\u3000\u3 Shengda Resources Co.Ltd(000603) 806 Hangzhou First Applied Material Co.Ltd(603806) )
Announcement:
Hangzhou First Applied Material Co.Ltd(603806) ( Hangzhou First Applied Material Co.Ltd(603806) . SH) released the 2021 annual report, and the company's revenue in 21 years was 12.858 billion yuan, an increase of 53.20% at the same time; The net profit attributable to the parent company was 2.197 billion yuan, a year-on-year increase of 40.35%; Deduct non net profit of RMB 2.140 billion, an increase of 40.67% at the same time.
Split into a single quarter, the company Q4 achieved a revenue of 3.928 billion yuan, an increase of 34% at the same time; The net profit attributable to the parent company was 860 million yuan, an increase of 24% at the same time; Deduct non net profit of 836 million yuan, an increase of 24% at the same time.
Comments:
In the 21st year, the leading position of adhesive film was stable + the amount of photosensitive dry film began to increase, and the growth rate of the company's revenue side was bright. Looking forward to 22 years: 1. The leading position of adhesive film is stable, and it is expected to remain in the leading position in the future. The company's 21-year film shipments totaled 968 million square meters, an increase of 11.85%. Based on the global installed capacity of 150gw + capacity ratio of 1.15, the corresponding market share is 56%. In the past 22 years, the company firmly implemented the photovoltaic film production expansion strategy, accelerated the construction of Chuzhou, Jiaxing and overseas bases, and strive to increase the photovoltaic film production capacity by 300 ~ 400 million square meters during the year, with the market share expected to remain high.
2. Thanks to the pricing power, the film is expected to maintain high profitability. In the whole year of 21, the average price of adhesive film was 11.89 yuan / flat, the single flat cost was about 8.84 yuan / flat, and the gross profit margin was 25.66%, a year-on-year decrease of 3.38 PCTs. The main reason is that the cost of raw materials increased + freight was included in the operating cost. After deducting the impact of freight, the gross profit decreased by 2.68 PCTs, which was basically flat year-on-year, reflecting strong cost control ability. Thanks to the leading pricing power, the film business is expected to maintain high profitability in 22 years.
3. With the rapid development of photosensitive dry film, the company is optimistic about becoming a new material platform technology company. Photosensitive dry film shipped 103 million square meters in the whole year of 21 years, with an increase of 137%, the average price was about 4.32 yuan / square meter, and the gross profit margin was about 16.51%, with a decrease of 3.11 PCTs (the gross profit was basically the same after deducting the impact due to the freight and operating cost). In the future, the company will speed up the production expansion of photosensitive dry film and alkali soluble resin, the core raw material, and promote the construction of electronic material production base in South China. In addition, breakthroughs have been made in aluminum-plastic film, FCCL and water treatment film support materials. The company will accelerate mass production. It is expected that the company can become a platform technology company for new materials in the future.
Investment suggestion: the leading position of adhesive film is stable + the excess profit is stable, the expected volume and price rise in 22 years, and the photosensitive dry film opens the second growth curve of the company's electronic materials. It is estimated that the operating revenue of Hangzhou First Applied Material Co.Ltd(603806) 22, 23 and 24 years will be 19.523 billion yuan, 26.723 billion yuan and 32.055 billion yuan respectively, and the net profit attributable to the parent company will be 2.90 billion yuan, 3.70 billion yuan and 4.43 billion yuan respectively. The growth rate of net profit attributable to the parent company will be 32.05%, 27.63% and 19.64%, and the corresponding PE will be 41, 32 and 27 times respectively. Maintain a "recommended" rating.
Risk warning: the downstream demand is less than the expected risk, and the company's production capacity is less than the expected risk
