\u3000\u3 Shengda Resources Co.Ltd(000603) 806 Hangzhou First Applied Material Co.Ltd(603806) )
Core conclusion
Event: the company released the annual report of 2021. The company achieved an operating revenue of 12.858 billion yuan, a year-on-year increase of + 53.20%; The net profit attributable to the parent company was 2.197 billion yuan, a year-on-year increase of + 40.35%. In Q4 of 21 years, the revenue was 3.928 billion yuan, a year-on-year increase of + 34.35%, a month on month increase of + 22.22%, and the net profit attributable to the parent company was 860 million yuan, a year-on-year increase of + 24.01%, a month on month increase of + 98.83%.
In 21 years, the shipment volume of photovoltaic adhesive film continued to increase, and the performance was in line with expectations. In 2021, the company sold about 968 million square meters of photovoltaic adhesive film, with a year-on-year increase of + 11.85%. The average unit price of adhesive film products excluding tax was about 11.89 yuan / square meter, with a year-on-year increase of + 36%. According to our calculation, the shipment volume of 21q4 adhesive film is about 237 million square meters, with a year-on-year increase of – 11.57% and a month-on-month increase of – 12.22%. However, the unit price of adhesive film products has increased significantly. The average unit price excluding tax is about 14 ~ 15 yuan / square meter, with a month-on-month increase of about 29% ~ 38%. 21q4 due to the accelerated release of photovoltaic resin capacity at the raw material end, the price of photovoltaic resin decreased, and the downstream demand rebounded. The overall gross profit margin increased from 18.80% (2021q3) to 29.94% (2021q4), with a chain comparison of + 11.14pct.
In line with the development trend of components in the future, the company speeds up the research and development of new products. The new adhesive film can meet the long-term weather resistance of high-efficiency battery modules in high temperature and high humidity environment. With the continuous increase in the proportion of n-type batteries, the special Poe adhesive film developed for n-type batteries has been tested by customers and is expected to accelerate the realization of large-scale sales.
The shipment volume of photosensitive dry film has increased significantly in 21 years, and the market share of the company will continue to increase. In 21 years, the company sold 103 million square meters of photosensitive dry film, a year-on-year increase of + 136.79%. According to our calculation, the shipment volume of 21q4 is about 30 million square meters, and the unit price of photosensitive dry film excluding tax is about 4 ~ 5 yuan / square meter. The company’s Jiangmen project with an annual output of 420 million square meters of photosensitive dry film and 24000 tons of alkali soluble resin has begun preparations. It is expected to form a double base coverage in East China and South China in the next three years.
Investment suggestion: we expect the net profit attributable to the parent company in 22-24 years to be RMB 2.607/3.521/4.085 billion, yoy + 18.7% / + 35.1% / + 16.0%, and EPS to be RMB 2.74/3.70/4.30 respectively. Maintain the “buy” rating.
Risk tip: the market competition intensifies, the installed capacity of photovoltaic is less than expected, and the overseas sales volume is less than expected
