\u3000\u3 China Vanke Co.Ltd(000002) 484 Nantong Jianghai Capacitor Co.Ltd(002484) )
The revenue of 4q21 hit a new high in a single quarter, and the rise of aluminum price and electricity price squeezed the profit space. In 21 years, the company's revenue was 3.55 billion yuan (YoY: 34.7%), the net profit attributable to the parent was 435 million yuan (YoY: 16.7%), and the net profit attributable to the parent after deduction was 412 million yuan (YoY: 42.1%); Among them, the revenue of 4q21 is 967 million yuan (QoQ: 5.4%, yoy: 9.2%), the net profit attributable to the parent is 109 million yuan (QoQ: - 11.2%, yoy: - 28.7%), and the net profit attributable to the parent after deduction is 98 million yuan (QoQ: - 17.7%, yoy: 8.3%). The strong market demand for new energy, industrial control, etc. led the company's 4q21 revenue to a record high in a single quarter, but the rise of aluminum price and electricity price squeezed the profit space to a certain extent. At the same time, the non recurring profit and loss decreased by 51 million yuan year-on-year, resulting in the year-on-year decline of the company's 4q21 net profit attributable to the parent company.
The company continued to promote internal cost reduction and efficiency increase to cope with the pressure of rising costs. In 21 years, the gross profit margin of the company decreased by 1.94 PCT to 25.93% year-on-year, of which the gross profit margin of 4q21 decreased by 0.19 PCT year-on-year and 3.80 PCT to 22.43% month on month, mainly due to the rise in the price of raw materials and the increase in the price of electricity for foil. In this context, the company continued to promote internal cost reduction and efficiency increase. During the 21 years, the cost rate decreased by 2.50pct to 12.13% year-on-year, of which the cost rates of sales, management, R & D and finance decreased by 0.03, 1.38, 0.31 and 0.78pct year-on-year respectively.
The global competitiveness of "fist" products aluminum electrolytic capacitors is increasing day by day. In 2021, the company's revenue of aluminum electrolytic capacitors was 2.847 billion yuan (YoY: 38.7%), of which the industrial category accounted for more than 75%. The high revenue growth of aluminum electrolytic capacitors is due to the stable increase of stock market share and the gradual development of customers in emerging markets. Seven of the world's top ten photovoltaic inverter manufacturers have become corporate customers. In addition, the technical performance, industrialization and other indicators of Hubei Haicheng MLPC products have reached the expected target, with an average shipment of 6.6 million in 21 months.
There is a strong demand for thin film capacitors in the new energy market, which is expected to contribute 4.5 billion yuan of market space in 2022. In 2021, the company's film capacitor revenue was 224 million yuan (YoY: 15.3%), of which YOUPU steadily promoted cost control and quality control; Xinjianghai power output increased by 50%; Haimei thin film capacitor for electric vehicle drive has won the bid of several automobile brands and electric driver manufacturers. We are optimistic that the rapid development of new energy will continue to push up the demand for thin-film capacitors. It is expected that new energy vehicles, optoelectronics, wind power and energy storage will contribute 3.66 billion yuan, 5.5-6.0 billion yuan, 260 million yuan and 35 million yuan to the global thin-film capacitor market in 2022.
The application of super capacitor is gradually tamped. In 2021, the revenue of super capacitor was 240 million yuan (YoY: 47.3%). The company consolidated the application of super capacitor in mature markets such as smart meter, rail transit and power grid. At the same time, it opened up pilot projects in the fields of port machinery, mining equipment, power grid frequency modulation, oil to electricity, electric bus and so on.
Investment suggestion: we are optimistic that the company will fully enjoy the explosion of demand in the new energy market. At the same time, film capacitors and supercapacitors will expand their production. It is expected that the revenue in 22-24 years will increase by 20.8% / 20.6% / 19.6% to 42.87/51.68/6.181 billion yuan year-on-year, and the net profit attributable to the parent company will increase by 29.2% / 23.9% / 21.7% to 5.62/6.96/847 billion yuan year-on-year, with a corresponding PE of 35.3/28.5/23.4 times, maintaining the "buy" rating.
Risk warning: the demand is less than expected; Industry competition intensifies; New business development was less than expected.
