\u3000\u3 Shengda Resources Co.Ltd(000603) 659 Shanghai Putailai New Energy Technology Co.Ltd(603659) )
The equity incentive scheme will be implemented in 2022, which is conducive to the long-term development of the company. The company plans to implement the equity incentive plan in 2022. It plans to grant 7.4383 million shares, accounting for 1.07% of the total share capital, including 6.37 million stock options and 1.0683 million restricted shares, to 78 directors, senior executives and core backbone. The exercise price of the granted stock options is 138.68 yuan / share (the average transaction price of the day before the announcement), and the grant price of restricted shares is 69.34 yuan / share (the average transaction price of the day before the announcement is 50%). The company specifies the assessment at the corporate and individual levels. The assessment of restricted shares requires that the operating revenue in 20222024 should not be less than 12.5/16.5 billion yuan respectively, with a year-on-year increase of 32% / 30% in 20232024. The assessment of equity options requires that the net profit in 20222024 should not be less than 2.6/4 billion yuan respectively, with a year-on-year increase of 54% / 35% in 20232024.
The newly added expenses from 2022 to 2025 need to be amortized by about 66 million yuan in 2022. Assuming that the company grants restricted shares and stock options at the end of April 2022, according to the company’s calculation, 0.66/0.64/0.3/0.07 billion yuan will be apportioned from 2022 to 2025, which will be disbursed in recurring profits and losses.
The expansion of negative electrode capacity accelerated, and the release of capacity accelerated from 2022 to 2023, supporting the continuous high growth of the company’s performance. With the release of 60000 tons of pre process capacity in Jiangxi by the end of 2021, we expect the negative electrode capacity of the company to reach 150000 tons; The company plans to build a 200000 ton / year negative electrode material integration project in Qionglai, Sichuan, of which phase I is 100000 tons. We expect that it will be put into operation in the second half of 2022, and the company’s production capacity will reach 250000 tons by the end of 2022. The company has increased the graphite production capacity. At present, the graphitization production capacity of the company is 65000 tons, and the graphitization production capacity of Inner Mongolia phase II is 50000 tons. After the graphitization is completed and put into operation, the graphitization production capacity of the company will exceed 110000 tons, and the proportion of self supply will be further increased. With the release of new production capacity, we expect the company’s shipment volume to reach 160000180000 tons in 2022, with a year-on-year increase of 60% +.
The diaphragm is bound to major downstream customers. The shipment in 2022 is expected to increase year-on-year, and the integrated layout is accelerated. The company’s diaphragm business is deeply bound to Contemporary Amperex Technology Co.Limited(300750) . We expect the company’s annual shipment to reach about 2 billion Ping in 2021, with a year-on-year increase of 200%; In terms of profitability, we expect the single level profit to maintain 0.2 yuan / level +. In terms of integration, the company’s base membrane is progressing smoothly, the Liyang Yuequan base membrane production line is running stably, the product qualification rate and comprehensive through rate continue to improve, and has 5 μ M ultra thin film production capacity. On the other hand, the domestic PVDF coating material and PAA binder independently developed by the company achieved a breakthrough, completed the product introduction of key customers, and further reduced customer costs. With the implementation of the production capacity of Ningde zhuogo, Sichuan Qionglai and Guangdong Zhaoqing, the company expects to form a diaphragm coating capacity of more than 4 billion m2 and 6 billion m2 in 2022 and 2025 respectively. We expect the company’s shipment to reach 3.5-4 billion m2 in 2022, nearly doubling year-on-year growth.
Profit forecast and investment rating: considering that the graphitization shortage will continue to 2022, we expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 1.788/30.07/4.219 billion, with a year-on-year growth rate of 168% / 68% / 40%, corresponding to PE of 54 / 32 / 23 times. We will give 50xpe in 2022, corresponding to the target price of RMB 216.5, and maintain the “buy” rating.
Risk tip: the sales volume is lower than expected and the profit level is lower than expected
