\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 48 Jl Mag Rare-Earth Co.Ltd(300748) )
The company's performance increased by 85%. In 2021, the annual revenue was 4.080 billion yuan (+ 68.8%), the net profit attributable to the parent company was 453 million yuan (+ 85.3%), the net profit not attributable to the parent company was 423 million yuan (+ 86.4%), and the net cash flow from operating activities was 102 million yuan (- 34.7%). In the fourth quarter, the single quarter revenue was 1.162 billion yuan (+ 45.0%), the net profit attributable to the parent company was 102 million yuan (+ 10.7%), and the net profit not attributable to the parent company was 93 million yuan (+ 9.8%). Profit distribution plan: distribute cash dividend of RMB 2.50 per 10 shares to all shareholders.
The production and sales volume increased rapidly, and the revenue in the field of new energy vehicles and auto parts increased rapidly. In 2021, the company sold 10709 tons of finished magnetic steel products, with a year-on-year increase of 21.4%. Affected by the rising price of raw materials, the company's unit selling price of magnetic steel products in 2021 was 351800 yuan / ton, a year-on-year increase of 35.5%, the unit operating cost of magnetic steel products was 276700 yuan / ton, a year-on-year increase of 40.7%, and the unit gross profit of magnetic steel products was 75000 yuan / ton, a year-on-year increase of 19.2%. In terms of revenue growth by field, in 2021, the revenue growth rate was 0.9%, the revenue growth rate of variable frequency air conditioning was 59.5%, the revenue growth rate of new energy vehicles and auto parts reached 222.4%, and the revenue proportion of new energy vehicles and auto parts increased to 25.8%.
Two new projects were announced. At present, the company has a stable production capacity of 15000 tons of blank in Ganzhou base, 8000 tons of phase I project of Baotou base has been completed and put into production, and 3000 tons of production capacity of Ningbo base is under construction. The company recently announced two planning projects, namely, the 12000 ton blank production capacity of Baotou base phase II and the 2000 ton blank production capacity of Ganzhou base. After all the above projects are completed, the blank production capacity of the company will reach 40000 tons / year.
Risk tip: the sharp rise in the price of rare earth raw materials inhibits downstream demand; Capacity expansion is lower than expected risk.
Investment advice: maintain the "buy" rating.
We assume that the average price of praseodymium and neodymium is 1 million yuan / ton and dysprosium iron is 3 million yuan / ton from 2022 to 2024. Considering the continuous production of the company's new projects and the rapid expansion of the company's production and sales of magnetic steel, it is estimated that the revenue from 2022 to 2024 will be 6.796/83.39/10.192 billion yuan, with a year-on-year growth rate of 66.6/22.7/22.2%, and the net profit attributable to the parent company will be 6.73/8.06/978 billion yuan, with a year-on-year growth rate of 48.6/19.8/21.3%; Diluted EPS = 0.80/0.96/1.17 yuan, and the current share price corresponds to PE = 40 / 33 / 27x. NdFeB permanent magnet material is one of the core materials in the field of new energy, energy conservation and environmental protection. It helps to reduce the power consumption of various motors, and the industry will fully benefit from the general trend of energy conservation and carbon reduction. As the leader of high-performance NdFeB permanent magnet materials, relying on the advantages of management, technology and customers, the company has strong profitability, high growth certainty and global competitiveness. It is moving forward to the global leader of high-performance NdFeB permanent magnet materials and maintaining the "buy" rating.
