\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 563 Xiamen Faratronic Co.Ltd(600563) )
The company released its annual report for 2021: in 2021, the company achieved a revenue of 2.811 billion yuan (a year-on-year increase of 48.66%), and a net profit attributable to the parent company of 831 million yuan (a year-on-year increase of 49.51%); Among them, in the single quarter of 2021q4, the company achieved revenue of 790 million yuan (year-on-year growth rate of 42.47%, month on month growth rate of 6.99%), and net profit attributable to the parent company of 831 million yuan (year-on-year growth rate of 49.51%, month on month growth rate of 50.63%). In line with the industrial development trend, the company's product application has expanded from the traditional lighting field to the high boom downstream such as new energy. At the same time, the company continues to maintain a stable financial style and excellent operation ability. The company's output and investment in fixed assets have increased significantly recently. We are optimistic about the company's ability to accelerate the expansion in the field of new energy and steadily improve its performance and market share.
The product structure transformation is smooth, and the new field has become a new driving force for growth: the company has been engaged in the R & D and manufacturing of thin-film capacitors since the 1960s. The product category is complete, covering a full range of thin-film capacitors for PCB, AC thin-film capacitors and power electronics thin-film capacitors, meeting the needs of various industries such as industrial control, photovoltaic, wind power, new energy vehicles, rail transit, smart grid, household appliances and lighting. According to the company's prospectus, in 2000, lighting capacitors of household appliances accounted for 55% of the company's revenue and computers accounted for 27%. According to the company's investor platform, by 2020, household appliances will account for 14%, industrial control will account for 31%, and the revenue of new energy fields such as electric vehicles and photovoltaic wind power will account for 48%. The switching between new and old kinetic energy of the company will be basically completed. In 2021, the proportion of new energy capacitors will continue to increase to 55% and industrial control will account for 28%.
Excellent management and control and profitability, maintaining a stable financial style: the company's expense rate continues to decline, and the sales expense rates from 2019 to 2021 are 2.19%, 1.95% and 1.83% respectively; The rates of administrative expenses were 6.57%, 5.86% and 5.03% respectively. In the case that the gross profit margin decreased from 44.08% in 2020 to 42.14% in 2021 due to the rise in the price of raw materials, the company's net profit margin still achieved low-speed growth, rising from 29.85% in 2020 to 30.04% in 2021. The company's operating capacity was significantly improved in 2021, the turnover rate of accounts receivable increased from 3.12 last year to 3.64, the turnover rate of total assets increased from 0.55 to 0.68, and the annualized return on net assets increased from 20.1% to 26.25%. The company's debt ratio remains at a low level. Due to the needs of expanding production and investment, the company's asset liability ratio in 2021 is 24.73%, an increase of about 5.3 percentage points over 2020, and the absolute value is still low.
Equipment investment increased and capacity continued to expand: the original value of the company's mechanical equipment account increased from 1.046 billion yuan at the beginning of 2021 to 1.263 billion yuan at the end of 2021, an increase of about 20.75%, and the increase of capacitor output increased from 7.51% in 2020 to 29.96% in 2021. The company's prepaid equipment + project payment will be 89 million yuan and 120 million yuan in 2020 and 2021 respectively. It is expected that the company's production capacity will continue to expand in 2022. It is optimistic that the company will meet the growing downstream demand with sufficient production capacity and improve the market share.
Investment suggestion: the growth space of the new energy industry is opened, the company's capacity release effect is remarkable, and the company is optimistic about the sustainable growth capacity of the company's new energy capacitor business. It is estimated that the company's operating revenue from 2022 to 2024 will be 3.795 billion yuan, 5.082 billion yuan and 6.693 billion yuan respectively, with a year-on-year increase of 35.02%, 33.92% and 31.70%, and the net profit attributable to the parent company will be 1.036 billion yuan, 1.322 billion yuan and 1.670 billion yuan respectively, with a year-on-year increase of 24.71% and 27.60% 26.34%. At present (March 25, 2022), it corresponds to PE 39.80, 31.19 and 24.69, which are covered for the first time and given a "buy" rating.
Risk tips: the risk of rising raw material prices, the risk of repeated outbreaks, and the risk that the expansion project is less than expected
