Beiteri (835185)
From 2021 to 2021, the performance has increased steadily and the scale has expanded. On March 30, 2022, the company released the annual report of 2021. The annual revenue was 10.491 billion yuan, with a year-on-year increase of 135.7%, and the net profit attributable to the parent was 1.441 billion yuan, with a year-on-year increase of 191.4%. After deduction, the net profit attributable to the parent was 1.12 billion yuan, with a year-on-year increase of 238.2%. The performance was within the scope of the previous performance forecast. In the 21st year, the gross profit margin of the company was 25.0%, decreased by 3.5pct at the same time, and the net profit margin was 13.7%, increased by 2.5pct at the same time. At the end of the period, the contract liabilities were 6.12 billion yuan, an increase of 25.5 times, and the inventory was 2.241 billion yuan, an increase of 89%, mainly due to the scheduled production capacity of key customers, the advance receipt of part of the payment for goods and the company’s preparation of goods.
21q4 excellent performance. Revenue and net profit: the company’s 2021q4 revenue was 3.640 billion yuan, an increase of 107.26% and a ring increase of 37.68%, and the net profit attributable to the parent was 351 million yuan, an increase of 149.76% and a ring decrease of 2.53%. The net profit attributable to the parent after deduction was 293 million yuan, an increase of 155.65% and a ring decrease of 3.98%. Gross profit margin: 2021q4 gross profit margin is 20.66%, with a decrease of 5.97pct and a ring decrease of 5.36pct. Expense rate: during 2021q4, the expense rate of the company was 11.18%, with a year-on-year increase of -2.88pct, of which the expense rates of sales, management, R & D and finance were -2.46%, 6.25%, 5.70% and 1.69% respectively, with a year-on-year change of -5.41%, 2.81%, 0.55% and -0.83%. The change of management expense was mainly due to the expense rate of 11.8% during the amortization of equity incentive, with a year-on-year decrease of 3.6pct. Net interest rate: the net interest rate of 2021q4 is 8.95%, with an increase of 1.12pct and a decrease of 4.69pct.
The negative electrode capacity continues to expand, and the silicon-based negative electrode brings new increment. The negative electrode business of the company consists of natural graphite, artificial graphite and silicon base. In the past 21 years, the sales volume of negative electrode materials of the company was 166200 tons, accounting for 19% of the global market, realizing a revenue of 6.459 billion yuan, an increase of 104.96% and a gross profit margin of 31.35%, a year-on-year decrease of 3.7pct, which was affected by the decline of average product price. The company has a capacity of 144700 tons in 21 years and 260000 tons under construction at the end of the year. We expect the company’s effective capacity to exceed 300000 tons in 22 years. In terms of natural graphite, the company deeply cultivates natural graphite and owns Jixi high-grade flake graphite mine. The shipment volume ranks first in China, benefiting from the industry trend of natural graphite doping; In terms of artificial graphite, the company’s capacity expanded and the self supply rate of graphitization increased; In terms of silicon-based materials, in February 22, the company announced that it plans to build a project with an annual output of 40000 tons of silicon-based negative materials in Shenzhen. It is expected to form a production capacity of 15000 tons by the end of 23 and reach the full production capacity of 40000 tons in 28 years. The company currently has a production capacity of 3000 tons. The products will benefit from the increase of the proportion of silicon-based negative electrodes added in 4680 through Panasonic’s supply of Tesla cylindrical batteries.
Focus on high nickel and create the second growth curve of cathode materials. The company sold 31600 tons of cathode materials in 21 years, realizing a revenue of 3.651 billion yuan and a gross profit margin of 19.98%, including 18300 tons of ternary materials, a revenue of 3.116 billion yuan, 13200 tons of lithium iron phosphate and a revenue of 546 million yuan. The company’s cathode material has a capacity of 33800 tons in 21 years and a capacity under construction of 50000 tons at the end of the year. With the stripping of LFP business, the cathode material in 22 years is basically high nickel ternary, and the profitability will be further improved. We expect that the capacity of high nickel equity in 22 years can reach 4 Tianma Microelectronics Co.Ltd(000050) 000 tons.
Investment suggestion: we expect that the company’s net profit attributable to the parent company will reach 2.412 billion yuan, 3.434 billion yuan and 4.662 billion yuan in 22-24 years, with a year-on-year growth rate of 67.4%, 42.3% and 35.8%. At present, the corresponding PE of the stock price is 21, 14 and 11 times respectively. Considering the rapid expansion of the company’s production capacity and the new volume brought by silicon-based negative electrode and high nickel positive electrode, we maintain the “recommended” rating.
Risk tip: the sales volume of new energy vehicles is lower than expected; The price fluctuation of raw materials is higher than expected; Capacity expansion is less than expected, report comments
