\u3000\u3 China Vanke Co.Ltd(000002) 245 Jiangsu Azure Corporation(002245) )
Main points:
Event: the company released its annual report for 2021, and achieved an operating revenue of 6.68 billion yuan, a year-on-year increase of 58%; The net profit attributable to the parent company was 670 million yuan, a year-on-year increase of 141%; Deduct non net profit of 583 million yuan, an increase of 215% year-on-year; The gross profit margin was 20.42%, with a year-on-year increase of 4.28pct; The net profit margin of sales was 10.62%, with a year-on-year increase of 3.98pct. The results of the annual report fall within the scope of the notice previously issued by the company, which is in line with expectations.
The profitability of lithium battery business has been continuously enhanced, with both volume and price rising, and there is great promise in the future
In 21 years, the company shipped 390 million lithium batteries, with a year-on-year increase of 66%, and the unit price was about 6.9 yuan / piece, with a year-on-year increase of 13%; The revenue of lithium battery business was 2.674 billion yuan, with a year-on-year increase of 85%, and the gross profit margin was 28.23%, with a year-on-year increase of 4.68 PCT; During the reporting period, the lithium battery business maintained a good situation of simultaneous increase in volume and price under the adverse factors of raw material price rise, showing the company’s competitiveness and capacity release ability in the industry; Metal logistics business maintained steady growth; Led business turns losses into profits.
The net profit attributable to the parent company of 21q4 was 165 million yuan, which was basically the same month on month, with high-quality customers and smooth cost transmission
21q4 achieved a net profit attributable to its parent company of 165 million yuan, a decrease of 01 million yuan compared with Q3, and the gross profit margin decreased by 3.7pct, mainly due to the higher than expected price rise of lithium battery raw materials. Under the influence of adverse factors, relying on the strong competitiveness of its products and high-quality customers, the company smoothly raised the sales price of lithium batteries and reduced the cost increase caused by the rise of some raw materials.
Stable expansion of production capacity and locking of large orders ensure the company’s performance cashing ability
The company’s production capacity will expand steadily after the fixed increase is funded. Zhangjiagang phase II project is about to reach production capacity, with a production capacity of 700 million; Huai’an phase I project is expected to be put into operation in 22q3, and the company’s production capacity will reach 1.25 billion after reaching the production capacity. In addition, the company recently announced and confirmed Bosch’s order of 87 million ternary cylindrical batteries in 22 years Stanley Agriculture Group Co.Ltd(002588) Baide’s orders for ternary cylindrical lithium batteries in 22 / 23 / 24 years are 120 / 240 / 280 million, and the 22-year upper limit can be increased to 200 million. The continuous orders of key customers show that the company’s products are highly recognized by customers, providing a solid foundation for the company’s performance fulfillment ability.
Investment suggestion: Based on the better demand for high-end tool lithium battery, the company’s stable capacity expansion, high-quality customers and strong product cost transmission ability, the net profit attributable to the parent company in 22 / 23 / 24 years was raised to 987 / 1643 / 2.191 billion yuan respectively, and the corresponding PE was 24 / 14 / 11 times respectively, maintaining the “buy” rating.
Risk tip: the production capacity is not progressing as expected; Falling product prices; Downstream demand is lower than expected
