\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 28 Lizhong Sitong Light Alloys Group Co.Ltd(300428) )
Event: the company released the performance express for 2021, and the company achieved a total operating revenue of 18.713 billion yuan, a year-on-year increase of 39.74%; The net profit attributable to the parent company was 4.55 yuan, a year-on-year increase of 5.30%.
Comments:
The performance in 2021 is in line with expectations and is expected to take off in 2022. The revenue of 2021q4 company was 5.609 billion yuan, an increase of 29.2% year-on-year and 26.4% month on month; The net profit attributable to the parent company was 119 million yuan, a year-on-year decrease of 16.2% and a month on month increase of 95.1%. The decline in net profit attributable to the parent company is mainly due to the sharp rise in the prices of raw materials aluminum and silicon. At present, the policy tends to be stable, the upside down phenomenon of aluminum price is alleviated, the shipping expenses are gradually returned to normal, and the business cost has returned.
(1) recycled cast aluminum alloy sector: the proportion of raw material end recycled aluminum continues to increase, and product end heat-free alloy has become a star product. In 2021, the revenue was 11.75 billion yuan, a year-on-year increase of 44.30%; The net profit attributable to the parent company was 222 million yuan, a year-on-year increase of 81.27%. In 2021, the company purchased 566200 tons of recycled aluminum, accounting for 68.4% of the total sales, an increase of 10 PCT over the same period last year. The production of recycled aluminum can reduce the emission of carbon dioxide and sulfur dioxide by about 11 tons, save 13000 kwh of electricity, save 22 cubic meters of water, and significantly reduce costs and increase efficiency.
(2) functional master alloy sector: the production capacity is gradually implemented and the layout of high-end products. In 2021, the revenue was 1.64 billion yuan, a year-on-year increase of 59.22%, and the net profit attributable to the parent company was 110 million yuan, a year-on-year increase of 64.81%. On the basis of its own capacity of 70000 tons, the company is building a high-end grain refiner production line with an annual output of 25000 tons and Baotou Aluminum based rare earth master alloy project with an annual output of 50000 tons. With the gradual implementation of the project, the company's performance can be expected.
(3) aluminum alloy wheel sector: stabilize and improve, and enter the new energy vehicle industry chain. The company achieved a revenue of 5.31 billion yuan, a year-on-year increase of 26.16%; The net profit attributable to the parent company was 124 million yuan, a year-on-year decrease of 49.19%. The main reason for the decline lies in the sharp rise in the prices of raw materials aluminum and silicon. At present, the policy tends to be stable, the upside down phenomenon of aluminum price is alleviated, and the business cost has begun to return. The company's wheels account for more than 10% of new energy vehicles, and have entered the supply chain of Tesla, Weilai, Xiaopeng, Weima and other new energy vehicle suppliers. The company's own production capacity of wheels is 20 million / year, and 30 million / year is planned in the future; The production capacity of wheel mould is 1000 sets / year, and the design and planning production capacity is 2000 sets / year. The expansion of production is accelerated.
Maintain the "buy" rating, and the target price is 46.8 yuan. It is expected that the net profit attributable to the parent company from 2022 to 2023 will be 795 / 1207 million yuan respectively, giving a target market value of 30 billion yuan in the next 12 months, corresponding to about 25 times of PE in 2023. Considering the dilution of equity incentive, the corresponding target price is 46.8 yuan, with 103% space compared with the closing price of 23.07 yuan on February 25, maintaining the "buy" rating.
Risk warning: the project implementation progress is less than expected; The demand for new energy is less than expected.
