\u3000\u3 China Vanke Co.Ltd(000002) 080 Sinoma Science & Technology Co.Ltd(002080) )
The performance in 2021 is in line with expectations, and H2 profit side is under slight pressure
In 2021, Sinoma Science & Technology Co.Ltd(002080) revenue was 20.295 billion yuan, a year-on-year increase of + 8.5%; The net profit attributable to the parent company was 3.373 billion yuan. Year on year + 64.4%, deducting non net profit of RMB 2.573 billion, year on year + 42.52%. The gross profit margin was 30.00%, with a year-on-year increase of + 2.88pct, mainly benefiting from the structural optimization and large demand of glass fiber and diaphragm products; However, the company’s H2 gross profit margin was 27.22%, down 6.01pct month on month, mainly due to the squeeze of leaf volume and price. We believe that the company’s performance is in line with expectations, and there is room for improvement in the three main industries. We raised the profit forecast for 2022 / 2023 and added the profit forecast for 2024. It is expected that the net profit attributable to the parent company from 2022 to 2024 is expected to reach 3.771 (+ 0.21) / 4.437 (+ 0.25) / 5.075 billion yuan, EPS is 2.25/2.64/3.02 yuan / share respectively, and the current share price corresponds to 11.3/9.6/8.4 times of PE respectively, maintaining the “buy” rating.
The diaphragm business ushered in a profit inflection point, and the optimization of customer and product structure drove both volume and price to rise
(1) the construction of production capacity continued to advance. In the second half of 2021, Hunan production base 17-20 and Tengzhou phase II 5-6 advanced production capacity were all released, with strong demand and orderly release of production capacity driving the rapid increase of shipments. In 2021, the sales volume of diaphragm a products of the company was 680 million square meters, with a year-on-year increase of 76%, realizing a net profit of 88 million yuan, turning losses into profits and ushering in a profit turning point. In the future, it is planned to add a total of 2.64 billion square meters of production capacity, providing a basis for large-scale production. In terms of product structure, the coating capacity and technical layout of the company have made rapid progress, which is expected to further improve the product structure; (2) Actively optimize the customer structure and determine the strategic cooperation relationship with Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) and other head battery enterprises; (3) The process of going to sea has been accelerated, and the two major customers in South Korea have realized batch supply. We believe that the company’s diaphragm products are expected to achieve both volume and price.
The prosperity of glass fiber business is rising, and the market share of wind power business is expected to increase
Glass fiber: in the middle of 2021, the demand of Shanxi Guoxin Energy Corporation Limited(600617) automobile, building energy conservation, electronics and electrical appliances, wind power and other fields increased, superimposed with the recovery of overseas demand, and the industry maintained a high economic development trend throughout the year, with both volume and price rising. The boom is expected to continue in 2022. Wind power blade: with the decline of bidding price and the rise of raw material price, the cost pressure increases. In 2021, the wind power business realized the sales of wind power blades of 11.4gw, with a net profit of 510 million yuan Sinoma Science & Technology Co.Ltd(002080) continued product research and development, and the product development has realized the series promotion from 1.0mw-14.0mw platform, with obvious weight reduction, and the wind power blade shows the trend of large-scale; Continue to promote capacity layout, promote capacity growth outside China, strengthen user cooperation, pay close attention to the offshore wind power market, comprehensively improve product competitiveness and sustainable delivery capacity, and seize the absolute market share.
Risk tip: the sales volume of new energy vehicles is lower than expected, the company’s production expansion progress is lower than expected, and the industry competition is intensified
