\u3000\u3000 Xiamen Faratronic Co.Ltd(600563) (600563)
The performance forecast for 2021 exceeded expectations and maintained the “buy” rating
On January 27, 2022, the company issued a performance forecast. It is estimated that the net profit attributable to the shareholders of the listed company in 2021 will be 778 million yuan ~ 889 million yuan, an increase of 40% ~ 60% year-on-year. It is estimated that the net profit attributable to the shareholders of the listed company in 2021 will be 682 million yuan ~ 779 million yuan, with a year-on-year increase of + 40% ~ 60%, and the performance is better than expected. Based on the strong demand for new energy vehicles and photovoltaic and the continuous opening of the company’s new production capacity, we raised the previous profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 830 / 11.31 / 15.26 (the previous value is 802 / 1036 / 1354) million yuan, EPS will be 3.69/5.03/6.78 yuan (the previous value is 3.56 / 4.61 / 6.02 yuan), and the current share price corresponding to PE will be 51.0 / 37.4/27.7 times, maintaining the “buy” rating.
In 2021q4, the median net profit attributable to the parent company was + 49.8% year-on-year, and the median non net profit deducted was + 45.5% year-on-year
In 2021q4, the company expects to realize a net profit attributable to the parent company of 226 ~ 337 million yuan, with a median value of 282 million yuan, a year-on-year increase of + 49.8% and a month on month increase of 50.1%. The deduction of non net profit is expected to be RMB 157 ~ 255 million, with a median value of RMB 206 million, a year-on-year increase of + 45.5% and a month on month increase of 15%. Net profit attributable to parent company and net profit deducted from non parent company increased rapidly on a month on month basis, mainly due to the boom in the demand for new energy vehicles and photovoltaic. In 2021q4, Shanxi Guoxin Energy Corporation Limited(600617) cars sold 1.364 million, a year-on-year increase of 143.5% and a quarter on quarter increase of + 43.7%. In the fourth quarter, China’s new photovoltaic installed capacity was 27.4gw, up + 118.6% from the third quarter. Non recurring gains and losses in the fourth quarter were mainly financial gains, hedging income and investment income. The median value of non recurring gains and losses was 75.77 million yuan, a year-on-year increase of 2020q4 + 62.6%. It was mainly because the company had previously subscribed for the share of Shanghai Junlian Shenghao venture capital partnership (Limited partnership), and some investment income was recognized in the fourth quarter.
New energy business accounts for more than 50%, and the medium-term growth center is expected to maintain the level of 30% +
Looking forward to 2022, the high outlook of new energy vehicle business and photovoltaic industry is expected to continue. As the global leader of thin film capacitors with more than 50% of new energy business, the new energy business will drive the company’s performance more and more strongly. With the continuous promotion of localization of parts in rail transit, power transmission and transformation and other fields, the company’s development in the above markets is expected to accelerate in 2022. In the medium term, with the expansion of the proportion of new energy business income, the large volume of new energy vehicles in Europe, the rise of new forces in China and the arrival of photovoltaic parity Internet access, we believe that the growth center of the company is expected to remain at the level of 30% + in the medium term.
Risk warning: chip shortage affects downstream terminal shipment; Risk of price rise of raw materials.
