\u3000\u3 China Vanke Co.Ltd(000002) 709 Guangzhou Tinci Materials Technology Co.Ltd(002709) )
Core conclusion
Event: the company released its annual report for 21 years, with an operating revenue of 11.091 billion yuan in 21 years, a year-on-year increase of + 169.26%; The net profit attributable to the parent company was 2.208 billion yuan, a year-on-year increase of + 314.42%. In a single quarter, the revenue of 21q4 company was 4.468 billion yuan, a year-on-year increase of + 213.86% and a month on month increase of + 52.82%; The net profit attributable to the parent company was 655 million yuan, with a year-on-year increase of + 441556% and a month on month increase of - 15.09%.
In the 21st year, the performance increased with the expansion of new energy, the cost control ability improved during the period, and the overall performance was in line with expectations. Affected by the strong growth of global new energy vehicle industry and downstream customer demand, the sales volume and price of lithium-ion battery material electrolyte products of the company have increased significantly year-on-year. At the same time, with the help of industry development opportunities, the company has accelerated the production capacity, highlighted its competitive advantage under the vertical integration strategy, continuously improved the self-production rate of raw materials of the company's products, and significantly improved its overall profitability. The gross profit margin was stable in 21 years, and the net profit margin was 20.08%, with a year-on-year increase of + 8.65pct. The company's ability to control fees has improved significantly. In 2021, the company's expense ratio (excluding R & D expenses) for the three periods totaled 7.64%, with a year-on-year increase of -5.71pct. The overall performance is in line with expectations.
The demand of electrolyte market is rising, the shipment volume of Tianci takes the first place, and the production capacity is expanding rapidly. The global demand for electrolyte is growing rapidly. At present, China's electrolyte shipments account for more than 80% of the world, of which Tianci accounts for more than 25% of China's share. It is the company with the largest market share in China. At present, Tianci has a production capacity of about 206000 tons of lithium-ion battery materials, and the production capacity under construction is 1232000 tons. It also extends the industrial chain upward and arranges the production capacity of liquid hexafluoride, gaining cost advantages.
Investment suggestion: it is estimated that the company will realize revenue of 25.4533444845.318 billion yuan and net profit attributable to parent company of 4.912/64.57/8.120 billion yuan from 2022 to 2024, with a year-on-year increase of + 122.4% / 31.4% / 25.8%, and corresponding EPS of 5.12/6.73/8.46 yuan respectively.
Risk tip: the sales volume of new energy vehicles is lower than expected; Industry competition intensifies; The price of the product is lower than expected; The epidemic situation is repeated.
