\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 99 Weihai Guangwei Composites Co.Ltd(300699) )
The annual revenue of the parent company was 2.601 billion yuan (+ 2.601 billion yuan), and the annual net profit of the parent company was 2.601 billion yuan (+ 2.601 billion yuan). At the same time, the company issued the Q1 forecast for 22 years, and it is expected to realize a net profit of 207 million yuan (- 5.37%).
The expense rate dropped sharply in the past 21 years, making up for the impact of the decline in gross profit margin on performance to a certain extent.. In terms of business, the company's carbon fiber and fabric achieved a revenue of 1.275 billion yuan (+ 18.32%) and a gross profit margin of 70.05% (- 5.11 PCT); Carbon beam achieved a revenue of 808million yuan (+12.56%) and a gross profit margin of 15.07% (-5.49pct); The prepreg achieved a revenue of 359 million yuan (+ 51.94%) and a gross profit margin of 28.15% (+ 1.26pct). The gross profit margin of the company's fiber and carbon beam has decreased significantly, which may be mainly due to: 1) the decline in the price of finalized fiber products; 2) Changes in product structure; 3) The cost of raw materials has risen. The performance of the expense side has been outstanding for 21 years. During the period, the expense rate of the company has decreased by 5.89 PCT to 12.60%, of which the management expense rate has decreased by 4.64 PCT and the R & D expense rate has decreased by 4.05 PCT. In addition, the company's 21-year tax rebate amount has narrowed to 15.85 million yuan, and its contribution to the performance continues to decrease. Therefore, the company's deduction of non net profit (+ 25.95%) performs well.
Fixed assets increased significantly and actively promoted capacity expansion. The company's fixed assets at the end of the period were 1.384 billion yuan, an increase of 61.99% over the beginning of the period, mainly due to the conversion of the military civilian integration high-strength carbon fiber industrialization project. The planned capacity of the project is 2000 tons and has been put into operation in Q2 of 21. In addition to the project, the company completed the equivalence verification of the precursor production line during the reporting period, and the production capacity was expanded to 500 tons; High modulus m-grade fiber is under construction, with a new capacity of 30 tons; Inner Mongolia Guangwei low-cost fiber has a planned capacity of 10000 tons, and the capacity under construction in phase I is 4000 tons. It is expected to be completed and put into operation in 22 years; Carbon beam will add 1.7 million meters of capacity in 21 and 22 years respectively; The production capacity of 850000 square meters of prepreg is under construction.
With the release of price reduction pressure and the accelerated growth of new products, Q3 is expected to usher in an inflection point of performance growth. The growth rate of Q1 performance of the company in 22 years is under pressure, which is mainly affected by the high base of 21h1 and the outbreak of Weihai. Although the growth rate of raw fiber utilization is expected to remain stable in the first half of the year, the growth rate of raw fiber utilization is expected to decline in the second half of the year, although the growth rate of raw fiber utilization is expected to remain stable in the first half of the year. The cost pressure of carbon beam business is mainly reflected in 21h1. With the transmission of price, the gross profit margin of 21h2 has rebounded, and the profitability in 22 years is expected to be further improved. In addition, with the release of new production capacity and the improvement of delivery capacity, the profit contribution of the company's new fiber products in 22 years is expected to further increase.
Taking into account the impact of the decline in the price of shaped fiber on income and gross profit margin, the company adjusted the earnings per share of the company in 22 and 23 years to 1.77 and 2.25 yuan (the previous values were 2.04 and 2.59), and added the earnings per share of the company in 24 years to 2.93 yuan. According to the price earnings ratio of 36 times in 22 years of the comparable company, the target price was given 63.72 yuan and the buy rating was maintained.
Risk tips
Risk of epidemic affecting production and delivery; Risk of continued decline in product prices
