Guoxuan High-tech (002074): Overseas cooperation speeds up in the next city
Event: Recently, the company announced that its wholly-owned subsidiary Hefei Guoxuan and India’s Tata AutoComp have completed the “Joint Venture Agreement”. The two parties plan to jointly invest in India to establish a joint venture company, mainly engaged in battery module, battery management system and other businesses.
Among them, Hefei Guoxuan invested 40 million Indian rupees (about 393 yuan) in cash.
760,000 yuan), will hold 40% equity.
This joint venture and cooperation will definitely provide important strategic opportunities for the company’s international market development and sustainable development.
Overseas support continues to make progress in the next city: domestic support, the company currently has JAC, BAIC New Energy, Zotye, Yutong Bus, SAIC, Zhongtong Bus, Ankai Bus and many other strategic cooperation customers.
In terms of overseas support, the company signed a procurement framework agreement with BOSCH, which will 西安耍耍网 provide automotive 12V lithium iron phosphate start-stop batteries for end users or throughout the world.
With this cooperation with Tata of India, the company’s gradual progress is further accelerated. The company is expected to transform into the resource force of Tata Group in the future and penetrate into the Indian market with promising new energy vehicles. If the cooperation is successfully implemented, it will significantly increase the company’s performance.
In fact, the company’s other overseas ternary battery projects are also actively promoted, and it is expected to achieve a breakthrough in 19Q3.
Full orders and full production and sales, 19 years is expected to grow to 10GWh: In 2019, the company’s supply models are expected to focus on the range of 300-400km, the product energy density is mainly concentrated 四川耍耍网 on 140-160Wh / kg.
According to GGII data, the company’s expansion volume reached zero in the first quarter.
6GWh, the installed capacity reached 0 in April.
28GWh, ranked third.
According to the company announcement, the company has negotiated supply strategies with long-term cooperative customers such as BAIC, JAC, Chery, and Zotye. The current orders are full, and the order is expected to be above 12GWh. The expected increase is expected to reach 10GWh (three yuan is expected to be around 1GWh).Expected results are expected.
Perfect industrial chain layout and smooth expansion of production capacity: The company actively lays out upstream resources, establishes a joint venture with MCC in Caofeidian, Tangshan, and establishes a stable supply relationship of cobalt and nickel raw materials. The company and Shanghai Electric jointly establish a company based on power lithium battery energy storage businessTo further expand the scope of business.
In 2018, the “Industrialization Project of 4GWh High Specific Energy Lithium Battery Industrialization Project” and “Nanjing Guoxuan Annual Production of 300 million Ah High Specific Energy Power Lithium Battery Industrialization Project” and other projects have been partially put into production in batches, and the production capacity was quickly obtainedfreed.
According to GGII data, the company’s capacity scale at the end of 2018 is 7-8GWh, and the effective capacity is expected to reach 14GWh in 2019, including 2GWh ternary capacity and 12GWh iron and lithium capacity.
Long-term planning is expected to reach 30GWh capacity by the end of 2020 and 50GWh capacity by 2022.
Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 127.
85%, net profit growth rate was 74.
Maintain the company’s buy-A investment rating, with a 6-month target price of 20.
Risk warning: intensified product competition, new energy vehicle development is less than expected, and overseas cooperation progress is lower than expected