\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 563 Xiamen Faratronic Co.Ltd(600563) )
Event: on March 25, the company released its annual report for 2021, realizing an operating revenue of 2.811 billion yuan, a year-on-year increase of 48.66%; The net profit attributable to the parent company was 831 million yuan, a year-on-year increase of 49.51%; The net profit deducted from non parent company was 735 million yuan, with a year-on-year increase of 51.01%. At the same time, the company issued a profit distribution plan and distributed a cash dividend of 1.6 yuan / share to all shareholders.
Emerging demand drives growth, and the ability of cost control is strengthened: the market demand for photovoltaic, industrial control and new energy vehicles continues to improve. In 2021, the company achieved an operating revenue of 2.811 billion yuan, yoy + 48.66%; The net profit attributable to the parent company is 831 million yuan, yoy + 49.51%, the net interest rate is 29.55%, yoy + 0.17pct; The company's expense control ability was improved, with sales expense rate of 18.3%, yoy － 0.12pct, management expense rate of 5.03%, yoy － 0.83pct. 21q4 achieved revenue of 790 million yuan in a single quarter, yoy + 42.47%; The net profit attributable to the parent company was 279 million yuan, yoy + 48.33%; The net profit deducted from non parent company was 211 million yuan, yoy + 49.02%.
New energy business accounts for more than half, and the price of thin-film capacitance rises simultaneously: in 2021, the company's thin-film capacitance business revenue reached 2.731 billion yuan, yoy + 47.35%. Specifically, the volume and price of the company's thin-film capacitor products increased at the same time, with the sales volume reaching 3.358 billion, yoy + 24.93%; The proportion of revenue in photovoltaic, new energy vehicles and other fields continued to increase, with ASP of about 0.81 yuan / piece, yoy + 17.95%. The company publicly disclosed in SSE e interactive that the proportion of new energy vehicles in 2020 / 2021h1 / 2021q3 is 18% / 24% / 25% respectively, and the proportion of new energy (vehicle + photovoltaic wind power) in 2021 is more than 50%. In 2021, the gross profit margin of film capacitor business was 40.54%, yoy-2.52pct, which was mainly caused by the price rise of upstream raw materials such as polypropylene film.
The leading position is stable and the market share is further improved: the scale of the company's thin film capacitor business ranks first in China and the top three in the world, and the market share continues to increase. According to the data of Huajing Industry Research Institute, in 2018 Xiamen Faratronic Co.Ltd(600563) global market share was 8%; According to QYResearch data, the global sales volume of thin-film capacitors reached USD 1.917 billion in 2020, Xiamen Faratronic Co.Ltd(600563) accounting for about 14.82%, an increase of 6.82 PCT within two years. In 2021, the revenue growth rate of the company's thin film capacitor reached 47.35%, and the market share further increased. The company publicly disclosed in SSE e interactive that in 2020, the Chinese market share of thin film capacitors of new energy vehicles was about 40%. While continuing to consolidate the traditional market share of household appliances and lighting, the company has actively expanded medium and high-end customers in the fields of new energy vehicles, photovoltaic, wind power, industrial control, rail transit and other fields, and its market influence has been continuously improved.
Investment suggestion: we estimate that the operating revenue of the company from 2022 to 2024 will be 3.835 billion yuan, 5 billion yuan and 6.406 billion yuan respectively, the net profit attributable to the parent company will be 1.024 billion yuan, 1.342 billion yuan and 1.728 billion yuan respectively, the EPS will be 4.55 yuan, 5.96 yuan and 7.68 yuan respectively, and the corresponding PE will be 40.2 times, 30.7 times and 23.9 times respectively.
Risk tip: the sales volume of new energy vehicles is lower than expected; The PV installed capacity is less than expected; Risk of price rise of raw materials; Exchange rate fluctuation risk.
