\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 636 Zhuzhou Kibing Group Co.Ltd(601636) )
The company disclosed the annual report of 2021:
On April 7, the company disclosed the annual report of 2021. The annual revenue was 14.573 billion, a year-on-year increase of + 51.1%, the net profit attributable to the parent was 4.234 billion, a year-on-year increase of + 131.9%, and the net profit attributable to the parent after deduction was 4.152 billion, a year-on-year increase of + 140.7%. Among them, the revenue in the fourth quarter was 3.807 billion, a year-on-year increase of + 23.2%, and the net profit attributable to the parent company was 575 million, a year-on-year increase of – 5.6%. The annual gross profit margin was 50.24%, year-on-year + 12.96 PCT, and the net sales profit margin was 28.97%, year-on-year + 10.06 PCT. Q4 gross profit margin was 37.56%, year-on-year -4.7pct, and net profit margin was 15%, year-on-year -4.7pct. Dividends increased significantly. In 2021, the proportion of cash dividends was 50.71% and the dividend yield was 6.08%. In terms of revenue structure, the company’s revenue from the original pieces of high-quality float glass accounted for 85.9% (year-on-year – 2.5pct), and the revenue from energy-saving building glass accounted for 14.1% (year-on-year + 2.4pct).
Gross profit of boxes increased by 26.3 yuan year-on-year:
In terms of production and marketing, in 2021, the company produced 119.17 million heavy boxes of various original float glass pieces, with a year-on-year increase of + 2.41 million heavy boxes, and sold 118.91 million heavy boxes of various original float glass pieces, with a year-on-year increase of + 5.14 million heavy boxes. In terms of box index, it is estimated that the annual average sales price of the company is 104.4 yuan / heavy box, a year-on-year increase of + 30.4 yuan / heavy box. The price of 2021h2 raw material soda ash and fuel increased significantly (the direct material cost accounting for more than 80% of the cost was + 22.67% year-on-year). During the reporting period, the company’s single box cost increased by 4.1 yuan year-on-year to 50.6 yuan, and the single box gross profit increased by 26.3 yuan year-on-year to 53.9 yuan. In terms of price, the high boom of float glass in 2021h1 continued, the glass price was high from July to September, and the low peak season from September to October led to a sharp price reduction. Since the end of November, the margin of real estate policy has been loose, and the completion chain has warmed up under the pressure of guaranteed delivery. Superimposed on the low inventory of downstream deep-processing enterprises, there is a need to build warehouses, and the glass price has rebounded.
Key tips: accelerate the promotion of photovoltaic glass business:
Under the “one body and two wings” strategy, the business of photovoltaic glass, medicinal glass and electronic glass will take over and grow. In 2022, the company will focus on the photovoltaic glass and medicinal glass sector. The company’s 1200t / D photovoltaic glass calendering production line in Chenzhou, Hunan is expected to be put into operation in the near future. After five photovoltaic glass calendering production lines under construction (including Chenzhou, Hunan) are put into operation, the total capacity is expected to reach 8500t / d. Meanwhile, the company’s recent expansion of photovoltaic glass business has accelerated. On March 16, the company announced that it plans to invest in the construction of two 1200t / D photovoltaic glass production lines and supporting quartz sand production bases in Malaysia, on April 7, the company announced that it plans to invest in the construction of four 1200t / D photovoltaic glass production lines and supporting quartz sand production bases in Zhaotong, Yunnan, and one 1200t / D photovoltaic glass production line in Zhuzhou. The price of photovoltaic glass ushered in the second round of increase after the first round of price adjustment in early March. On April 7, the mainstream large single price of 3.2mm coating was 27.5 yuan / square meter, up 5.8% month on week, mainly driven by the rise of cost. In addition, the yield of borosilicate medicinal glass continues to improve, which is expected to accelerate the breakthrough at the client.
Investment suggestion: for float glass business, the company leads the industry in terms of cost and management, and the capacity of deep-processing energy-saving glass is gradually released. In terms of growth, the company will accelerate its entry into the fields of photovoltaic, pharmaceutical and high-end electronic glass, and its long-term competitiveness is expected to be further enhanced. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 4.51 billion, RMB 5.01 billion and RMB 5.32 billion respectively, and the PE corresponding to the share price on April 7, 2022 will be 8x, 7x and 7x respectively. Maintain a “recommended” rating.
Risk warning: raw material price fluctuation risk; Risk of epidemic disturbance; The production of photovoltaic glass and the improvement of drug glass yield were less than expected.
