\u3000\u3 China Vanke Co.Ltd(000002) 484 Nantong Jianghai Capacitor Co.Ltd(002484) )
Event: Nantong Jianghai Capacitor Co.Ltd(002484) released the annual report of 2021: (1) in 2021, the company realized an operating revenue of 3.55 billion yuan, a year-on-year increase of 34.71%; The net profit attributable to the parent company was 435 million yuan, a year-on-year increase of 16.66%; Net profit deducted from non parent company was 412 million yuan, with a year-on-year increase of 42.06%. Q4 single quarter revenue was 967 million yuan, a year-on-year increase of 9.24%, a month on month increase of 5.34%, and the net profit attributable to the parent company was 109 million yuan.
Comments: in 2021, the company’s three major business products developed synchronously driven by the high outlook of the passive component industry, with rapid performance growth, and 21q4 revenue reached a new high in the whole year. Aluminum electrolytic capacitors have fully benefited from the high boom in the downstream new energy industry, and the market development and supply of high-end products are smooth. Although the rise in the price of raw materials superimposed on the sharp increase in the power price of foil, which affects the supply of raw and auxiliary materials required for normal production, brings cost pressure and squeezes the profit space, benefiting from the high boom of new energy electric vehicles, the company’s capacitor sales and revenue will continue to grow, and the high growth of new products + application scenarios will help build a new growth pole for the company’s development.
\u3000\u30001. Revenue continued to grow and 21q4 performance hit a record high
In 2021, the company achieved revenue of 3.55 billion yuan, yoy + 34.71%; The net profit attributable to the parent company was 435 million yuan, yoy + 16.66%. (1) The single quarter revenue of 21q1-q4 was 7.5/9.2/9.2/970 million yuan respectively, and the net profit attributable to the parent was 0.8/1.2/1.2/110 million yuan. The revenue continued to grow, and the single quarter revenue of 21q4 reached a record high. (2) The gross profit margin of the company’s electronic component products in 2021 was 26.32%, 2.14% lower than that in 2020, which was caused by the cost pressure caused by the rise in the price of raw materials + the shortage of transportation capacity + the sharp increase in the price of electricity. (3) In 2021, the company invested 197 million yuan in R & D, with a year-on-year increase of 27.55%. The company strengthened the R & D of independent core materials, increased the proportion of independent materials, optimized the cost structure and reduced the adverse impact on operating income. (4) The downstream new energy electric vehicles and other fields have high demand, and the capacitor market situation is good. The sales volume of the company continues to grow and the performance is greatly improved.
\u3000\u30002. The situation of downstream new energy and industrial grade aluminum capacitors is improving, and MLPC is expanding steadily
(1) as the leader of industrial grade aluminum capacitor, the company’s aluminum capacitor revenue accounted for 80.21% in 2021. Benefiting from the recent high demand of new energy and industrial control industry, the company’s industrial grade capacitor expanded rapidly and its business scale continued to expand. (2) The company’s solid-state laminated polymer capacitors (MLPC) have repeatedly adjusted the production line, continuously optimized materials and processes, continued to expand the market and users, and the product technical performance and other indicators have reached the expected target. 6.6 million MLPC have been shipped in 2021; The company’s small capacitors have been supplied to customers of laptop, server, 5g mobile phone and HD display system outside China. We are optimistic about the growth contribution brought by the accelerated expansion of the company’s small capacitors under strong demand.
\u3000\u30003. Thin film capacitors continue to be laid out, and super capacitors enter a period of high-speed expansion
(1) the company’s film capacitor fully benefited from the incremental market demand of photovoltaic & new energy vehicles. Among them, the specification and yield of self-produced metallized film of xinjianghai power electronics increased, and the output increased by 50%; Box thin film capacitors for distributed photovoltaic have also started mass production and successfully promoted the preliminary work. The technical performance and market development of Haimei electronic thin film capacitor for electric vehicle drive are progressing smoothly, and it has won the bid of several automobile brands and electric driver manufacturers. (2) The company has made smooth progress in the filling and renovation of super capacitor business and the construction of new production lines, further consolidated the application of smart meters, rail transit and smart grid, and has been introduced into port machinery, mining equipment, power grid frequency modulation, oil to electricity, electric buses and other fields. Although the annual income of Jianghai energy storage did not meet the expectation due to the investment of wind power and some new projects in 2021, However, the company’s super capacitor business has development prospects and current demand is strong. With the expansion of business scale, we are optimistic that the company’s super capacitor business will bring more obvious performance contribution to the company in the future.
\u3000\u30004. Investment suggestion: Based on aluminum electrolytic capacitor, the company will build a new growth pole of film capacitor super capacitor, benefiting from the general trend of new energy, and is optimistic about the continuous growth of the company. Taking into account the impact of the company’s continuous expansion of raw materials, the net profit of the company is estimated to be RMB 2.68 billion to RMB 2.68 billion, and the net profit of the company is adjusted to RMB 2.68 billion in 2008.
Risk warning: raw materials continue to rise or fail to smoothly transmit risks; New product certification risk; New energy policy risks; The sales volume is lower than expected; Fierce industry competition, etc.
