\u3000\u3 China Vanke Co.Ltd(000002) 812 Yunnan Energy New Material Co.Ltd(002812) )
Event: Yunnan Energy New Material Co.Ltd(002812) released the annual report of 2021, and achieved an operating revenue of 7.982 billion yuan in 2021, with a year-on-year increase of 86.37%; The net profit attributable to the parent company was 2.718 billion yuan, a year-on-year increase of 143.60%; The net profit attributable to the parent company after deduction was 2.567 billion yuan, a year-on-year increase of 159.17%; 3.03 yuan (including tax) for every 10 shares.
Comments:
The business scale and profitability increased significantly. In 2021, the company realized an operating revenue of 7.982 billion yuan, a year-on-year increase of 86.37%, and the net profit attributable to the parent company was 2.718 billion yuan, a year-on-year increase of 143.6%. In 2021, the gross profit margin and net profit margin were 49.86% and 36.17% respectively, with a year-on-year increase of 7.23pct and 8.72pct. Mainly due to the rapid development of lithium battery market, the sales volume of diaphragm products of the company increased rapidly; At the same time, economies of scale appeared, and the gross profit margin and net profit margin increased significantly. In a single quarter, 2021q4 achieved a revenue of 2.643 billion yuan, an increase of 55.34% year-on-year and 35.89% month on month; The net profit attributable to the parent company was 962 million yuan, a year-on-year increase of 103.81% and a month on month increase of 36.44%. The gross profit margin of 2021q4 was 53.07%, up 7.43pct year-on-year and 4.10pct month on month; The net interest rate was 39.13%, up 9.77 PCT year-on-year and 0.81 PCT month on month.
As a leader in the global lithium battery diaphragm industry, we fully enjoy the high prosperity of the global new energy vehicle market. Since 2021, the global new energy vehicle market has maintained a high boom, driving the growth of lithium battery diaphragm demand. The company is the global leader in lithium battery separator industry and has entered the supply chain system of global mainstream lithium battery enterprises. Its main customers include Panasonic, lges, Samsung SDI, Contemporary Amperex Technology Co.Limited(300750) , GuoXuan, Byd Company Limited(002594) , Yiwei, Funeng, Lishen and other mainstream lithium battery enterprises at home and abroad. In 2021, the company developed rapidly, the scale of production capacity increased significantly, the shipment volume exceeded 3 billion square meters, and the market share of production capacity and shipment volume remained the first in the world. In 2021, Shanghai Enjie achieved an operating revenue of 6.437 billion yuan, a year-on-year increase of 142%, accounting for 80.64%, and a net profit attributable to the listed company of 2.452 billion yuan, a year-on-year increase of 167%, accounting for 90.21%.
The capacity continues to expand, and the scale advantage is conducive to further enhance the market share. The company has set up diaphragm production bases in Shanghai, Wuxi, Jiangxi, Zhuhai, Suzhou, Changzhou, Chongqing and other places, with a production capacity of 5 billion square meters. It has built the first overseas wet diaphragm production base for lithium batteries in Hungary, which will form a localized supply capacity with an annual output of 400 million square meters. In addition, the company launched the dry process diaphragm production base project in Jiangxi to lay out the energy storage market, and the products are expected to be output this year. With the implementation of the company’s new projects, the production capacity will continue to be released, and the global market share is expected to be further improved in the future.
Investment advice: maintain a prudent recommendation rating. It is estimated that the company’s EPS in 2022 and 2023 will be 5.17 yuan and 7.78 yuan respectively, and the corresponding PE will be 39 times and 26 times respectively, maintaining a prudent recommended rating.
Risk warning. Risk that the production and sales of new energy vehicles are less than expected; Risk that the project under construction is put into operation less than expected; Risk of sharp rise in raw material prices; Risk of product upgrading or new technology substitution; Increased market competition and risks
