\u3000\u3 China Vanke Co.Ltd(000002) 709 Guangzhou Tinci Materials Technology Co.Ltd(002709) )
Events
Event: the company announced that the revenue from January to February 2022 was about 3.3 billion yuan, a year-on-year increase of about 260%; The net profit attributable to the parent company was 860 million yuan, with a year-on-year increase of about 470%, exceeding expectations. make a concise evaluation
Performance split:
(1) electrolyte: it is expected to ship about 38000 tons; The net profit attributable to the parent company per ton is about 20000 yuan (considering the minority shareholders' equity of China nitrate), with a month on month increase of + 35%, slightly lower than Q3; Thanks to the increase of 20000 tons of liquid 6F production capacity, the company's 6F self-sufficiency rate is expected to rise to 90% from January to February. (2) Iron phosphate: it is estimated that the shipment will be about 10000 tons and the net profit will be about 50 million yuan. (3) Daily chemical: the estimated net profit is about 50 million yuan.
The production capacity investment is accelerated, and the production capacity and cost advantages are consolidated. Lifsi has contributed to a new growth pole of performance. Since 22 years, the company's new production capacity of 6F, lifsi and additives has been put into substantial investment. It is expected that the company's 6F (fixed) production capacity will reach 64000 tons / 114000 tons by the end of 22 / 23. The cost advantage will be further strengthened and support the company's continuous expansion. In addition, since 22 years ago, the company's lifsi production capacity has been greatly released and has become a new growth pole of performance. It is expected that the company's production capacity will reach 1 / 3 / 60000 tons by the end of 22-24, which is far higher than that of the industry, and will fully benefit from the trend of high nickel and high-voltage platform. It is estimated that the company's lifsi shipment volume in 22-23 years will be 0.820000 tons respectively, the profit per ton will be 100000 yuan, and the corresponding net profit will be 8 / 2 billion yuan respectively.
Thanks to the company's accelerated integrated layout and consolidated cost and capacity advantages, lifsi contributed to the performance increment. We expect the company to maintain rapid profit growth in the 6F price downward cycle. It is expected that the net profit attributable to the parent company in 22-23 years will be 4.8 billion and 5.8 billion, P / E17 and 14 times.
Risk tips
The sales volume of new energy vehicles is lower than expected, the production capacity is lower than expected, and the global epidemic is aggravated
