\u3000\u3 China Vanke Co.Ltd(000002) 812 Yunnan Energy New Material Co.Ltd(002812) )
Annual report and quarterly notice: 2012
The 21 year performance fell below the median value of the forecast, in line with expectations. In 2021, the company achieved a revenue of 7.982 billion yuan, a year-on-year increase of 86%; The net profit attributable to the parent company was 2.718 billion yuan, a year-on-year increase of 144%; The net profit deducted from non parent company was 2.567 billion yuan, with a year-on-year increase of 159%. The net profit attributable to the parent company fell in the median range of RMB 2.66-2.76 billion previously announced by the company, and the performance was in line with expectations. In the 21st year, the gross profit margin of the company was 49.86%, with a year-on-year increase of 7.23 PCTs; The net interest rate was 36.17%, up 8.72 PCTs year-on-year.
The net profit attributable to the parent company in 21q4 was 962 million yuan, an increase of 36% month on month. The company achieved a revenue of 2.643 billion yuan, an increase of 36% month on month; The net profit attributable to the parent company was 962 million yuan, an increase of 36% month on month; The net profit deducted from non return to parent was 938 million yuan, an increase of 46% month on month. Q4 single quarter gross profit margin was 53.07%, up 3.10pcts month on month; The net interest rate was 39.13%, up 0.82pcts month on month.
22q1 forecast net profit attributable to the parent company is 865950 million yuan. The company predicted that the net profit attributable to the parent company in the first quarter of 22 was 865950 million yuan, with a year-on-year increase of 100% – 120%; Net profit deducted from non parent company was 835920 million yuan, with a year-on-year increase of 106% – 127%.
The results of cost reduction and efficiency increase were remarkable, and the single average net profit remained high. In 21 years, the company shipped more than 3 billion square meters. We calculated that the single average net profit was about 0.87 yuan, and the results of cost reduction and efficiency increase were remarkable. In terms of production capacity, by the end of the 21st century, the company’s diaphragm production capacity was 5 billion square meters. In the accelerated construction of production capacity in Chongqing, Suzhou, Jintan and other places, Jiangxi dry diaphragm project has been started, and the overseas Hungary 400 million square meters wet diaphragm project is under promotion. We expect that the company’s diaphragm shipment in 22 years is expected to exceed 5 billion square meters.
Profit forecast and Valuation: we expect the company to realize a net profit attributable to the parent company of 49.38/72.14/9.292 billion yuan in 22-24 years, with a year-on-year increase of 81.7% / 46.1% / 28.8% respectively, and the corresponding PE is 35.5/24.3/18.8 times respectively, maintaining the “buy” rating.
Risk warning: the production capacity construction progress is less than expected; Downstream demand is lower than expected; Risk of industrial policy change
