\u3000\u3 China Vanke Co.Ltd(000002) 709 Guangzhou Tinci Materials Technology Co.Ltd(002709) )
Event overview. On March 22, 2022, the company released the annual report of 2021. The annual revenue was RMB 11.091 billion, with a year-on-year increase of 67.46%, and the net profit attributable to the parent was RMB 2.208 billion, with a year-on-year increase of 42.14%. After deduction, the net profit attributable to the parent was RMB 2.169 billion, with a year-on-year increase of 43.61%. The results of the annual report are in the median value of 2.100-2.300 billion yuan in the performance forecast, and the overall performance is in line with expectations.
The company's Q4 revenue reached a new high. Revenue and net profit: the company's 2021q4 revenue was 4.468 billion yuan, an increase of 213.86% and a ring increase of 52.82%, and the net profit attributable to the parent was 655 million yuan, an increase of 441556% and a ring decrease of 15.09%. The net profit attributable to the parent after deduction was 659 million yuan, an increase of 515084% and a ring decrease of 11.51%. Gross profit margin: the gross profit margin in 2021q4 was 29.08%, with an increase of 6.04pct and a decrease of 14.39pct. Net interest rate: the net interest rate of 2021q4 was 14.95%, an increase of 14.68pct and a decrease of 13.30pct. Expense rate: during 2021q4, the expense rate of the company was 6.82%, with a year-on-year rate of -1.00pct, of which the expense rates of sales, management, R & D and finance were 0.17%, 2.86%, 3.64% and 0.15% respectively, with a year-on-year change of 3.58pct, -3.20pct, 0.06pct and -1.44pct. The sales expense rate is the same as that of the original increase, because the freight of 20q4 is adjusted to the operating cost.
Integrated layout + rapid release of production capacity and consolidate the leading position of electrolyte. The company has an integrated layout, with a capacity of 1.32 million tons under construction in 21 years, covering electrolyte, 6F, lifsi and many additives. The company sold 224000 tons of lithium battery materials in 21 years, with a year-on-year increase of 153%. In terms of lifsi, it has good thermal stability and strong hydrolysis stability, and is more suitable for the ternary route with high nickel. With the large volume of 4680 cylindrical batteries, the addition proportion of lifsi will increase, and the company's capacity will continue to expand, which will benefit. In terms of additives, the company will expand the annual production of 20000 tons of VC, and also make a layout in terms of additives such as difluoro, DTD, lidfp and libodfp, so as to consolidate the leading position of integration.
The multi-dimensional layout of iron phosphate is expected to be large-scale in 22 years. The company's iron phosphate business is in the development period, and the 100000 ton iron lithium battery recovery project and the 300000 ton iron phosphate project (phase I) are advancing steadily. The company will produce iron phosphate with large units, and will see a large amount in 22 years to meet the shortage of iron phosphate in the market.
Investment suggestion: considering the rapid expansion of the company's production and the increase of integrated superposition volume, we estimate that the net profit attributable to the parent company in 20222024 will be 5.289 billion yuan, 6.426 billion yuan and 8.456 billion yuan, with a year-on-year increase of 140%, 22% and 32% respectively. The current share price corresponds to 19, 15 and 12 times of PE in 20222024. Considering that the company is the leader of electrolyte, maintain the "recommended" rating.
Risk tip: the penetration rate of new energy vehicles is lower than that of new energy vehicles, the price of raw materials fluctuates, and the price of electrolyte drops rapidly.
