\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 99 Weihai Guangwei Composites Co.Ltd(300699) )
The annual performance grew steadily, and 22q1 fell slightly year-on-year due to many factors. In 2021, the company achieved a revenue of RMB 2.607 billion, a year-on-year increase of + 23.3%, and a net profit attributable to the parent company of RMB 758 million, a year-on-year increase of + 18.2%, deducting a net profit not attributable to the parent company of RMB 713 million, a year-on-year increase of + 26.0%, and EPS of RMB 1.46 per share, basically in line with expectations, and plans to pay RMB 10.5 (including tax). Despite the impact of the price reduction of mass-produced and finalized carbon fiber products, the annual performance increased steadily, showing high business stability and profit quality. The company expects to achieve a revenue of 591 million yuan in 2022q1, a year-on-year increase of – 5.5%, and a net profit attributable to the parent company of 207 million yuan, a year-on-year increase of – 5.4%, of which the revenue of carbon fiber (including fabric) / wind power carbon beam / prepreg is 384 / 141 / 48 million yuan respectively, a year-on-year decrease of – 7% / + 2% / – 56%, mainly due to 1) the year-on-year reduction of finalized carbon fiber products supplied in batches; 2) The Q1 epidemic has led to the shutdown of some businesses and the interruption of logistics, affecting the production and delivery; 3) The phased order of wind power prepreg with large contribution in the same period of last year ended.
Carbon fiber grew steadily, carbon beam profit improved month on month, and prepreg structure optimization increased rapidly. In 2021, the three major businesses of carbon fiber, carbon beam and prepreg contributed 93.7% of the revenue, of which: 1) the revenue of carbon fiber and fabric was 1.275 billion yuan, with a year-on-year increase of + 18.32%, accounting for 48.92%, with a gross profit margin of 70.05% and a year-on-year increase of -5.23 PCT, mainly due to the decline in the price of mass-produced finalized carbon fiber products and the change of product structure. Among them, the revenue of finalized and amorphous fibers was 903 / 372 million yuan respectively, with a gross profit margin of 82.7% / 39.4%, Amorphous fibers benefit from the contribution of mass production of two raised investment projects with M40J / m55j carbon fibers and t700s / t800s dry jet wet spun carbon fibers as products. At the same time, t800h carbon fibers gradually increase with the advancement of verification projects and the scale of verification production and delivery; 2) The revenue of carbon beam was 808 million yuan, with a year-on-year increase of + 12.56%, accounting for 30.99%, and the gross profit margin was 15.07%, with a year-on-year increase of -6.56pct. The shortage of carbon fiber supply led to insufficient delivery of H1 orders. At the same time, the rise of carbon fiber and resin prices dragged down profits, but H2 beneficiary companies took many measures at the same time, and the gross profit margin improved to 17.42% month on month; 3) The income of prepreg was 359 million yuan, with a year-on-year increase of + 51.94%, accounting for 13.78%, and the gross profit margin was 28.15%, with a year-on-year increase of + 1.26pct. It mainly benefited from the demand pull in the field of wind power and high-end equipment such as aerospace, shipbuilding and electronics, the further optimization of product structure and the increase of the proportion of high added value.
Risk warning: the epidemic situation repeatedly affects production and delivery; The price rise of raw materials exceeded expectations; The project was put into operation less than expected
Investment suggestion: focus on the main business of carbon fiber, pay equal attention to material application, build long-term development potential and maintain “buying”
As one of the few leading enterprises in China to realize the layout of the whole carbon fiber industry chain, the company has sufficient product technology reserves, orderly progress in R & D and verification, and the multi-level product strategy is expected to continue to improve its core competitiveness. At the same time, the project construction is steadily implemented, continuously consolidate the foundation for future growth, actively extend to the downstream composite field, and continuously improve the industrial layout by holding Weihai Guangsheng and Beijing Lanke, The transition from focusing on materials to a new stage of paying equal attention to materials and applications. Benefiting from the rapid expansion of the application field of carbon fiber and composite materials, the growth space is expected to continue to open, and the long-term growth potential can be expected. It is estimated that the EPS of 22-24 years will be 1.81/2.19/2.59 yuan / share respectively, and the corresponding PE will be 27.8/23.1/19.5x, maintaining the “buy” rating.
