\u3000\u3 China Vanke Co.Ltd(000002) 080 Sinoma Science & Technology Co.Ltd(002080) )
Core view
Q4 is slightly under pressure, and the annual performance is in line with expectations. In 2021, the company achieved a revenue of 20.295 billion yuan. Due to the impact of the merger and acquisition of Sinoma Jinjing, the adjusted year-on-year profit was + 7.58%, the net profit attributable to the parent company was 3.373 billion yuan, the adjusted year-on-year profit was + 65.4%, and the net profit not attributable to the parent company was 2.573 billion yuan, which was + 42.52% year-on-year after adjustment, which was in line with the previous performance forecast, and the EPS was 2.01 yuan / share; Q4 achieved a revenue of 5.819 billion yuan in a single quarter, a year-on-year increase of + 0.48%, and a net profit attributable to the parent company of 726 million yuan, a year-on-year increase of + 44.06%, deducting a net profit not attributable to the parent company of 380 million yuan, a year-on-year decrease of – 3.39%.
The volume and price of glass fiber have risen simultaneously, and the product structure has been continuously optimized. Benefiting from the strong downstream demand, the continuation of the high prosperity of glass fiber, the superposition of production capacity investment and product structure optimization, the sales volume and profit reached a record high; In 2021, a total of 1.11 million tons of glass fiber and products were sold, with a year-on-year increase of + 4.4%. The revenue was 8.751 billion yuan, with a year-on-year increase of + 27.75%, and the gross profit margin was 42.7%, with a year-on-year increase of + 11.9pct. In 2022, the demand is still supported. It is expected that the roving price is expected to remain high and stable, and the downward space of electronic yarn is limited, which is expected to stabilize. As one of the leading glass fiber enterprises, the company has an annual production capacity of 1.2 million tons, including 90000 tons of high-strength and high modulus glass fiber of manzhuang F09 line and 65000 tons of spinning yarn of Zoucheng F06 line, which were ignited in September and December respectively, which will further contribute to the performance increment.
Wind power blades are under pressure in stages, and it is optimistic that the market share will continue to increase. Affected by the sharp decline in the bidding price of wind power units and the rise in the price of raw materials, the price and cost of wind power blades are under double pressure; In 2021, a total of 11.4gw wind power blades were sold, with a year-on-year increase of – 7.45%. The revenue was 6.976 billion yuan, with a year-on-year increase of – 22.29%, and the gross profit margin was 15.8%, with a year-on-year increase of – 8.2pct. As the leading enterprise of wind power blades in China, the company fully promotes the “two seas” strategy, continues to develop new products with leading technical advantages, actively expands the production capacity layout, starts the construction of new bases in Yangjiang, Guangdong and Yulin, Shaanxi, promotes the implementation of new production capacity projects in Brazil, takes the first step of global production capacity layout, and is optimistic about the continuous improvement of market share.
The layout and release of lithium film were accelerated, and the profitability was steadily improved. In 2021, the asset integration between Sinoma lithium film and Hunan Sinoma lithium was completed, the release of production capacity was accelerated, the product through rate and production efficiency were steadily improved, and the performance increased significantly year-on-year; In 2021, a total of 685 million square meters of diaphragm products were sold, with a year-on-year increase of + 76.2%, and a revenue of 1.126 billion yuan, with a year-on-year increase of + 95.41%. At present, the company has a base film production capacity of more than 1 billion square meters, and is preparing to build 1.04 billion square meters in Nanjing, 320 million square meters in Inner Mongolia phase II, 720 million square meters in phase III and 560 million square meters in Tengzhou phase III, with a new production capacity of 2.64 billion square meters, which is expected to continue to release the performance elasticity.
Risk tip: glass fiber supply exceeds expectations; The installed capacity of wind power is less than expected; The amount of lithium film was less than expected.
Investment suggestion: the company has made in-depth layout of high-quality tracks, continuously widened the growth boundary, maintained the “buy” rating, accelerated the layout of core industries around the three main businesses of new energy, new materials, focusing on wind power blades, glass fiber and products and lithium diaphragm, and actively expanded projects such as high silica glass fiber, glass fiber filter paper and VIP vacuum insulation board, so as to continuously broaden the growth boundary. It is estimated that the EPS of 22-24 years will be 2.38/2.74/3.09 yuan / share respectively, and the corresponding PE will be 10.7/9.3/8.2x, maintaining the “buy” rating.
