On the evening of April 20, Hangke Technology (688006) announced that the company received a bid-winning notice from Ningde Times New Energy Technology Co., Ltd. (hereinafter referred to as "Ningde Times") and its holding subsidiaries by email, totaling 480 million yuan (excluding tax) for lithium-ion equipment.
It is reported that Hangke Technology is a world-class system integrator of lithium battery production equipment for new energy, which integrates sales, research and development, manufacturing, and service. The company supplies all kinds of lithium-ion battery production line post-processing system equipment to well-known lithium-ion battery manufacturers at home and abroad, such as Samsung, LG, SKI, Sony (now Murata, Japan), Ningde New Energy, BYD, Guoxuan Hi-Tech, Tianjin Lishen, Ningde Times and so on. At present, it is one of the few domestic reprocessing equipment manufacturers that can export complete sets of equipment and work closely with major lithium-ion battery manufacturers such as Japan and South Korea.
According to the Hangke Technology performance report, the company's net profit belonging to shareholders of listed companies in 2020 was about 372 million yuan, up 27.73 percent over the same period last year; operating income was about 1.493 billion yuan, up 13.7 percent over the same period last year; and basic earnings per share was 0.93 yuan, up 20.78 percent over the same period last year.
According to the Zhejiang Securities Research report, due to the weak demand for domestic orders in 2019, Hangke Technology's domestic business revenue in 2020 was 870 million yuan, down 12% from the same period last year, while overseas revenue benefited from the release of orders from LG Poland factories, with revenue reaching 610 million yuan, up 87% from the same period last year. Overseas revenue accounted for 42% in 2020, an increase in 17pct compared with the same period last year.
In the past, Hangke Technology's main customers were international front-line battery factories, and now it is actively developing domestic customers. In addition to the above bid-winning Ningde era 480 million lithium equipment order, Hangke Technology also won the bid Guoxuan 370 million lithium equipment order at the end of 2020.
On the evening of December 29, 2020, Hangke Technology announced that the company recently signed the "Annual equipment Purchasing Framework Agreement" with Hefei Guoxuan Hi-Tech Power Energy Co., Ltd. (referred to as "Guoxuan Hi-Tech"). The company sells lithium-ion battery reprocessing system equipment to Guoxuan Hi-Tech, with an estimated total amount of no more than 371 million yuan.
In addition, according to Soochow Securities research industry chain, 2021Q1 lithium equipment enterprises have received a substantial increase in new orders compared with the same period last year, far exceeding market expectations. At present, overseas production expansion has not yet landed, Hangke Technology Q1 orders are mostly from domestic customers, with LG and other overseas leaders expanding production and landing, it is expected that the quarterly new orders will accelerate month-on-month.
In addition, Soochow Securities said that LG New Energy expects IPO to raise 20 trillion won (about 120 billion yuan) to expand lithium battery capacity in the second half of the year, which will become the largest IPO in the world in 2021. LG new energy plans to expand from 120GW capacity at the end of 2020 to 260GW in 2023 (ing), continues to increase its new capacity by about 140GW in the next three years. Assuming an investment of 200 million yuan per GW equipment, the equipment investment in the next three years will be about 28 billion yuan. It is assumed that the value of the rear equipment accounts for 30%, corresponding to the order of RMB 8.4 billion for the rear equipment. As a supply of LG equipment, Hangke Technology is expected to have a share of 70%, corresponding to an order of about 6 billion yuan in the next three years.
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