\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 19 Cngr Advanced Material Co.Ltd(300919) )
Events
The year-on-year net profit attributable to the parent company was 12.3 billion, with a year-on-year increase of 12.7 billion and a year-on-year net profit attributable to the parent company of 12.7 billion, of which the net profit attributable to the parent company was 12.7 billion, with a year-on-year increase of 12.7 billion and a year-on-year net profit attributable to the parent company of 20.24 billion, with a year-on-year increase of 12.7 billion.
Brief comment
As for the scale, the company has a production capacity of 200000 tons of ternary precursor and 30000 tons of cobalt trioxide at the end of 2021. It is expected that the production capacity of the company will exceed 500000 tons in 2023. The scale continues to lead and speed up the upgrading;
Technically, the company has the technology and production process of all products. At present, it has a 4000 T / a R & D workshop. The non-standard equipment independently developed by the production workshop accounts for more than 25%. During the reporting period, the batch certification and Factory review of cobalt free single crystal products were completed;
In terms of production and sales, the production and sales of positive material precursor products of the company were booming in 2021. In 2021, the output and sales volume reached 182000 tons and 176000 tons respectively, with a year-on-year increase of 97% and 93% respectively. Among them, the shipment volume of ternary precursor exceeded 150000 tons, the market share increased to 26%, and the shipment volume of cobalt trioxide exceeded 20000 tons, the market share increased to 24%. The two products continued to remain the first in the industry, and the production and sales led to the rapid growth of performance;
In terms of customers, it covers the world’s mainstream head customers, including LG Chemical, Xiamen Tungsten Co.Ltd(600549) , Tesla, Beijing Easpring Material Technology Co.Ltd(300073) , beiteri, L & F, Guizhou Zhenhua E-Chem Inc(688707) , Samsung SDI, etc. in 2021, the top five revenue accounts for 74%, the first 22%, and the customer structure is healthy.
Profit forecast
It is estimated that the company will realize a net profit attributable to the parent company of RMB 2.05 billion and RMB 3.5 billion in 2022 and 2023, corresponding to the current share price of pe34 and 20 times
Risk tips
The demand for new energy vehicles did not meet expectations, the price of raw materials rose sharply, and the global epidemic intensified.
