\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 68 Shenzhen Senior Technology Material Co.Ltd(300568) )
Event overview: on March 11, 2022, the company released the main business conditions from January to February 2022. From January to February 2022, the company achieved a revenue of about 425 million, a year-on-year increase of about 60%, and a net profit attributable to the parent company of about 95 million yuan, a year-on-year increase of about 60%.
The product structure was optimized and the profitability continued to grow. According to the calculation, the net profit rate of the company from January to February of the 22nd year is 22.4%, which is 7.2 and 8.5 PCT higher than that of the whole year of the 21st year and the net profit attributable to the parent in the 21q4 respectively. From the perspective of the single average net profit, the company realized the single average net profit of 0.26 yuan / m2 and 0.31 yuan / m2 respectively in the whole year of the 21st year and the Q4 quarter. From January to February of 2022, according to our calculation, the single average net profit of the company is about 0.44 yuan / m2, Shan Ping’s profit increased by 69.2% and 41.9% respectively. The substantial increase in the company’s profitability is mainly due to the increase in the proportion of wet diaphragm and coated diaphragm. We expect that from January to February of 22, the company’s wet diaphragm accounts for about 70% and coated diaphragm accounts for more than 50%.
The new generation production line technology is implemented to reduce cost and increase efficiency. The diaphragm production line of the company can realize all independent research and development and continuous iteration of process technology. With the latest technology, the fifth generation 6.2m diaphragm production line can improve the production efficiency by 50%, and the maximum single line design capacity can reach 200 million square meters. With the new production line put into operation in 22 years, the profitability of the company will be further improved.
The three factories made concerted efforts and the diaphragm capacity was released steadily. In 2021, the company shipped 1.22 billion square meters in the whole year, with a year-on-year increase of 61.14%. From January to February of 22, the company’s diaphragm shipment is expected to be about 220 million square meters, with a year-on-year increase of more than 8 times. With the accelerated implementation of the production capacity of the three factories in Shenzhen, Changzhou and Hefei, we expect that the company’s long-term planned total production capacity of base film will exceed 6 billion square meters and coating capacity will exceed 4 billion square meters in 25 years.
Raise investment and increase production capacity expansion at a fixed speed. In 21 years, the company plans to raise 6 billion yuan (including this amount) through fixed increase, of which 5 billion yuan is used for the construction of “wet diaphragm and coated diaphragm (phase I and phase II) project of high-performance lithium-ion battery”, which mainly produces wet diaphragm and coated diaphragm of high-performance lithium-ion battery. The construction period of the project is 5 years, and it is expected to contribute 2 billion wet diaphragm and coated diaphragm capacity after reaching the production capacity.
Overseas business continued to expand and customer structure improved. The company actively expanded its overseas business. In 2021, the company’s overseas operating revenue was 396 million yuan, a year-on-year increase of 69.70%, accounting for 21.26%. The company adopted the global development strategy layout, signed a contract with northvol in March 21, set up a European factory in Sweden and accelerated the development of the European market; In August 21, the company signed an agreement with LG to lock in the needs of international customers. The company is deeply bound with China’s first-line power battery manufacturers, and its customers include China Shipbuilding Industry Group Power Co.Ltd(600482) battery giants Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) and so on, with high order growth and stability.
Investment suggestion: we estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 685 million, RMB 1264 million and RMB 1499 million, increasing by 142.1%, 84.5% and 18.6% at the same time, corresponding to the valuation of 39, 21 and 18 times PE. Considering the continuous improvement of the company’s profitability and the imminent large-scale release of production capacity, we maintain the “recommended” rating.
Risk tip: the sales of new energy vehicles are less than expected; The development of overseas customers is less than expected; The production progress of new capacity is less than expected
