\u3000\u3 Guocheng Mining Co.Ltd(000688) 680 Shanghai Hiuv New Materials Co.Ltd(688680) )
Announcement:
Shanghai Hiuv New Materials Co.Ltd(688680) ( Shanghai Hiuv New Materials Co.Ltd(688680) . SH) announced the announcement of 2021 annual performance express. In the 21st year, the company’s revenue was 3.104 billion yuan, an increase of 109.54% at the same time; The net profit attributable to the parent company was 257 million yuan, a year-on-year increase of 15.34%; Deduct non net profit of 250 million yuan, an increase of 16.16% at the same time.
Split into a single quarter, the company Q4 achieved a revenue of 1.102 billion yuan, an increase of 92% and a ring increase of 39.14%; The net profit attributable to the parent company was 137 million yuan, an increase of 28.04% and 234.15% respectively; Deduction of non net profit of 130 million yuan, with an increase of 30% and a ring increase of 225%.
Comments:
In 21 years, the downstream photovoltaic industry increased rapidly + the company’s market share increased, and the growth rate of the company’s revenue side was bright. Looking at the past 22 years:
1. The company continues to expand its production and its market share is expected to further increase Shanghai Hiuv New Materials Co.Ltd(688680) it is estimated that the production capacity will expand to 1.05 billion square meters by the end of the year. Assuming uniform production + 85% of the average annual production capacity utilization rate, it is estimated that 700 million square meters of plastic film will be shipped, and the market share will increase to more than 25%.
2. The supply of raw materials is released, and the profit of adhesive film tends to be stable. At the raw material end, with the mass production of photovoltaic materials of Yuneng chemical + photovoltaic materials of Zhejiang Petrochemical passing the downstream certification, the particle supply is expected to be sufficient in 22 years; After the supply of particles and adhesive film is loose, the industry leader Hangzhou First Applied Material Co.Ltd(603806) can maintain the stability of the industry pattern through the low price strategy, and the adhesive film link is expected to return to the steady-state level.
3. The new business is in the initial stage of customer introduction and is expected to become the second growth pole. The 100 million square meter capacity of Haiyou polymer special membrane project is planned to be put into operation in 22 years. It is now in the initial stage of market promotion + customer introduction.
Investment suggestion: the industry concentration is high + the pattern is stable, the market share continues to increase, and the company has an extension growth curve. It is estimated that the net profit of Shanghai Hiuv New Materials Co.Ltd(688680) 22 and 23 years will be 620 million yuan and 960 million yuan respectively, and the corresponding PE will be 31 and 20 times respectively. Maintain a “recommended” rating.
Risk warning: the downstream demand is less than the expected risk, and the company’s production capacity is less than the expected risk
