Due to the rising price of lithium hexafluorophosphate, Guangdong Tonze Electric Co.Ltd(002759) (002759. SZ) achieved a significant increase in net income in 2021 and reversed losses year-on-year. Zhang Jinhui, a researcher of xinlune consulting, told the financial associated press that the price of lithium hexafluorophosphate is expected to remain high in the first half of the year, but with the production and landing of various enterprises, the price will return to normal, which will directly affect the operating performance of the company.
According to the company’s annual report, in 2021, the operating revenue increased by 203.24% year-on-year to 2.252 billion yuan, the net profit attributable to the parent turned from loss to profit year-on-year, and the profit was 745 million yuan. Among them, Q4 is the highest quarter of performance in 2021, with a revenue of 814 million yuan and a net profit attributable to the parent company of 299 million yuan. However, different from the high performance growth, Guangdong Tonze Electric Co.Ltd(002759) shares fell 31.96% in the past six months.
High performance growth, but the stock price fell significantly. What are the hidden worries about such a contrast? Zhang Jinhui admitted to the financial associated press that although the prices of all materials in the whole lithium battery industry chain, including lithium hexafluorophosphate, will remain high in the first half of the year, the price and gross profit margin of lithium hexafluorophosphate will return to normal as the positive pole in the future with the production and landing of various enterprises.
Can the company’s long-term cooperative orders hedge the impact of price adjustment? Guangdong Tonze Electric Co.Ltd(002759) it is also directly stated in the annual report that the company signed long-term supply agreements with some major customers in 2021 and agreed on the supply quantity, supply price and settlement method of lithium hexafluorophosphate, which will play a positive role in ensuring the growth of lithium hexafluorophosphate sales and digesting the new capacity in 2022. However, if the market price of lithium hexafluorophosphate is adjusted, Will affect the company’s operating performance.
From the current proportion of the company’s main business income, the situation of relying too much on “lithium hexafluorophosphate sales” has not changed. According to the annual report, Guangdong Tonze Electric Co.Ltd(002759) the sales revenue of lithium hexafluorophosphate accounts for more than 80% in the main business, and the sales revenue of small household appliance business accounts for less than 20%. The profit mainly comes from lithium hexafluorophosphate business. The business income of small household appliances was 361 million yuan, which was 13.82% higher than that in 2020, but it has not yet recovered to the income level in 2019.
