、通過了 LG、松下、三星等知名(ming)電(dian)(dian)(dian)(dian)芯供應商的(de)(de)驗廠(chang)標準，建(jian)立了國際品牌電(dian)(dian)(dian)(dian)芯直供渠道(dao);2、加大自供電(dian)(dian)(dian)(dian)芯的(de)(de)比(bi)例。使用(yong) IPO 超(chao)募資(zi)(zi)金增資(zi)(zi)凱德新能源，建(jian)設(she)動(dong)力(li)鋰電(dian)(dian)(dian)(dian)池(chi)(chi)項目;此外擬投資(zi)(zi) 30 億元在東莞建(jian)設(she)鋰電(dian)(dian)(dian)(dian)芯及儲(chu)能電(dian)(dian)(dian)(dian)池(chi)(chi)產能。進一步完善(shan)公(gong)司的(de)(de)電(dian)(dian)(dian)(dian)芯-電(dian)(dian)(dian)(dian)池(chi)(chi)組一體化(hua)(hua)布局(ju)，降低(di)成本，鞏(gong)固和提升公(gong)司的(de)(de)核(he)心競爭力(li)。

　　風險提示：輕型電動車銷量不及預期;輕型電動車用鋰電池產能擴產幅度超預期;價格下降幅度超預期;公司擴產節奏不及預期;新客戶導入不及預期等;主要原材料價格上漲超預期。



　文章來源(yuan)：中信建投證券股份有限公司