\u3000\u3 Shengda Resources Co.Ltd(000603) 659 Shanghai Putailai New Energy Technology Co.Ltd(603659) )
Core conclusion
Event: the company released the annual report of 2021. The annual revenue was 8.996 billion yuan, up + 70.36% year-on-year, the net profit attributable to the parent was 1.749 billion yuan, up + 161.93%, the gross profit margin was 35.65%, up + 4.07pct, the net profit margin was 19.82%, up + 6.05pct; Among them, 2021q4 achieved a revenue of 2.701 billion yuan, a year-on-year increase of + 39.65%, a month on month increase of + 13.85%, and a net profit attributable to the parent company of 518 million yuan, a year-on-year increase of + 105.22%, a month on month increase of + 13.53%. The performance is in line with expectations.
The revenue of the company's main business products increased significantly. In 2021, the sales volume of negative electrode materials of the company was 97200 tons, with a year-on-year increase of + 54.48%, realizing a revenue of 5.129 billion yuan, with a year-on-year increase of + 41.38%, and a gross profit margin of 29.49%, with a year-on-year increase of + 4.18 PCT; The sales volume of diaphragm and coating processing was 2.171 billion m2, a year-on-year increase of + 206.95%, and the revenue was 2.195 billion yuan, a year-on-year increase of + 171.07%, and the gross profit margin was 39.85%, a year-on-year increase of -0.61pct. We expect the net profit per ton of negative pole of the company to be between 1 Shenzhen Properties & Resources Development (Group) Ltd(000011) 000 yuan, and still maintain the profitability of high-end negative pole.
The company's negative electrode and coating diaphragm capacity continued to expand. By the end of 2021, the company has formed an effective production capacity of cathode materials with an annual output of more than 150000 tons, including 110000 tons of graphitization processing and 100000 tons of carbonization processing supporting capacity; Form an annual production capacity of 100 million square meters of base membrane, 8000 tons of nano alumina and boehmite, 5000 tons of PVDF and 4 billion square meters of coated diaphragm. In the future, the company will strive to achieve the production capacity of more than 400000 tons of negative electrode materials, 1.3 billion square meters of base film, 25000 tons of PVDF and 10 billion square meters of coated diaphragm processing capacity by the end of 2024, so as to further improve the market share of the company's negative electrode materials and coated diaphragm processing. In addition, the company issued stock options and restricted stock incentive plans in 2022, and the performance evaluation objectives of the company for 22-24 years are no less than RMB 2.6/4/5.4 billion respectively.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 2.670/4.059/5.355 billion, with a year-on-year increase of + 52.7% / 52.0% / 32.0%, and the corresponding EPS will be RMB 3.84/5.84/7.71 respectively, maintaining the "overweight" rating.
Risk warning: the price rise of raw materials exceeds expectations; Graphitization prices exceeded expectations; Industry competition intensifies; Downstream demand did not meet expectations.
