\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 68 Shenzhen Senior Technology Material Co.Ltd(300568) )
The company released the annual report of 2021, and the profit increased significantly year-on-year; The company's diaphragm business volume increased rapidly, the new production capacity was put into operation smoothly, and the volume of wet products was obvious; Maintain the overweight rating.
Key points supporting rating
The company's profit in 2021 increased significantly year-on-year, which was in line with expectations: the company released its annual report in 2021 and achieved an operating revenue of 1.861 billion yuan, a year-on-year increase of 92.48%; The profit was 283 million yuan, a year-on-year increase of 133.49%; The non-profit after deduction was 296 million yuan, a year-on-year increase of 235%. The company also announced that it plans to distribute a cash dividend of 0.5 yuan (including tax) for every 10 shares and increase 5 shares for every 10 shares to all shareholders with capital reserve. The company had previously predicted a profit of 280290 million yuan in 2021, and the annual report performance was in line with expectations.
The diaphragm volume increased rapidly, and the contribution of wet products increased significantly: in 2021, the company achieved diaphragm sales of 1.22 billion Ping, a year-on-year increase of 74.25%, sales of 1.842 billion yuan, a year-on-year increase of 109.71%, and the average settlement unit price was 1.51 yuan / Ping; The gross profit margin was 37.75%, a year-on-year increase of 6.47 percentage points, and the single average gross profit was 0.57 yuan, a year-on-year increase of 45.24%. The subsidiary Changzhou Xingyuan (wet process) had a revenue of 705 million yuan, a year-on-year increase of 78.79%, and a net profit of 129 million yuan, a year-on-year increase of 65.36%. In 2021, the company's overseas revenue was 395 million yuan, a year-on-year increase of 71.39%, and the gross profit margin was 51.37%, an increase of 8.67 percentage points year-on-year.
The operating cash flow was bright, and the expenses decreased significantly during the period: the net cash flow generated by the company's operating activities was 399 million yuan, with a year-on-year increase of 38.78%, of which Q4 was 121 million yuan, with a significant year-on-year increase of 108586% and a month-on-month increase of 5.23%, showing the company's continued good profit quality. The company's expense rate during 2021 was 20.71%, a year-on-year decrease of 3.45 percentage points.
Rapid release of new production capacity and deepening cooperation with overseas customers: the company's "wet diaphragm project for lithium ion batteries with an annual output of 360 million square meters" has been completed and supplied to customers in large quantities, and part of the production capacity of the "super coating factory" project has been completed and delivered to customers in large quantities. It is estimated that the company's production capacity will reach more than 2 billion square meters in 2022. In addition, the company has successively signed supply guarantee agreements with northvolt AB and LG new energy to deepen cooperation.
Valuation
Under the current share capital, combined with the company's annual report in 2021 and the changes of industry supply and demand, we adjusted the company's predicted earnings per share from 2022 to 2024 to 0.87/1.31/1.78 yuan (the original predicted diluted earnings per share from 2022 to 2023 was 0.66/1.04 yuan), corresponding to a P / E ratio of 37.3/24.9/18.3 times; Maintain the overweight rating.
Main risks of rating
The price of raw materials fluctuated disadvantageously, the industrial policy of new energy vehicles did not meet expectations, the product power of new energy vehicles did not meet expectations, the demand of the industrial chain did not meet expectations, and the impact of the epidemic exceeded expectations. Investment summary
