\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 348 Shan Xi Hua Yang Group New Energy Co.Ltd(600348) )
Event: on March 16, 2022, the company disclosed the annual performance express of 2021. The company achieved an operating revenue of 38.007 billion yuan in 2021, an increase of 21.89% year-on-year; The net profit attributable to shareholders of listed companies was 3.528 billion yuan, a year-on-year increase of 134.44%, and the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 4.582 billion yuan, an increase of 256.55% over the same period of last year.
In the fourth quarter of 2021, the net profit increased significantly after deducting non-profit. According to the announcement, in 2021, the company realized a net profit attributable to the shareholders of the listed company of RMB 3.528 billion, with a year-on-year increase of 134.44%. Based on this, it is estimated that the company realized a net profit attributable to the shareholders of the parent company of RMB 1.237 billion in the fourth quarter of 2021, with a year-on-year increase of 201.7% and a month on month increase of 8.6%. In the fourth quarter of 2021, the net profit after non deduction was 2.381 billion yuan, an increase of 972.5% year-on-year and 117.6% month on month. At the same time, according to the announcement, the company expects the amount of non recurring profits and losses of the company to be -1.27 billion yuan in 2021, mainly due to 1) optimizing the mine asset structure and centralized closure and scrapping of underground assets with no use value and idle roadways, resulting in a corresponding scrapping loss of fixed assets of about 1.4 billion yuan. 2) The amount affected by non recurring profit and loss events such as government subsidies is expected to be about 130 million yuan.
The transformation of traditional coal enterprises accelerated. In the reform of state-owned enterprises in Shanxi Province in 2020, the controlling shareholder of the company was renamed Shanxi Huayang New Materialco.Ltd(600281) material technology group from Yangquan coal industry group, which may be transformed into a group dominated by carbon based new materials in the future, Shan Xi Hua Yang Group New Energy Co.Ltd(600348) also kept pace with the reform of major shareholders and actively explored the field of new materials. It was announced that in March this year, the company transferred the property share of Yangquan Coal intelligent manufacturing fund and invested in Beijing Qifeng and zhongkehaina project companies through the fund, Lay a solid technical foundation for the transformation of the company. In April 2021, the company announced that it plans to invest in the project of positive and negative materials of sodium ion batteries, and it is expected to form a production capacity of 1000 tons in the future. In June 2021, the Management Committee of Shanxi comprehensive transformation demonstration zone reported that the world's first 1mwh sodium ion battery energy storage system jointly built with Beijing zhongkehaina Technology Co., Ltd. was put into operation in Shanxi comprehensive transformation demonstration zone. In September 2021, the company announced the signing of the strategic cooperation framework agreement with the leading Do-Fluoride New Materials Co.Ltd(002407) and Wutong tree capital of the electrolyte industry. It will conduct in-depth cooperation in six sodium fluoride and sodium ion batteries, electrolyte additives, negative materials, research institutes and industrial Internet.
Investment suggestion: Shan Xi Hua Yang Group New Energy Co.Ltd(600348) retains the original coal mine assets and has a coal production capacity of 42.7 million tons / year (including 32.7 million tons / year in production and 10 million tons / year under construction). It can not only enjoy the huge profits and cash flow brought by the coal business, but also be expected to improve the estimated value brought by the new material business. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 3.528/54.65/5.839 billion, the corresponding EPS will be 1.47/2.27/2.43 respectively, and the PE corresponding to the share price on March 16, 2022 will be 7 times, 5 times and 4 times respectively. For the first coverage, give a "recommended" rating.
Risk warning: the construction progress of the company's new energy project is lower than expected; Coal prices fell sharply; The company's costs and expenses increased more than expected, and large-scale impairment was accrued.
