Zhuzhou Kibing Group Co.Ltd(601636) ( Zhuzhou Kibing Group Co.Ltd(601636) ) event: the company realized revenue / net profit attributable to parent company / non deduction performance of RMB 3.063522/483 billion in 22q1, yoy + 4.81% / - 40.69% / - 43.41%, which is in line with our previous expectations.
Float glass contributes the main profit, waiting for the volume and price of float business to pick up
According to our calculation, the revenue of float glass 22q1 is about 2.8 billion yuan; Among them, we expect to sell 26.22 million heavy boxes, and the average price of M1-M3 glass is calculated based on the average ex factory price of Zhangzhou Qibin (excluding tax). We believe that at present, the company's contribution to other business performance is limited (pharmaceutical and electronic glass are still in the early stage of development, photovoltaic glass production capacity is limited and the price is low). If we calculate the net profit of 522 million yuan, we expect the net profit of Q1 unit to be 19.9 yuan / heavy container. At the industry level, since the beginning of the year, due to the continuous impact of the real estate industry and the epidemic in March, the downstream construction has been less than expected. As of April 7, 22, the industry's single box net profit reached 145.3 yuan / ton (down to 21m11 level). We believe that with the recovery of downstream construction, the single box net profit still has room to rise, and the volume and price of float glass are expected to rise together. In addition, with the 21 year commercial operation of energy-saving glass, the profit contribution of this business can be expected.
The expenses were well controlled and the net interest rate increased month on month
22q1's gross profit margin was 34.41%, a year-on-year decrease of 17.3pct, mainly due to the year-on-year decline in glass prices and the rise in raw material and fuel costs; According to Zhuo Chuang information, the unit price of Zhangzhou Qibin float glass Q1 is 120 yuan / heavy box (including tax), down - 5.18% from the same period last year. The decline of gross profit margin is much larger than that of unit price, which is mainly due to the large year-on-year increase in the price of raw materials such as soda ash (the average price of 22q1 soda ash increased by more than 60% year-on-year). 22q1 company's expense rate during the period was 15.03%, with a year-on-year decrease of 1.65pct, of which the sales / management / R & D / financial expense rate was + 0.08 / + 0.14 / - 1.05 / - 0.82pct respectively year-on-year, and the sales and management expenses increased slightly. On the whole, the company's expense control was good. 22q1 company achieved a net interest rate of 17.03%, a year-on-year decrease of 13.1pct and a month on month increase of 2pct. 22q1cfo was -35.47 million yuan (870 million yuan in the same period last year), and the operating cash flow decreased significantly, mainly due to the decrease of the cash to income ratio and the year-on-year increase in employee wages, taxes and payables.
Photovoltaic glass business continued to overweight and maintain the "buy" rating
We expect that the company's capacity release will be concentrated in 23 years. At the same time, the company will build quartz sand production bases in Zixing, Hunan, Malaysia and Zhaotong, Yunnan. The integration also demonstrates the company's determination to develop photovoltaic glass business in the long term. The company is a leader in float glass, deeply cultivating its main business, promoting the production capacity layout of electronic glass and photovoltaic glass, accelerating the construction of energy-saving building glass projects, and is expected to enhance its profit growth in the future. According to the latest price of float photovoltaic glass, we expect the net profit attributable to the parent company to be RMB 3.76/43.4/5.62 billion in 22-24 years, corresponding to pe9.9 billion 3 / 8.1 / 6.2x, maintaining the "buy" rating.
Risk tip: the price of raw materials increased more than expected, the market at the completion end in the second half of the year was less than expected, and the expansion of the company was less than expected
