\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 69 Shenzhen Dynanonic Co.Ltd(300769) )
The company issued the annual report of 2021, and its performance turned around significantly; The production and sales of cathode materials of the company are booming, the profitability is improved, and the construction of production capacity is continuously promoted; Maintain the overweight rating.
Key points supporting rating
In 2021, the company made a profit of 801 million yuan and made a significant turnaround year-on-year: the company released its annual report in 2021, and achieved a revenue of 4.842 billion yuan, a year-on-year increase of 413.93%; The net profit attributable to the shareholders of the listed company was 801 million yuan and the deduction of non net profit was 770 million yuan, both of which significantly reversed their losses year-on-year; In 2021q4, the revenue was 2.571 billion yuan, an increase of 157.90% month on month; The profit was 556 million yuan, an increase of 410.45% month on month. The company's performance is in line with expectations.
The profitability of 2021q4 increased significantly month on month: driven by the rising price of raw materials and the tight supply and demand of lithium iron phosphate Market, the price of the company's products increased. At the same time, thanks to cost control and scale effect, the profitability of the company increased significantly compared with last year. The gross profit margin of cathode material business increased significantly by 18.71 percentage points to 28.89% year on year, of which the gross profit margin of 2021q4 increased by 11.1 percentage points to 34.5% month on month, The net interest rate increased by 10.4 percentage points to 21.7% month on month.
The production and sales of lithium iron phosphate are booming, and the construction of production capacity continues to be promoted: the output of lithium iron phosphate materials of the company was 98300 tons in 2021, with a year-on-year increase of 202.87%; The sales volume was 91200 tons, a year-on-year increase of 197.57%; The revenue reached 4.81 billion yuan, a year-on-year increase of 430.09%. With the gradual release of the production capacity of qujinglin railway and German phase I and phase II projects in 2021, the company's current production capacity of lithium iron phosphate reaches 155000 tons. At the same time, Defang Yiwei project and Yibin German era are stepping up construction, which is expected to be completed and put into operation in 2022.
Increase R & D investment and layout lithium supplement and new phosphate cathode materials: in 2021, the company invested 164 million yuan in R & D, a year-on-year increase of 217.76%. The company has made important progress in the development of lithium supplement agent and new phosphate cathode materials. At present, both materials have entered the stage of industrial construction, and the profitability of the company is expected to be further improved after the completion of the project.
Valuation
Under the current share capital, combined with the annual report of the company and the supply and demand of the industry, we adjusted the predicted earnings per share of the company from 2022 to 2024 to 15.53/22.18/26.68 yuan (the original prediction of 20222023 was 7.12/9.04 yuan), corresponding to a P / E ratio of 37.3/26.1/21.7 times; Maintain the overweight rating.
Main risks of rating
Price competition exceeds expectations; Industry capacity expansion exceeded expectations; The demand for new energy vehicles does not meet expectations; Policies fail to meet expectations; The permeability of lithium iron phosphate does not meet the expectation; The impact of covid-19 epidemic exceeded expectations.
