\u3000\u3 China Vanke Co.Ltd(000002) 080 Sinoma Science & Technology Co.Ltd(002080) )
Event:
The company released its annual report for 2021, and achieved an operating revenue of 20.295 billion yuan, an increase of 7.58% at the same time; The net profit attributable to the parent company was 3.373 billion yuan, an increase of 65.40% at the same time; Deduct the net profit not attributable to the parent company of RMB 2.573 billion, an increase of 42.52% at the same time. In the fourth quarter alone, the company’s revenue was 5.653 billion yuan, down 3.86% at the same time; The net profit attributable to the parent company was 726 million yuan, an increase of 41.80% at the same time; Deduct the net profit not attributable to the parent company of 250 million yuan, with a decrease of 36.30%.
Comments:
The company’s performance growth is mainly driven by glass fiber business. In the past 21 years, thanks to the continuous development of demand in Shanxi Guoxin Energy Corporation Limited(600617) automobile, building energy conservation, electronics and electrical appliances, wind power and other fields, and the recovery of overseas demand, the glass fiber industry continued to be booming and the price showed strong toughness. The company is also steadily promoting the construction of production capacity. In September and December 2021, the company put into operation F09 roving yarn in manzhuang New Area (with an annual output of 90000 tons) and zf06 spinning yarn in Zoucheng (with an annual output of 65000 tons). At present, the company’s glass fiber production capacity has reached 1.2 million tons / year. In the whole year, 1.11 million tons of glass fiber and its products were sold, with an operating revenue of about 8.97 billion yuan and a net profit of 2.89 billion yuan. By product caliber, the gross profit margin of this sector was 42.73%, with an increase of 11.42pct.
In 2022, the glass fiber industry still maintained a high outlook from January to February. The strong downstream demand supported the steady rise in the price of glass fiber roving, and the prices of individual varieties increased slightly. At present, the supply and demand pattern of glass fiber is still tight, which will support the performance of the company.
Wind power blade business is temporarily under pressure and expands production capacity against the trend. Under the guidance of the “double carbon” policy, after the rush tide of wind power installation receded in 2020, the demand for land wind did not decline significantly, while the sea wind ushered in the rush tide again, and the industry demand is still strong. However, due to intensified competition, the bidding price of wind power decreased significantly year-on-year, driving the price of wind power blades to adjust downward. In addition, due to the rising cost of raw materials, the profitability of the company’s wind power blade business is challenged. During the reporting period, the company sold a total of 11.4gw wind power blades, realizing a sales revenue of 7.05 billion yuan and a net profit of 510 million yuan. By product caliber, the gross profit margin of this sector was 15.76%, down 8.17pct at the same time.
At the time of the industry downturn, the company expanded against the trend in order to further improve the market share. At present, the company has seven wind power blade industrial bases in Funing, Jiangsu, Handan, Hebei, Pingxiang, Jiangxi, Jiuquan, Gansu, Xilinhot, Inner Mongolia, Baicheng, Jilin and Xing’an League, Inner Mongolia. The company announced in March 2021 that it planned to invest 380 million yuan in Yulin City, Shaanxi Province to build the “annual output of 300 sets of wind power blade manufacturing base project”; Invest 490 million yuan in Yangjiang City, Guangdong Province to build the “annual output of 200 sets of offshore wind power blade manufacturing base project”.
The capacity layout of lithium diaphragm is accelerated, and the revenue scale is 10 billion yuan: in 21 years, the company’s Sinoma lithium film has completed asset integration with Hunan Sinoma lithium, and has a production capacity of more than 1 billion square meters of base film. During the reporting period, the company sold 680 million square meters of lithium film a products, with a year-on-year increase of 76%, realizing a sales revenue of 1.17 billion yuan and a net profit of 88 million yuan.
With the promotion of new energy vehicles in the later stage and the application and development of energy storage batteries under the background of “carbon neutralization”, the market prospect of lithium battery diaphragm is broad. At present, the company is comprehensively promoting the construction of new projects in the lithium film industry and accelerating the expansion of production capacity. Tengzhou phase II project is expected to be completed and put into operation in the first half of 2022; At the same time, Nanjing base project, Inner Mongolia phase II and phase III projects and Tengzhou phase III projects are being prepared, with a total new production capacity of 2.64 billion square meters. During the “14th five year plan” period, the company plans to form n production bases with production capacity of 1 billion square meters and march into the scale of 10 billion income
High pressure composite cylinder is expected to become a new performance growth point of the company. At present, high-pressure hydrogen storage cylinders are mainly used in the field of commercial vehicles and UAVs. The sales of high-pressure gas cylinders in the same company increased by 23.86% in 2021; 342500 industrial gas cylinders were sold, an increase of 17.49% at the same time; The high-pressure gas cylinder segment realized an operating revenue of 578 million yuan, an increase of 27.27% Sinoma Science & Technology Co.Ltd(002080) (Suzhou) Co., Ltd. is the main operator of the company’s high-pressure composite gas cylinder, with a net profit of 53 million yuan in 2021. The company continues to increase research and development, systematically master the complete set of technology of 70MPa type III hydrogen cylinder and realize product certification and demonstration application, as well as the core key technology of 70MPa type IV hydrogen cylinder industrialization.
Profit forecast, valuation and rating: the high-profile gas trend of glass fiber is still continuing. The company’s layout in the field of new energy materials such as wind power blades, lithium diaphragm and high-pressure composite gas cylinders is deepening, and the future growth is full of highlights. Out of careful consideration for the maintenance time of the high prosperity state of the glass fiber industry, we slightly lowered the company’s EPS forecast for 22-23 years to 2.27 and 2.39 yuan respectively (2.16% and 6.64% lower than the last time), and increased the EPS forecast for 24 years to 2.92 yuan. We continue to be optimistic about the company’s long-term growth and maintain the “buy” rating.
Risk tip: the demand for glass fiber is less than expected, the price of wind power blades and glass fiber is at risk of falling, the production capacity of wind power blades and lithium battery diaphragm is less than expected, and the price of raw materials is rising.
