\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 563 Xiamen Faratronic Co.Ltd(600563) )
The performance in 2021 met expectations and maintained the “buy” rating
In 2021, the company achieved a 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%, and the non net profit deducted was 735 million yuan, a year-on-year increase of 51.01%. The performance was in line with expectations. The gross profit margin in 2021 was 42.14%, a year-on-year decrease of 1.94 percentage points, mainly due to the rise of raw material costs and the adjustment of product structure. New energy vehicles, strong demand for photovoltaic and the company’s new production capacity have been opened one after another. We maintain 2022 / 2023 and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.131/15.26/2.141 billion, EPS will be RMB 5.03/6.78/9.51, and the current share price corresponds to PE of 36.4/27.0/19.3 times, maintaining the “buy” rating.
The rise in costs affects the gross profit margin, and the investment income thickens the profit in the fourth quarter
In 2021q4, the company expects to realize a net profit attributable to the parent company of 279 million yuan, a year-on-year increase of + 48.3% and a month on month increase of 48.7%. Deduct non net profit of 211 million yuan, a year-on-year increase of + 49.0% and a month on month increase of + 17.8%. Net profit attributable to parent company and net profit deducted from non parent company increased rapidly on a month on month basis, mainly due to the boom in the demand for new energy vehicles and photovoltaic. In 2021q4, the sales of Shanxi Guoxin Energy Corporation Limited(600617) vehicles reached 1.364 million, a significant increase of 143.5% year-on-year and + 43.7% month on month in the third quarter. In the fourth quarter, China’s new photovoltaic installed capacity was 27.4gw, up + 118.6% from the third quarter. The company’s capacity utilization remains high, with the fixed asset turnover rate of 94.3% in 2021q4, higher than 90.5% in 2020q4. The non recurring gains and losses in the fourth quarter were mainly financial gains, hedging income and investment income. The non recurring gains and losses were 68.14 million yuan, an increase of 46.2% year-on-year in 2020q4. It was mainly because the company previously subscribed for the share of Shanghai Junlian Shenghao venture capital partnership (limited partnership), and recognized some investment income in the fourth quarter.
The proportion of new energy business is close to 60%, and the medium-term growth center is expected to maintain the level of 30% +
Looking forward to 2022, the high outlook of new energy vehicle business and photovoltaic industry is expected to continue. As the global leader of thin film capacitors with nearly 60% of new energy business, the new energy business will drive the company’s performance more and more strongly. With the continuous promotion of localization of parts in rail transit, power transmission and transformation and other fields, the company’s development in the above markets is expected to accelerate in 2022. In the medium term, with the expansion of the proportion of new energy business revenue and the continuous growth of new energy vehicle sales and photovoltaic installed capacity, we believe that the growth center of the company is expected to remain at the level of 30% + in the medium term.
Risk warning: chip shortage affects downstream terminal shipment; Risk of raw material price rise
