\u3000\u3 China Vanke Co.Ltd(000002) 709 Guangzhou Tinci Materials Technology Co.Ltd(002709) )
Main points:
Event: the company released its annual report for 2021, and achieved an annual operating revenue of 11.091 billion yuan, a year-on-year increase of 169%; The net profit attributable to the parent company was 2.208 billion yuan, a year-on-year increase of 314%; Deduct non net profit of RMB 2.17 billion, with a year-on-year increase of 311%; The gross profit margin was 34.98%, with a year-on-year increase of 0.01pct; The net profit margin of sales was 20.80%, with a year-on-year increase of 8.65pct. 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 volume and price of electrolyte business increased simultaneously, and the performance increased significantly
In 21 years, the company shipped more than 144000 tons of electrolyte, with a year-on-year increase of 97%; It is estimated that the annual unit price of electrolyte is about 6 Shenzhen Sdg Information Co.Ltd(000070) 000 yuan / ton, the net profit per ton is about 1 Eve Energy Co.Ltd(300014) 000 yuan, and the corresponding net profit is about 2.1 billion yuan; The daily chemical business has achieved an operating revenue of 1.1 billion yuan and a net profit of 200 million yuan is expected; In addition, the provision for asset impairment loss was 142 million yuan and credit impairment loss was 22 million yuan. Benefiting from the increase in both volume and price of electrolyte business during the reporting period, the company's performance achieved a significant growth, which was in line with expectations as a whole.
The net profit attributable to the parent company in 21q4 was 655 million yuan, a slight decrease month on month, which was due to the purchase of hexafluoride and the provision for impairment
The shipment of 21q4 electrolyte was about 50000 tons, an increase of 47% month on month; The company achieved a revenue of 4.5 billion yuan, an increase of 53% month on month, and a net profit attributable to the parent company of 655 million yuan, a decrease of 15% month on month. The reason is that the company's new hexafluoride production capacity has not fully released the production capacity, the electrolyte shipment increased significantly in the fourth quarter, and the proportion of purchased hexafluoride increased. In addition, the company's provision for asset impairment loss affected the profit.
Electrolyte integration continues to be promoted to create cost advantages, and iron phosphate is expected to contribute to performance increment
As a leader in the electrolyte industry, the company deeply arranges hexafluoride, additives and other links for industrial integration to create cost advantages. Electrolyte, with an existing capacity of 310000 tons / year, is expected to reach 510000 tons / year in 22 years, and the total planned capacity will reach 700000 tons / year; Hexafluoride, the existing production capacity is converted into 32000 T / A, and it is expected to be put into operation in 22 years, with a fixed production capacity of 30000 T / A, and the self supply rate continues to increase; Lifsi has reached a stable production state, with an existing capacity of 6300 tons / year, 10000 tons / year in 22 years, and a total planning of more than 60000 tons. The expansion of iron phosphate production capacity is stable. The company plans to build a 300000 t / a iron phosphate production capacity, and the phase I 100000 t / a project has been under construction, which is expected to contribute to the performance increment of the company.
Investment suggestion: Based on the stable capacity expansion and strong release capacity of the company; The price center of related products remains high; In addition, the company's in-depth layout and the integration of electrolyte industry chain have significant cost advantages. The net profit attributable to the parent company in 22 / 23 / 24 years was increased to RMB 4.624/56.09/6.795 billion respectively, and the corresponding PE was 21 / 18 / 15 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
