\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 69 Shenzhen Dynanonic Co.Ltd(300769) )
Event: the company released its annual report for 2021, realizing a revenue of 4.842 billion yuan, a year-on-year increase of 413.93%; The net profit attributable to the parent company was 801 million yuan, reversing losses year-on-year; Deduct 770 million yuan of net profit not attributable to the parent company, reversing losses year-on-year.
Comments:
Profitability increased rapidly. In 2021, the gross profit per ton of nano lithium iron phosphate was 15200 yuan, an increase of 12200 yuan year-on-year. The gross profit margin of the company reached 28.85%, with a year-on-year increase of + 18.49pct and a net profit margin of 16.61%. Among them, benefiting from the commissioning of Qujing German phase II project, Q4 performed well and realized a net profit attributable to the parent company of 556 million yuan, reversing losses year-on-year, with a chain comparison of + 410.1%; The gross profit margin was 34.50%, with a year-on-year increase of + 23.93pct and a month on month increase of + 11.08pct; The net interest rate was 21.72%, turning losses year-on-year, with a month on month increase of + 10.42pct.
Accelerate the construction of production capacity and ensure the leading position. In 2021, the company’s qujinglin railway and Qujing German phase I project capacity was gradually released, and Qujing German phase II project entered the trial production stage in July 2021. By the end of 2021, the company had a total capacity of 120000 tons. In 2022, with the commissioning of the 100000 ton project of Defang Yiwei and the 80000 ton project of Yibin German times, the company’s scale advantage was further highlighted.
Lithium replenishing agent and lithium manganese iron phosphate have entered the stage of industrialization. Qujing German Party and Yunnan German Party plan new phosphate series cathode projects with an annual output of 110000 tons and 330000 tons respectively. The new phosphate series has a high voltage platform and has a differentiated competitive advantage of high energy density; German Chuangyu plans to have a lithium supplement project with an annual output of 25000 tons. The lithium supplement process developed by the company has good compatibility and safety, which can effectively improve the energy density and cycle life of the battery.
Profit forecast and investment rating: we expect the company’s revenue from 2022 to 2024 to be 23.657 billion yuan, 28.523 billion yuan and 36.276 billion yuan respectively, with a year-on-year increase of 388.6%, 20.6% and 27.2%; The net profit attributable to the parent company was 1.267 billion yuan, 2.006 billion yuan and 2.803 billion yuan respectively, with a year-on-year increase of 58.3%, 58.3% and 39.7%. The current share price corresponds to 40.05 and 25.29 times of PE from 2022 to 2023 respectively, maintaining the “buy” rating.
Risk factors: industry demand is less than expected risk; Price fluctuation risk of raw materials; Risks of new technology development.
