\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 219 Shandong Nanshan Aluminium Co.Ltd(600219) )
Event: on March 30, 2022, the company released the annual report of 2021. In 2021, the company achieved a revenue of 28.725 billion yuan, an increase of 28.8% and a net profit attributable to the parent company of 3.411 billion yuan, an increase of 66.4% and a net profit not attributable to the parent company of 3.337 billion yuan, an increase of 71.4%; In a single quarter, Q4 achieved a revenue of 8.34 billion yuan in 2021, with a ring increase of 6.3% and a same increase of 24.6%. The net profit attributable to the parent company was 892 million yuan, with a ring decrease of 11.9% and a same increase of 40.3%. Deducting the net profit not attributable to the parent company was 859 million yuan, with a ring decrease of 15.4% and a same increase of 33.7%. The decrease in Q4 net profit was mainly due to the obvious rise in the price of power coal and the increase in the cost of self owned power plants since the third quarter.
The production and sales of the company’s products are booming, with a sharp rise in aluminum price and a significant rise in overall profit. In terms of production and sales, the production and sales of alumina were 22722 / 2262600 tons respectively, an increase of 28.0% / 23.5% at the same time; The production and sales of cold-rolled coil / sector were 8256 / 900000 tons respectively, with a same increase of 18.9% / 16.2%; The production and sales of aluminum profiles were respectively 195.5190000 tons, with an increase of 4.7%/0.4%; The production and sales of aluminum alloy ingots were 133.651504800 tons respectively, with an increase of 4.8% / 3.6% at the same time; The output of electrolytic aluminum was 844500 tons, an increase of 1.0% and the sales volume was 951500 tons, a decrease of 6.0%; The output of aluminum foil was 49200 tons, a decrease of 9.2% and the sales volume was 59500 tons, an increase of 9.0%. In terms of gross profit per ton, the gross profit per ton of cold rolled coil / sector increased from 1066 yuan / ton to 5133 yuan / ton, the gross profit per ton of aluminum profile increased from 826 yuan / ton to 4468 yuan / ton, and the gross profit per ton of aluminum foil increased from 500 yuan / ton to 5077 yuan / ton.
There is strong demand in the downstream market, and the proportion of high-end products of the company continues to increase. Benefiting from the rapid and vigorous development of the new energy vehicle industry, the sales volume of the company’s automobile sector products exceeded 110000 tons, a significant increase year-on-year. The sales volume of high-end products accounted for 12.66%, with an increase of 6.66 PCTs, and the gross profit accounted for 19.89%, with an increase of 6.62 PCTs. In the future, the company plans to build the technical transformation project of automobile lightweight aluminum sector and strip production line, the automobile sector production capacity is expected to be increased to 400000 tons / year, and the new 21000 tons of high-performance power battery foil production line has been completed and put into operation. In 2022, it will focus on accelerating the release of output, and the profit proportion of the company’s high-end products will be further increased.
Investment suggestion: the company is a leading enterprise integrating aluminum processing. At present, the production and sales of the company’s products are booming, the product structure is continuously optimized, and there is room for long-term growth. It is estimated that the company’s revenue from 2022 to 2024 will be 35.085 billion yuan, 37.864 billion yuan and 38.781 billion yuan respectively, and the net profit attributable to the parent company will be 3.531 billion yuan, 4.587 billion yuan and 5.164 billion yuan, EPS will be 0.3/0.38/0.43 yuan / share, and the corresponding PE will be 14.0/10.8/9.6 times respectively, maintaining the “buy” rating of the company.
Risk warning: risk of price rise of coal raw materials; The downstream demand is lower than the expected risk; Risk of production capacity falling short of expectations
