\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 563 Xiamen Faratronic Co.Ltd(600563) )
Event overview. On March 25, 2022, the company released its annual report. The annual revenue was RMB 2.811 billion, with a year-on-year increase of 48.7%, and the net profit attributable to the parent was RMB 831 million, with a year-on-year increase of 49.50%. The net profit attributable to the parent after deduction was RMB 735 million, with a year-on-year increase of 51.0%, which were within the scope of the company’s previous performance forecast, in line with expectations. In the 21st year, the gross profit margin was 42.1%, year-on-year -1.9pct, and the net profit margin was 30.0%, year-on-year + 0.2pct.
Excellent performance in Q4 of 21. Revenue and net profit: the company’s 2021q4 revenue was 790 million yuan, a year-on-year increase of 42.5% and a month on month increase of 7.0%, and the net profit attributable to the parent company was 279 million yuan, a year-on-year increase of 48.3% and a month on month increase of 48.7%; The net profit after deducting non-profit was 211 million yuan, a year-on-year increase of 49.0% and a month on month increase of 17.8%. Gross profit margin: the gross profit margin of 2021q4 was 41.4%, year-on-year (- 3.1pct), month on month + 1.0pct. Net interest rate: the net interest rate of 2021q4 was 36.1%, year-on-year + 1.8pct, month on month + 10.2pct. Expense rate: during 2021q4, the expense rate of the company was 9.85%, with a year-on-year rate of -0.20pct, of which the expense rates of sales, management, R & D and finance were 1.40%, 4.51%, 3.66% and 0.28% respectively, with a year-on-year change of + 1.00pct, -0.82pct, 0.00pct and -0.37pct.
With booming production and marketing, new energy has become the core driver of the growth of thin film capacitor industry. The company sold 3.358 billion thin-film capacitors in 21 years, with a year-on-year increase of 24.93%, and the production volume was 3.574 billion, with a year-on-year increase of 29.96%. In the field of new energy vehicles, thin film instead of electrolysis has become the first choice for DC support capacitors of new energy vehicles, and the consumption of single vehicles has gradually increased. In recent years, the platform of new energy vehicles has gradually become high-voltage and the demand for 4-drive and hub motors has increased, and the consumption of single vehicle thin film capacitors has increased. The company’s thin film capacitors are mainly used in OBC and three electric systems. The number of products is 2 ~ 4, and the value of single vehicles ranges from Changshu Guorui Technology Co.Ltd(300600) yuan. In China, at present, the company mainly supports Byd Company Limited(002594) , Geely, Weilai, ideal, Xiaopeng and other auto enterprises. We expect that the Chinese share has exceeded 50% in 20 years; Among overseas customers, the company stably supports Volkswagen, BMW, Mercedes Benz, Jaguar Land Rover and other car enterprises. We expect that the proportion of the company’s new energy vehicle business will increase to 50% in the long term. In the photovoltaic wind power field, thin film capacitors are mainly used in the DC link capacitors of photovoltaic inverters and wind power converters to absorb the high pulse current from the DC link end of inverters and converters, so that the voltage fluctuation at the ends of inverters and converters is within an acceptable range. We expect that in 2020, the company will occupy more than 60% of the global PV inverter market, basically entering the supply chain of global mainstream enterprises, and maintaining good cooperation with leading manufacturers such as Huawei, Sungrow Power Supply Co.Ltd(300274) , SMA, Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) , Ginlong Technologies Co.Ltd(300763) , Shenzhen Kstar Science & Technology Co.Ltd(002518) . The downstream customers of the company include Vestas, Xinjiang Goldwind Science And Technology Co.Ltd(002202) and other leading manufacturers at home and abroad. We expect the company to account for more than 50% of the global market in the field of wind power in 2020.
Investment suggestion: it is estimated that the company’s revenue will reach 3.755 billion yuan, 5.308 billion yuan and 6.608 billion yuan in 2022 / 23 / 24, with growth rates of 34%, 41% and 25% respectively; The net profit attributable to the parent company will reach RMB 1.063 billion, 1.467 billion and 1.823 billion, with growth rates of 28%, 38% and 24% respectively. The current market value corresponds to 39, 28 and 23 times of PE in 22-24 years. Considering that the company is the global leader of thin film capacitor, it maintains the “recommended” rating.
Risk tip: the sales volume of photovoltaic and new energy vehicles is lower than expected; New customer development or mainstream customer introduction is less than expected; The price of raw materials rose sharply, affecting profitability
