\u3000\u3 China Vanke Co.Ltd(000002) 080 Sinoma Science & Technology Co.Ltd(002080) )
In 2021, the net profit attributable to the parent company was RMB 3.373 billion, with a year-on-year increase of 65.40%.
In 2021, the company achieved an operating revenue of 20.295 billion yuan, a year-on-year increase of 7.58%; The net profit attributable to the parent company was 3.373 billion yuan, a year-on-year increase of 65.40%; The net profit attributable to the parent company after deducting non recurring assets was 2.573 billion yuan, with a year-on-year increase of 42.52%. Non recurring gains and losses were mainly from the disposal of fixed assets. The main reasons for the growth of the company's performance are as follows: 1) the downstream demand of glass fiber maintains a high outlook, and the company seizes the market opportunity to realize the simultaneous rise of the volume and price of glass fiber products; 2) The lithium film industry has completed asset integration, effectively released advanced production capacity, continuously optimized the customer structure, and achieved significant year-on-year growth in production and sales.
Glass fiber and products: the profitability has been continuously improved and the construction of high-end production capacity has been steadily promoted.
During the reporting period, the company sold 1.11 million tons of glass fiber and its products, with a revenue of about 8.97 billion yuan, a net profit of 2.89 billion yuan and a gross profit margin of 42.73%, an increase of 11.42 PCT year-on-year. Remarkable achievements have been made in the research and development of new products, and the construction of high-end production capacity has been steadily promoted. The new generation of high-performance glass fiber with an annual output of 90000 tons of F09 line in manzhuang new area and the spinning production line with an annual output of 65000 tons of zf06 line in Zoucheng were ignited in September and December 2021 respectively, rapidly reaching the production capacity and exceeding the production capacity; The pilot production line of the VIP vacuum insulation board project with an annual output of 500000 square meters and the supporting glass fiber core material line have been completed.
Wind power blade: grasp the offshore wind power market and open the global production capacity layout
During the reporting period, the company sold 11.4gw wind power blades, achieved a sales revenue of 7.05 billion yuan, a net profit of 510 million yuan, and further improved its market share. The company pays close attention to the offshore wind power market, carries out product layout around the development direction of wind power blade technology of "large-scale, low load and easy manufacturing", and realizes the full coverage of the blade needs of major wind turbine platforms of strategic customers. The company continues to optimize the production capacity layout and realize the iterative upgrading of production capacity to products of 80m and above; Promote the implementation of new capacity projects in Brazil and take the first step in global capacity layout.
Lithium battery diaphragm: advanced production capacity is effectively released, focusing on strategic customers.
During the reporting period, the company sold 680 million square meters of lithium film a products, with a year-on-year increase of 76%, realizing a sales revenue of 1.17 billion yuan and a net profit of 88 million yuan. The second half of the year will accelerate the construction of Tengzhou advanced production base and the second half of the year; At the same time, new projects such as Nanjing base are under construction, with a total new capacity of 2.64 billion square meters. The company has optimized the customer structure and focused on strategic customers at home and abroad. At present, it has determined strategic cooperation with Chinese head battery enterprises, and two major overseas customers in South Korea have achieved mass supply.
Profit forecast and valuation
The company is the leader of wind power blades. The glass fiber business maintains a high boom, and the development of lithium battery diaphragm is smooth. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 3.882 billion yuan, 4.306 billion yuan and 4.791 billion yuan respectively, and the corresponding EPS will be 2.31, 2.57 and 2.85 yuan / share respectively, with corresponding valuations of 11 times, 10 times and 9 times respectively.
Risk warning: the installed capacity of wind power does not meet the expectation; Lithium film business expansion was less than expected; Rising raw material prices
