科瑞技术: 元宇宙+新能源重塑非标自动化大厂崛起

（以下内容从天风证券《科瑞技术: 元宇宙+新能源重塑非标自动化大厂崛起》研报附件原文摘录）
　　Shenzhen Colibri Technologies (002957 CH) 元宇宙+新能源重塑非标自动化大厂崛起 Initiating coverage: metaverse and new energy markets boost rise of non-standard automation equipment leader TP:RMB26.10 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 行业领先非标自动化设备厂商，坚持3+N战略，跨行业能力突出。基于五大领域核心技术+三大共性技术平台提供行业专用设备，产品覆盖移动终端、新能源、电子烟、汽车、医疗、食品与物流等多行业，公司持续切入新领域，且覆盖行业头部客户（苹果、谷歌、宁德时代、新能源科技、Juul Labs），跨行业能力突出。 3+N strategy and a competitive edge in cross-market capability Colibri manufactures non-standard automation equipment for specific markets under a model of five core technologies and three common technology platforms. Its markets include mobile terminals, new energy, e-cigarettes, automotives, medical care, food and logistics. This cross-market capability enables it to break into new tech fields for customers like industry leaders Apple, Google, CATL, Amperex Tech and Juul Labs. 移动终端业务有望受益于科技巨头元宇宙布局VR/AR设备放量。VR/AR设备为元宇宙核心硬件，受元宇宙推动终端持续创新+放量，公司已经提前卡位VR/AR设备，2021年，公司在VR/AR产品领域实现销售收入7,400万元，同比增长46.2%。苹果第一代MR有望于22Q4推出，有望引领消费电子新一轮创新周期，公司VRAR相关检测设备受益于VR/AR终端放量。 Metaverse driver: mobile terminals to benefit from tech giants’ VRAR rollouts VRAR devices are at the core of metaverse hardware. Colibri’s continual innovations in metaverse terminals and incremental rollouts have advanced its VRAR market position. Its VRAR products generated sales revenue of RMB74m in 2021, up 46.2% yoy. We expect Apple to launch its first-generation mixed-reality product in 22Q4E, which could kick off a new innovation cycle for consumer electronics. Colibri’s VRAR testing equipment volumes benefit from VRAR terminal launches. 新能源业务动力锂电设备成长弹性足：1）下游积极扩产+成功导入动力锂电行业头部客户（宁德时代、亿纬锂能、瑞浦能源、蜂巢能源、中航锂电、国轩高科、孚能科技）；2）在手订单充足，业绩释放确定性高，截至2022年1月29日，公司在手订单超过18亿元（含鼎力智能）；3）内伸和外延持续丰富产品矩阵，具备中后段整线能力，产品端叠片向激光焊接、激光极片切割等工序延伸，收购鼎力智能延伸产品至化成分容段，产品矩阵逐步完善综合竞争力提升；4）盈利能力有望受益于规模扩大+产品成熟度提升持续改善。 New energy driver: ample growth elasticity for power lithium battery devices 1) Downstream capacity expansion and adding key power lithium customers, including CATL, Eve Energy, Ruipu Energy, SVOLT Energy, CALB, Gotion High-Tech and Farasis Energy. 2) Ample orders in hand: high incremental profitability stability with orders in hand at over RMB1.8bn (including Huizhou Top Power). 3) Organic and M&A-driven growth has enriched its product matrix with full capability in the mid-stream and terminal segments: from folding machines to processes like laser welding, laser rod cropping and slicing, its Huizhou Top Power acquisition has expanded its product range with forming and grading capacities, and we expect gradual product matrix expansion to raise its comprehensive competitiveness. 4) Profitability should rise on scale expansion and as its products continue to mature. 投资建议/Investment Ideas 投资建议：预计公司22、23、24年营收为31.08、37.61、44.2亿元，yoy+44%、21%、18%，实现归母净利润2.51、3.58、4.52亿元，yoy+616%、43%、26%，给予23年30倍PE，对应26.1元/股的目标价。 Valuation and risks: We expect 2022/23/24E revenue to arrive at RMB3.11bn/3.76bn/4.42bn, up 44/21/18% yoy, and net profit to reach RMB251m/358m/452m, up 616/43/26% yoy. We assign a PE of 30x in 2023E, which derives a target price of RMB26.10. We initiate coverage with a BUY rating. 风险提示：动力锂电设备下游扩产不及预期、动力锂电设备竞争激烈，公司动力锂电设备盈利能力提升不及预期、疫情影响产品交付、收入确认、移动终端产品创新不及预期、VR/AR产品销量不及预期、鼎力智能整合风险、业绩承诺无法实现风险、商誉减值风险、公司流通盘市值较小，存在短期股价大幅波动风险 Risks include: downstream expansion of power lithium battery equipment falling below expectations; intensifying competition in the power lithium battery equipment market; the company’s power lithium battery equipment profitability falls below expectations; pandemic effects on product deliveries and revenue recognition; mobile terminal product innovations falling below expectations; VRAR device sales falling below expectations; integration issues with Huizhou Top Power; performance commitment failure risks; goodwill impairment risks; small market value risks; and short-term share price volatility. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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

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