\u3000\u3 China Vanke Co.Ltd(000002) 080 Sinoma Science & Technology Co.Ltd(002080) )
The company released its annual report for 2021 on March 17, with a revenue of 20.3 billion yuan, an increase of 7.6% at the same time; The net profit attributable to the parent company was 3.37 billion yuan, an increase of 64.5% at the same time; EPS2. 01 yuan / share. In 2021, the glass fiber industry was highly prosperous, and the company's glass fiber production, sales and profits reached a new high; Wind power blade business under pressure; The integration of lithium membrane business was completed and the release of capacity was accelerated.
Key points supporting rating
The company's revenue was in line with expectations, and its profit increased year-on-year: in 2021, the company's revenue was 20.3 billion yuan, an increase of 7.6% at the same time; The net profit attributable to the parent company was 3.37 billion yuan, an increase of 64.5% at the same time. The revenue of the company's three main businesses of glass fiber, blade and lithium film increased by 27.8%, 22.3% and 95.4% year-on-year.
Glass fiber: the industry is booming, and the market share of leading enterprises has increased: in 2021, the average price of 2400 glass fiber winding direct yarn remained at a high level of 6 Macrolink Culturaltainment Development Co.Ltd(000620) 0 yuan / ton, up about 10% year-on-year. Driven by price, glass fiber manufacturers have strong willingness to expand production, and the new production capacity is concentrated in leading enterprises. The company expects the new ignition capacity to be 160000 / 150000 tons in 2021 / 2022, and the industry concentration is expected to be further improved.
Wind power: the industry has been improving for a long time, and the leading position of the company is stable. During the 14th Five Year Plan period, the demand for wind power blades has changed from high-speed growth to steady growth. At the same time, the proportion of offshore wind power has increased, and the trend of large-scale blades is obvious. The company promotes the "two seas strategy", develops large-scale offshore blades and actively expands overseas markets, with a solid leading position.
Lithium membrane: as the third major business of the company, it has been cultivated and developed rapidly: during the year, the company's lithium membrane business integration was completed, the existing capacity of lithium membrane base membrane exceeded 1 billion square meters, and a total of 2.64 billion square meters of new capacity is under construction.
Valuation
The company's performance is in line with expectations, and we slightly adjust our profit forecast. It is estimated that the company's revenue from 2022 to 2024 will be 22.79 billion yuan, 25.94 billion yuan and 29.06 billion yuan; The net profit attributable to the parent company was 3.88 billion yuan, 4.37 billion yuan and 4.87 billion yuan respectively; The EPS is 90.2 yuan and 61.2 yuan respectively. Maintain the company's buy rating.
Main risks of rating
The production capacity of glass fiber was put into operation more than expected, the offshore wind power continued to be depressed, and the capacity digestion of lithium film was less than expected.
