\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 68 Shenzhen Senior Technology Material Co.Ltd(300568) )
The product structure is optimized continuously to meet the customer's expectations
Shenzhen Senior Technology Material Co.Ltd(300568) released the annual report for 2021. In 2021, the net profit attributable to the parent company was RMB 283 million, with a year-on-year increase of 133.49%, of which the net profit deducted was RMB 296 million, with a year-on-year increase of 235.00%. The gross profit margin of the company was 37.80%, with a year-on-year increase of 3.16pct, mainly benefiting from the large demand for power batteries and the orderly release of investment and construction capacity; The single average net profit was 0.23 yuan, with a year-on-year increase of 70.53%, which should be mainly due to the optimization of product and customer structure and process improvement. During the period, the expense rate of the company was 14.74%, a year-on-year decrease of 3.56 PCT, and the expense control ability was further improved. At the same time, the R & D investment of the company remained unchanged, and the R & D investment rate was 5.98%, a year-on-year increase of 0.12 PCT. We believe that the company's performance is basically in line with expectations, and there is still room for improvement in the future. We raised the profit forecast for 2022 / 2023 and added the profit forecast for 2024. It is expected that the net profit attributable to the parent company from 2022 to 2024 is expected to reach 695 (+ 0.15) / 1041 (+ 1.34) / 1473 million yuan, EPS is 0.90/1.35/1.92 yuan / share respectively, and the corresponding P / E ratio of the current stock price is 40.8/27.3/19.3 times respectively, maintaining the "buy" rating.
The production and marketing pattern was further optimized, and the refinancing of the capital market provided a guarantee for the layout of production capacity
In 2021, the construction of the company's new projects was carried out in an orderly manner. The Changzhou project with an annual output of 360 million square meters and the first phase of super coating plant have been completed and began to supply large quantities to customers. The shipment volume in 2021 reached 1.22 billion square meters, a year-on-year increase of 64.79%; Nantong wet diaphragm and coated diaphragm project (with an annual output of 2 billion square meters) was started in February 2022, and the Swedish project is also continuing to promote, providing a foundation for developing the market outside China. At the same time, relying on its strong R & D system, advanced product preparation technology and comprehensive and rapid technical service ability, the company further opened the overseas market on the basis of deepening cooperation with domestic power battery leading enterprises, signed a long-term guarantee agreement with northvoltab and LG new energy, and improved brand influence and profitability. The funds raised by the company's convertible bonds have been transferred to Nantong Construction Project, and the fixed increase project of 6 billion yuan is still in progress, providing guarantee for the company's capacity layout.
The tight balance of diaphragm market may be difficult to ease in the short term, and the company's volume and profit are expected to continue to rise
With the rapid growth of lithium battery demand, the demand heat of diaphragm market continues to increase. Subject to the tight supply and demand of short-term key equipment, the tight balance of diaphragm market is difficult to be significantly alleviated in 2022, and the driving force for price rise still exists; Benefiting from the accelerated process of going to sea, the optimization of product structure and the cost reduction of process upgrading, the company's volume and profit are expected to continue to rise.
Risk tip: the sales volume of new energy vehicles is lower than expected, the company's production expansion progress is lower than expected, and the industry competition is intensified.
