Desay Battery(000049)2022-12-05 01:16Company Overview - The company is a holding company with 75% ownership in two subsidiaries, Huizhou Blueway and Huizhou Battery [3] - The largest shareholder is Huizhou Desay Industrial Development Co Ltd, holding 45.23% of shares, with actual control by Huizhou SASAC [3] - Main business focuses on mobile power supply industry chain, with Huizhou Battery specializing in small and medium-sized lithium battery packaging and integration, and Huizhou Blueway focusing on small and medium-sized mobile power management systems [3] - The company holds a leading position in the small and medium-sized power management system and packaging market segment [3] Financial Performance - In H1 2017, the company achieved revenue of 4.668 billion yuan, a year-on-year increase of 55.43% [3] - Net profit attributable to shareholders was 114 million yuan, up 57.74% year-on-year [3] - Basic earnings per share were 0.5578 yuan [3] Business Structure - Smartphone batteries remain the main business, with growth driven by increased market share in domestic smartphone battery packaging [3] - Medium-sized power supply businesses (laptop batteries, power tools) account for a small proportion of revenue, with power tool business focusing on core customers and gaining market share [4] - New energy vehicle power battery business underperformed, with H1 revenue of only 13 million yuan and a loss of over 40 million yuan [4] Key Developments - Single customer concentration decreased from 70% in 2015 to 40%+ in H1 2017, with increased domestic smartphone customer business [5] - New factory operation has minimal impact on overall costs, with depreciation costs similar to previous rental expenses [5] - Laptop battery business remains small but has potential for growth with customer and project expansion [5] - Minority shareholder equity issue is being actively addressed by management, major shareholders, and SASAC, though no clear timeline is available [5] Industry Outlook - The power battery industry is in its early stages with multiple competing models (vehicle manufacturers, battery cell manufacturers, independent third parties) [4] - Industry consolidation is expected to intensify with capacity expansion, but overall industry potential remains significant [4]