联赢激光: 激光一体化焊接助力新能源,研发开拓应用新赛道

（以下内容从天风证券《联赢激光: 激光一体化焊接助力新能源,研发开拓应用新赛道》研报附件原文摘录）
　　Shenzhen United Winners Laser (688518 CH) 激光一体化焊接助力新能源，研发开拓应用新赛道 Initiating coverage: R&D expands new energy applications for comprehensive laser welding market TP:RMB41.06 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis “激光+工作台+自动化成套设备”齐头并进，各领域展现竞争优势 联赢激光是一家激光及自动化设备综合解决方案提供商。主要从事广泛应用于动力电池、汽车制造、五金家电、消费电子、光通讯等制造业领域的激光器及激光焊接机、工作台以及激光焊接自动化成套设备的研发、设计、生产及销售。 公司业绩持续增长，营收从2016年4.16亿元增至2021年14.00亿元，2022 Q1营收3.71亿元， 2016-2021年均复合增速为22.42%；归母净利润从2016年0.69亿元增至2021年0.92亿元，2022Q1为0.15亿元，2016-2021年均复合增速为4.91%。 Segmental and collective strengths: lasers, workbenches & automated equipment United Winners Laser (UWL) engages in the R&D, design, production and sales of lasers, laser welding machines, workbenches and fully automated laser welding systems. Its comprehensive range of products and solutions are used in power batteries, automobile manufacture, hardware and appliances, consumer electronics, optical communications and other manufacturing fields. Its business continues to grow: revenue trended up from RMB416m in 2016 to RMB1.4bn in 2021 and RMB371m in 22Q1, a CAGR of 22.42% over 2016-21. Net profit increased from RMB69m in 2016 to RMB92m in 2021 and RMB15m in 2022Q1, a CAGR of 4.91% over 2016-21. 激光与动力电池：收入主要来自于动力电池领域，下游市场需求旺盛 1）车企共同启动电动化发展大潮，锂电池需求到2025年有望达到800GWH以上。按照大众、宝马、戴姆勒、丰田、现代等企业的电动车规划，我们预计到2025年全球电动车需求将达到1568万辆，对当年汽车市场渗透度达到17%。巨大的电动车需求，将有望带动合计接近820GWH的锂电池需求，其中纯电动需求约为760GWH，混动需求为57GWH左右。 Lasers & power cells: main driver is power batteries; high downstream demand 1) Automobile companies have collectively kick-started the age of electrification and lithium-ion battery demand could surpass 800GWh by 2025E. Based on the plans of Volkswagen, BMW, Daimler, Toyota, Hyundai and other companies, we project global demand for electric vehicles (EV) will amount to 15.68m and with a 17% penetration of the auto market by 2025E. The substantial demand for EVs would drive demand for lithium batteries to nearly 820GWh, with pure EVs accounting for about 760GWh and hybrids accounting for about 57GWh. 2）动力电池市场空间广阔，产能仍有较大缺口。动力锂电池需求不仅由电动汽车带动，其成长驱动力还包括工程机械+电动工具+储能+两轮车等等，我们预计到2025年动力锂电整体需求有望达到1114GWH。在统计了全球前17家的电池厂产能情况后，我们计算出在悲观/中性/乐观的情况下，2023年底动力电池的产能缺口为376/498/1013GWH。根据动力电池需求缺口，我们测算出锂电设备在悲观和中性情况下，2024年规模有望分别达到615.83亿元和799.51亿元。 2) We see vast market growth headroom for power batteries, while production capacity would fall short. Demand for power lithium batteries is driven not only by EVs but also construction machinery, power tools, energy storage systems and two-wheelers. We forecast total demand for power lithium batteries will reach 1,114GWh by 2025E. Based on our analysis of production capacities of the top global 17 battery factories, our pessimistic/neutral/optimistic scenarios estimate power battery capacity shortfalls of 376/498/1,013GWh by end-2023E. Based on the demand gap in power batteries, our pessimistic and neutral scenarios estimate lithium power equipment markets of RMB61.58bn and RMB79.95bn respectively in 2024E. 核心竞争力：研发助力新能源，开拓应用新赛道 1）公司产品根据下游客户需求不断升级迭代。2）公司覆盖下游龙头客户，掌握行业最新动态。3）紧跟新能源汽车风向，专注于激光和自动化，激光焊接成套设备领先行业。4）为客户提供激光及自动化设备综合服务而非单一产品，针对客户需求提供定制化、个性化服务。5）积极引进行业人才，加大研发支出。 Core strengths: R&D fuels new energy business, builds new application markets 1) UWL continually upgrades its products to fulfill downstream customer requirements. 2) It helps leading downstream customers by keeping abreast of the latest industry developments. 3) In line with NEV trends, it focuses on laser and automation, and its fully automated laser welding systems are industry leaders. 4) Customers enjoy its full-suite laser and automation equipment services, not just a single product; these are customized and personalized according to customer needs. 5) UWL believes in attracting industry talents and spending more on R&D. 投资建议/Investment Ideas 盈利预测：我们选择了国内领先激光技术属性动力电池领域的上市标的作为估值参考，联赢激光2022E/2023E/2024E归母净利润分别为3.83/5.47/7.01亿元，当前市值对应PE分别为21.55/15.09/11.77X，我们认为公司估值仍有一定提升空间，因而选择2022年的平均32.08X作为目标估值，目标市值122.77亿元，目标价为41.06元，相较于当前市值有向上空间，首次覆盖并给予买入评级。 Valuation and risks: To value UWL, we selected listed laser technology leaders in China’s power battery market as peers. We expect UWL’s net profit to amount to RMB383m/547m/701m in 2022/23/24E, with PEs of 21.55x/15.09x/11.77x corresponding to current market cap. We factor in its further valuation growth potential and assign an average 32.08x PE for 2022E on a target market cap of RMB12.28bn and target price of RMB41.06. Hence, we initiate coverage with a BUY rating. 风险提示：技术和产品升级迭代风险、下游应用行业较为集中风险、市场竞争加剧风险、新冠疫情持续风险、财务风险 Risks include: tech and product upgrades; over-concentration of downstream market applications; intensifying competition; Covid-19 pandemic risks; and financial risks. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

点此查看微信公众号原文全部内容>>

大部分微信公众号研报本站已有pdf详细完整版：https://www.wkzk.com/report/（可搜索研报标题关键词或机构名称查询原报告）