\u3000\u3 Shengda Resources Co.Ltd(000603) 806 Hangzhou First Applied Material Co.Ltd(603806) )
In 2021, the profit was 2.197 billion yuan, maintaining a high-speed growth trend. In 2021, the company achieved a revenue of 12.858 billion yuan (+ 53.20%), a net profit attributable to the parent company of 2.197 billion yuan (+ 40.35%), and a net profit not attributable to the parent company of 2.140 billion yuan (+ 40.67%). In the fourth quarter, the single quarter revenue was 3.928 billion yuan (+ 34.34%), the net profit attributable to the parent company was 860 million yuan (+ 23.92%), and the net profit not attributable to the parent company was 836 million yuan (+ 24.00%). In 2021, the gross profit margin of the company was 25.06% (- 3.30pct) and the net profit margin was 17.09% (- 1.56pct). The decrease in gross profit margin is mainly due to the transfer of transportation expenses into operating costs and the increase in the price of raw materials, resulting in the increase of the base of price denominator.
The company’s product sales reached a new high, and the single flat gross profit of plastic film increased steadily. In 2021, the company sold 968 million square meters of photovoltaic adhesive film, a year-on-year increase of + 12%; Single flat gross profit was 3.05 yuan, a year-on-year increase of + 0.51 yuan / flat. The sales of photovoltaic backplane reached 68 million square meters, a year-on-year increase of + 20%; Single flat gross profit was 1.40 yuan, a year-on-year increase of -0.61 yuan / flat. Sales of 103 million square meters of photosensitive dry film, a year-on-year increase of + 137%; The single flat gross profit was 0.71 yuan, with a year-on-year increase of -0.12 yuan / flat. The transfer of transportation expenses into operating costs was the main reason for the year-on-year decrease of unit gross profit. In 2021, the price of EVA particles, the raw material of adhesive film, rose sharply, but with the advantages of capital and inventory management, the company increased the single average gross profit of adhesive film to 3.05 yuan, a year-on-year increase of + 20%, and its profitability was at the leading level in the industry.
The construction of multi business capacity was accelerated, and the company’s product layout blossomed at many points. The production expansion of the company’s main product photovoltaic adhesive film continues to advance. It is estimated that the average annual new production capacity of the company will be Shenzhen Jt Automation Equipment Co.Ltd(300400) million square meters from 2022 to 2023, and the production capacity of photovoltaic adhesive film is expected to reach 2 billion square meters by the end of 2023; The 110 million flat expansion of photovoltaic backplane Jiaxing base has been steadily promoted. It is expected to add 60 million flat production capacity in 2022. The photovoltaic backplane production capacity is expected to exceed 120 million flat by the end of 2022. The company has fully entered the photosensitive dry film business with a low degree of localization. Preliminary preparations have been carried out for the photosensitive dry film project with an annual output of 560 million square meters in Jiangmen base. After being put into operation, it will effectively promote the localization and replacement of photosensitive dry film. In addition, the company built a 20000 t / a alkali soluble resin expansion project in Anji base, actively distributed the raw materials upstream of the electronic information industry chain, and effectively enhanced the quality and cost control ability of core raw materials.
Risk warning: industry competition intensifies; Price fluctuation of raw materials; The production progress is less than expected.
Investment suggestion: the company continues to promote the construction of new production capacity of photovoltaic adhesive film and backplane, and the overall photovoltaic packaging material products will benefit from the high-speed growth of demand caused by the expected price reduction of silicon material in the future and the space for the expansion of production and cost reduction of EVA particles; Photosensitive dry film products have entered the rapid volume stage through early production capacity reserve and market development, which is expected to describe the second growth curve of the company. The profit forecast is raised. It is estimated that the revenue from 2022 to 2024 will be 20.38/245.6/26.28 billion yuan (originally predicted to be 15.44/180.9/20.94 billion yuan), with a year-on-year growth rate of 59 / 21 / 7%, and the net profit attributable to the parent company will be 2.26/28.8/3.29 billion yuan (originally predicted to be 2.17/27.8/3.21 billion yuan), with a year-on-year growth rate of 3 / 28 / 14%; Diluted EPS = 2.38/3.03/3.46 yuan, the current share price corresponds to PE = 51 / 40 / 35x, maintaining the “overweight” rating.
