\u3000\u3 China Vanke Co.Ltd(000002) 812 Yunnan Energy New Material Co.Ltd(002812) )
Event: the company released the annual report of 2021, and the annual revenue was 7.982 billion yuan, 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 gross profit margin was 49.86%, a year-on-year increase of + 7.23 PCT, and the net profit margin was 36.17%, a year-on-year increase of + 8.72 PCT; Among them, 2021q4 achieved a revenue of 2.643 billion yuan, a year-on-year increase of + 55.34%, a month on month increase of + 35.89%, and a net profit attributable to the parent company of 962 million yuan, a year-on-year increase of + 103.81%, a month on month increase of + 36.44%. The performance is in line with expectations.
The demand for wet diaphragm continues to grow steadily, and the market scale is further expanded. In 2021, with the rapid development of the new energy industry and the continuous improvement of production capacity, the scale of the company’s core business continued to expand. In the past 21 years, the company achieved a revenue of 6.913 billion yuan of membrane products, a year-on-year increase of + 99.57%, and a gross profit margin of 53.21%, a year-on-year increase of + 7.82pct; During the reporting period, the company’s lithium battery diaphragm shipments exceeded 3 billion square meters, a year-on-year increase of + 130.77%.
Bind important downstream customers and cooperate with downstream to accelerate production expansion. During the reporting period of 2021, the company signed large amount cooperation agreements with Eve Energy Co.Ltd(300014) , Contemporary Amperex Technology Co.Limited(300750) , China Innovation airlines, ultium cells and other companies based on diaphragm, base membrane and coating membrane respectively. At the same time, the company has distributed its production capacity in many places. It is expected that it can deliver 4.5-5 billion square meters in 22 years, of which about 1.1 billion square meters are expected to be shipped in the first quarter, and the single average net profit is maintained at more than 0.8 yuan.
Investment suggestion: it is estimated that the company will achieve revenue of RMB 13.066174.69/21.616 billion and net profit attributable to the parent company of RMB 5.039/71.27/9.072 billion from 2022 to 2024, with a year-on-year increase of + 85.4% / 41.4% / 27.3% and corresponding EPS of RMB 5.65/7.99/10.17 respectively, maintaining the “buy” rating.
Risk warning: price fluctuation of raw materials; The risk that the capacity construction fails to meet the expectations; Risk of technology loss.
