\u3000\u3 Shengda Resources Co.Ltd(000603) 659 Shanghai Putailai New Energy Technology Co.Ltd(603659) )
Event overview. On March 28, 2022, the company released the annual report of 2021. The annual revenue was RMB 8.996 billion, with a year-on-year increase of 129.32%, and the net profit attributable to the parent was RMB 1.749 billion, with a year-on-year increase of 125.68%. After deduction, the net profit attributable to the parent was RMB 1.66 billion, with a year-on-year increase of 131.80%.
Q4 performance in 21 years is brilliant. Revenue and net profit: the company’s 2021q4 revenue was 2.701 billion yuan, an increase of 39.65% and 13.85% respectively, and the net profit attributable to the parent company was 518 million yuan, an increase of 105.22% and 13.53% respectively, and the net profit attributable to the parent company after deduction was 504 million yuan, an increase of 106.60% and 14.34% respectively. Gross profit margin: the gross profit margin of 2021q4 was 35.02%, with an increase of 4.38pct and a ring increase of 0.88pct. Expense rate: during 2021q4, the expense rate of the company was 12.17%, with a year-on-year rate of 1.81pct, of which the expense rates of sales, management, R & D and finance were 0.99%, 4.32%, 6.90% and – 0.03% respectively, with a year-on-year change of 2.72%, 0.48%, 1.48% and – 2.87%. Net interest rate: the net interest rate of 2021q4 was 20.03%, with an increase of 5.71pct and a ring increase of 0.38pct.
The tight balance between supply and demand of graphitization continued, and the negative electrode business expanded rapidly. On the supply side, under the dual control of carbon and energy consumption, the approval of new graphitization capacity with high energy consumption is tightened, and the production expansion of negative electrode graphitization industry is limited. On the demand side, the terminal demand is strong, the growth is higher than expected, and the balance between supply and demand of graphitization is tight. The company sold 97200 tons of negative electrode in 21 years, and the revenue of negative electrode materials was 5.129 billion yuan, with a year-on-year increase of 41.38%. With the gradual release of 50000 tons of production capacity in Inner Mongolia and 100000 tons in Sichuan, the production capacity is expected to reach 150000180000 tons in 22 years and 250000 tons in 23 years. The company’s graphitization processing achieved an operating revenue of 1.009 billion yuan (including internal sales) in 21 years, with a year-on-year increase of 24.60%. In 21 years, the company’s graphitization self supply rate was about 70%, leading the industry. Due to the company’s high graphitization self supply rate, it was less affected by the rise in graphitization price, and can realize partial conduction, which can ensure the high profit of a single ton. Looking forward to the future, the company’s technological innovation will be promoted, the self supply rate will be improved, the production capacity will be distributed in low electricity price areas, and the profitability will be further improved.
The diaphragm business has increased significantly, and the lithium battery equipment business welcomes new historical opportunities. The company is the leader in coating diaphragm processing in China, mainly supporting catl. In the past 21 years, the current revenue of the company’s diaphragm and coating processing industry was 2.195 billion yuan, an increase of 171%, and the processing volume reached 2.171 billion m2, accounting for 35% of China’s wet diaphragm shipment (6.170 billion m2) in the same period, an increase of 8.51 PCT. Jiangsu zhuogo and Guangdong zhuogo are under construction with a total capacity of 3.5 billion square meters; Liyang Yuequan No. 2 base film production line has formed mass production capacity; The company controls Ruyuan Guangdonghectechnologyholdingco.Ltd(600673) fluororesin, shares yindile, and jointly establishes Hainan Pujing, forming an integrated coating capacity. Now it has an annual production capacity of 100 million square meters of base film, 8000 tons of nano alumina and boehmite, 5000 tons of PVDF and 4 billion square meters of coated diaphragm. Battery manufacturers increased their production, and the company’s lithium battery equipment developed rapidly, with a revenue of 1.368 billion yuan in 21 years, an increase of 109.24%. As of 21 years, the orders for front coater equipment and middle and rear core equipment exceeded 5.1 billion yuan, with broad growth space.
Investment suggestion: we expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 2.985 billion, 3.977 billion and 4.863 billion, with an increase of 71%, 33% and 22% respectively, corresponding to the valuation of 30, 23 and 19 times PE. Considering that the company is the leader of the negative pole, the integrated layout is accelerated, and the “recommended” rating is maintained.
Risk tip: the sales volume of terminal new energy vehicles is lower than expected; Industry competition intensifies; The price of raw materials fluctuates violently.
