\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 563 Xiamen Faratronic Co.Ltd(600563) )
The company released the annual report of 2021, which is in line with the expectation. In 2021, the company achieved an operating revenue of 2.811 billion yuan, a year-on-year increase of + 49%; The net profit attributable to the parent company was 831 million yuan, a year-on-year increase of + 50%; Deduction of net profit not attributable to the parent company was 735 million yuan, a year-on-year increase of + 51%. Close to the median of the disclosure scope of the performance pre increase announcement, the performance is in line with expectations.
The driving force of downstream is strong, and the entrepreneurship performance of 21q4 is a new high
21q4 achieved an operating revenue of 790 million yuan, a year-on-year increase of + 42% and a month on month increase of + 7%; The net profit attributable to the parent company was 279 million yuan, a year-on-year increase of + 48% and a month on month increase of + 49%. The high performance growth is mainly due to the strong demand in electric vehicles, photovoltaic and other fields. With the rise of C-end consumption of electric vehicles, the sales volume of new energy vehicles in China was about 3.52 million in 21 years, a year-on-year increase of + 158%; 21q4 sold about 1.36 million vehicles, with a year-on-year increase of + 124% and a month on month increase of + 44%. In Europe, the sales volume of new energy vehicles was about 2.19 million in 21 years, a year-on-year increase of + 73%; The sales volume of 21q4 was about 660000, with a year-on-year increase of + 24% and a month on month increase of + 26%. Photovoltaic wind power: in China, the new installed capacity of photovoltaic wind power in 21 years was about 101gw, a year-on-year increase of – 15%; The newly installed capacity of 21q4 photovoltaic wind power is about 59gw, with a year-on-year increase of – 32% and a month on month increase of + 228%. Overseas, the export amount of inverter in 21 years was about US $5.1 billion, a year-on-year increase of + 47%; The export value of 21q4 inverter was about US $1.6 billion, a year-on-year increase of + 33%; + 15% month on month.
Profitability gradually recovered
Affected by the price rise of raw materials, the company’s annual gross profit margin fell to 42.1%, of which the gross profit margin of Q4 rose 1.0pct to 41.4% compared with Q3. The company’s non net profit margin for the whole year was 26.1%, year-on-year + 0.4pct, basically unchanged; The non net interest rate deducted in 21q4 was 26.7%, with a year-on-year increase of + 1.1pct and a month on month increase of + 2.5pct. In 2021, the company’s non recurring profit and loss was about 95 million yuan, a year-on-year increase of + 39%, mainly due to the significant increase in the income from changes in fair value of the company’s investment funds, financial products and other financial products.
High quality track momentum remains strong, contributing to high performance growth
From January to February of 22, the demand for electric vehicles and photovoltaic wind power remained strong. Among them, the sales of electric vehicles in China and Europe were about 770000 and 300000 respectively, with a year-on-year increase of + 167% and + 33%. The total new installed capacity of photovoltaic and wind power in China was about 16.6gw, with a year-on-year increase of + 143%. The export amount of inverter was about US $840 million, with a year-on-year increase of + 22%. The company is a leader in thin-film capacitors, actively layout high-quality tracks such as electric vehicles and photovoltaic wind power, and has established a leading advantage. It is expected to continue to benefit from the rapid development of the industry in the future.
Profit forecast and investment suggestions
The company is the leader of thin film capacitor, and the driving force of downstream industry is strong. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.1 billion, RMB 1.5 billion and RMB 2 billion respectively, with a year-on-year increase of + 35%, + 35% and + 33%, and the corresponding PE will be 37, 27 and 21 times respectively, maintaining the “buy” rating.
Risk tips
Rising raw material prices and fluctuation of RMB exchange rate
