Patented technology into starfish Tech main power battery 2 times increase in output value
Science and Technology, Xiangtan University, as applied to bring the two teams patents, tech Power Battery Co., Ltd. Hunan starfish stranded after the financial crisis in the adjustment of product structure, sales were brisk in 2009, output value increased by 2 times.
Starfish few years ago, the company mainly produces lithium-ion battery miner's lamp, but also produce some lithium-ion battery for electric bicycles and motorcycles. With the advent of the financial crisis, mining industry, exports, power battery products for export are blocked, the output value in 2008 only 600 million, the situation is very grim.
Engaged in the study of lithium-ion battery, Xiangtan University, Professor Wang Xianyou leading technology teams for the company made after the pulse, the development of new energy vehicles the biggest bottleneck is the battery, the company has a good lithium-ion battery production base, there should be targeting the two most battery market prospects for development, to meet various types of electric vehicle battery power needs.
Lithium-ion battery development for existing safety, cost and cycle life of such bottlenecks, technology teams to have two patents used in the production, and made a number of production technology innovation, the costs fell Three into, extended the half cycle life, safety, and further improved, enterprises gradually out of the woods. 20Ah now successfully developed 4 kinds of specifications of the high-power lithium-ion battery, sales gratifying. Development of new electric vehicles 30Ah lithium-ion battery is the first successful development of the province, large lithium-ion battery, a number of manufacturers was well after the trial. Starfish company 18 million yuan output value in 2009 for the construction of the best year since the benefits.
Focuses on helping the future. Teams under the guidance of science and technology, the company applied for a starfish patents and the joint commitment with the Xiangtan University, the "Hunan lithium-ion battery production and research industrialization demonstration base" of the building.
Wolong Electric prices lead to lower than expected sales battery
Results slightly below expectations. In 2009, the company achieved operating income of 2.23 billion yuan, an increase of 4.46%, net profit attributable to parent company 197 million, EPS 0.7 million, an increase of 52.72%, below our expectations of 0.75 yuan.
Prices led to lower than expected sales battery. We believe that the reasons for the order cycle in 2009, lead-acid battery prices from high to low, in the second half of the battery unit shipments of 15% -20% price decline, as sales rose only 3% of the battery of the main reasons. Meanwhile, orders for delayed delivery of the end of the battery are also part of the revenue recognition had some negative impact. We expect revenue growth in 2010, the battery will be accompanied by new production capacity to achieve about 35%.
Rate of decline in cost of revenue growth led to rapid growth. In 2009, the motor business by the price decline in overseas demand and the impact appears negative growth of 11%, while the proportion of traction transformer led to increased transportation costs increase, the rate of management fees and marketing expenses were increased by 1.1% and 1.4%. We expect the next 2 years, the impact of resumed growth in income, expense ratio will decrease.
2010 motor business will quickly recover. Dual role of prices and the recovery of overseas business will be under the rapid recovery of motor, the motor business, we expect the growth rate will reach 40% year on year. At the same time, we will see the company vehicle for ABS motor new business will be the highlight.
In 2010, consolidated gross profit margin levels will remain at 20% or more. Despite the rising costs will lead to the transformer and battery respectively, gross margin of about 4% -5% decline, but the profitability of both businesses are still far better than conventional motor business, which through the product structure adjustment, the company maintained 20 % of the consolidated gross profit margin levels.
Additional projects proposed to form a new growth point. Company intends to not more than 8,000 additional shares, transformers, energy efficient small motors and large capacity lithium-ion battery project, the new project will constitute a new growth point.
Lower profit forecasts and investment ratings. We slightly reduced the company's performance forecast EPS is expected to 10,11,12 years were 0.93 yuan, 1.17 yuan and 1.45 yuan. Given the company's share price has reached our target price of 25 yuan, we downgrade from buy to overweight.
Other Electronics News:
