\u3000\u3 China Vanke Co.Ltd(000002) 080 Sinoma Science & Technology Co.Ltd(002080) )
Event: the company released the annual report of 2021. In the past 21 years, the company achieved a total operating revenue of 20.295 billion yuan, a year-on-year increase of + 7.58%; The net profit attributable to the parent company was 3.373 billion yuan, a year-on-year increase of + 65.40%. Among them, 21q4 company achieved a total operating revenue of 5.653 billion yuan, a year-on-year increase of – 3.86% and a month on month increase of + 7.00%; The net profit attributable to the parent company was 726 million yuan, up + 41.80% year-on-year and – 9.28% month on month.
The income of glass fiber and diaphragm increased rapidly, and the profitability increased slightly. In 21 years, the company’s revenue from glass fiber, blade and diaphragm business was 8.751/69.76/1.126 billion yuan respectively, with a year-on-year increase of + 27.75% / – 22.29% / + 95.41%. Benefiting from the high downstream demand, the company’s revenue from glass fiber and diaphragm business increased rapidly. In 21 years, the gross profit margin and net profit margin of the company were 30.00% / 17.12% respectively, with a year-on-year increase of + 2.87/6.60pct, benefiting from the simultaneous increase of glass fiber business volume and the slight increase of the gross profit margin of the company.
The sales volume of blades declined slightly in 21 years, and the shipment structure is expected to be optimized. In 21 years, the company’s leaf sales volume was 11.42gw, a year-on-year increase of – 7.45%. The decrease of product price superimposed on the increase of cost, and the gross profit margin of leaves in 21 years increased from -8.17pct to 15.76% year-on-year. The company actively promotes the research and development of new large leaf products, and the shipping structure is expected to be continuously optimized.
The demand of glass fiber industry is booming, and the high gross profit level is expected to continue. In 21 years, the company’s glass fiber sales volume was 1.11 million tons, with a year-on-year increase of + 4.72%, and the gross profit margin was 42.73%, with a year-on-year increase of + 11.42pct. The optimization of shipping structure combined with high demand has significantly improved the profitability of glass fiber. The company’s high-end product research and development has achieved remarkable results, which is expected to support the gross profit margin to maintain a high level.
Diaphragm shipments are growing rapidly, and profitability is expected to continue to improve. In 21 years, the sales volume of diaphragm business of the company was 685 million square meters, a year-on-year increase of + 76.19%. The company actively optimizes the governance structure of diaphragm business and continuously promotes the construction of advanced production capacity. The profitability of diaphragm business is expected to continue to improve.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 22-24 years will be 39.99/45.28/5.098 billion yuan, yoy + 19% / 13% / 13%, and EPS will be 2.38/2.70/3.04 yuan respectively, maintaining the “buy” rating.
Risk tip: the macroeconomic recovery is less than expected, the new installed capacity of wind power is less than expected, and the price of raw materials is at risk
