\u3000\u3 China Vanke Co.Ltd(000002) 623 Changzhou Almaden Co.Ltd(002623) )
Changzhou Almaden Co.Ltd(002623) released the annual report of 2021, and the company realized revenue / net profit attributable to parent company / net profit deducted from non net profit of RMB 2.032/0.54/0.14 billion in 21fy, yoy + 12.7% / - 60.8% / - 81.1%.
The profit of photovoltaic glass is still at the bottom, and the volume and price of electronic glass rise at the same time
In terms of business, photovoltaic glass 21fy achieved a revenue of 1.74 billion yuan, yoy + 15.41%, electronic glass achieved a revenue of 110 million yuan, yoy + 276%, Cecep Solar Energy Co.Ltd(000591) components achieved a revenue of 110 million yuan, yoy-4.58%, and the power sales business was gradually stripped away, achieving a revenue of 53.06 million yuan, yoy-60.4%. The sales volume of photovoltaic glass 21fy was 72.1 million square meters, lower than expected, mainly because Fengyang deep processing production line is still in the climbing production period, with a 22-year target of 120 million square meters. The sales volume of electronic glass and other glass products is 120000 square meters, yoy + 94%, the average price is 894 yuan / square meter, yoy + 94%, and the volume and price rise together.
The utilization rate of photovoltaic deep processing capacity was improved, and the cost rate was well controlled
The gross profit margin of 21fy company was 8.31%, a year-on-year decrease of 7.7pct, of which the gross profit margin of photovoltaic glass was 8.25%, a year-on-year decrease of 2.06pct, which was mainly due to the sharp decline in the price of photovoltaic glass and the failure of the yield of Fengyang new production line in the commissioning period. The gross profit margin of electronic glass and display business was - 3%, which was - 31% in the same period last year. The company's electronic glass and display business expanded smoothly. The expense rate of 21fy company during the period was 8.16%, with a year-on-year decrease of 2.2pct, of which the expense rates of sales / management / R & D / finance were -0.01 / - 0.23 / + 0.59/2.55pct respectively year-on-year, and the net interest rate was 2.79%, with a year-on-year decrease of 5pct. Looking forward to 22 years, the profit margins of photovoltaic and electronic glass processing are expected to increase.
BIPV related businesses should follow three pronged approach and be optimistic about the large volume of products outside China
1) based on its own advantages of ultra-thin glass, the company has developed three BIPV related products with outstanding weight reduction effect and opened up an emerging market of ultra-thin double glass components; 2) The company is a qualified supplier of Tesla. We expect that the impact of 21q4 overseas epidemic and macro factors will gradually subside. After the second quarter, the sales volume of Tesla Cecep Solar Energy Co.Ltd(000591) watt products is expected to increase significantly; 3) The company signed the cooperation framework agreement with Xi'an Longji new energy, and plans to carry out in-depth cooperation in the field of photovoltaic building integration. Xi'an Longji will be responsible for the development and construction of the building photovoltaic integration project for the subsequent newly-built plant roof and curtain wall of the company. Xi'an Longji promises to give priority to the procurement of the company's products for the photovoltaic glass used in BIPV products from 2022 to 2027, and the subsequent performance of the company can be expected to be flexible.
The original production capacity of the parent company is expected to help improve profitability and maintain the "buy" rating
The acquisition of the parent company's original film is under way, and the company's original film deep processing integration capacity is expected to be greatly strengthened. In addition, there are four 1000 ton daily melting kilns in Fengyang Silicon Valley, which are planned to be completed in two phases. The first phase of kilns is expected to be put into operation in 2023, and the profitability is expected to be greatly improved. Asset injection will not be considered for the time being. According to the latest profitability, we slightly lowered the profit forecast. It is expected that the company's net profit attributable to the parent company in 22-24 years will be RMB 167 / 296 / 436 million (the previous value was RMB 210 / 330 million in 21-22 years), maintaining the "buy" rating.
Risk tips: the installed capacity of photovoltaic is less than expected, the expansion of the company is less than expected, and the price of raw materials is higher than expected
