\u3000\u3 Shengda Resources Co.Ltd(000603) 659 Shanghai Putailai New Energy Technology Co.Ltd(603659) )
The net profit attributable to the parent company in Q1 was 637 million yuan, with a month on month ratio of + 90.28% / + 22.95%, exceeding market expectations. In 2022, Q1 company’s revenue was 3.131 billion yuan, with a month on month ratio of + 80% / + 15.91%; The net profit attributable to the parent company was 637 million yuan, with a month on month ratio of + 90.28% / + 22.95%; Deduct the non net profit of 613 million yuan, with a month on month ratio of + 96% / + 21.73%. In terms of profitability, the gross profit margin of Q1 was 38.73%, with a month on month ratio of + 0.96pct / + 3.71pct; The net interest rate attributable to the parent company was 20.34%, with a month on month ratio of +1.1pct/+1.16pct; Q1 deducting 19.58% non attributable net interest rate, with a month on month ratio of + 1.6pct / + 0.94pct.
Q1 negative electrode shipment is expected to reach 260 Xinjiang Haoyuan Natural Gas Co.Ltd(002700) 0 tons, with a year-on-year increase of about 30%. The graphitization price rise is conducted smoothly, and the negative electrode integration drives the steady growth of profits. We expect the company to ship 260 Xinjiang Haoyuan Natural Gas Co.Ltd(002700) 0 tons of negative electrodes in 2022q1, with a year-on-year increase of about 30%. In terms of profitability, we estimate that the net profit per ton of negative electrode (including graphitization) of the company in 2022q1 is about 1200013000 yuan / ton, an increase of about 10% month on month, which is mainly due to the increase of the price of the company’s products by 10% +, the smooth conduction of the rise of graphitization processing fees and raw material costs, and the increase of profitability month on month. Q1 is expected to contribute a profit of Hpf Co.Ltd(300350) million yuan, an increase of about 50% month on month. Throughout the year, the company’s Q2 production schedule is expected to further improve month on month. With the release of new production capacity, we expect the company’s shipment volume to reach 160000180000 tons in 2022, with a year-on-year increase of 60% +.
The shipment of Q1 diaphragm is 800900 million square meters, with a year-on-year increase of more than double. The shipment in 2022 is expected to double year-on-year. We expect the company to ship 800900 million square meters of coated film in 2022q1, more than doubling year-on-year growth and slightly increasing month on month; In terms of profitability, we calculated that the company’s single average profit in 2022q1 remained at 0.2 yuan / average +, with a slight increase month on month. By the end of 2021, the coating capacity of the company was 4 billion square meters, of which Jiangsu zhuogo coating processing expansion project and Ningde zhuogo (plant 2) coating processing project were completed and put into operation. The construction of Jiangsu zhuogo 1.5 billion square meters coating processing project and Guangdong zhuogo phase I 2 billion square meters diaphragm coating project were started through their own funds. We expect that the company’s shipments in 2022 are expected to reach 4 billion Ping +, nearly doubling year-on-year growth.
The orders of equipment business are gradually released, and the profit increment of PVDF business is bright. By the end of the first quarter of 2022, the on-hand orders of coaters (excluding internal orders) exceeded 4 billion yuan (including tax), a year-on-year increase of 170.33%, and the on-hand orders of new products exceeded 1.1 billion yuan (including tax). We expect the company’s equipment business 22q1 to contribute about 30 million yuan of net profit, which is further improved month on month. It is expected to contribute about 150 million yuan of net profit for the whole year, a year-on-year increase of more than double.
Profit forecast and investment rating: considering the acceleration of the company’s capacity expansion and the acceleration of the company’s capacity expansion, we raised the company’s net profit attributable to the parent company from 3.070/4.429/6.320 billion yuan to 3.107/4.510/6.355 billion yuan in 20222024, corresponding to EPS of 4.47/6.49/9.15 yuan in 20222024, an increase of 78% / 45% / 41% over the same period. The current market value corresponds to 30 / 21 / 15 times of PE from 2022 to 2024, giving 45xpe in 2022, corresponding to the target price of 201.2 yuan, maintaining the “buy” rating.
Risk tip: the sales volume is lower than expected and the profit level is lower than expected.
