\u3000\u30003 An Hui Wenergy Company Limited(000543) 00054)
Events
The company achieved a revenue of 2.355 billion yuan in 2021, with a year-on-year increase of 29.67%; The net profit attributable to the parent company was 213million yuan, a year-on-year increase of 233.50%; The net profit attributable to the parent company after deducting non profits reached 206 million yuan, a year-on-year increase of 175.62%. At the same time, according to the company’s Q1 forecast for 22 years, it is expected to achieve a revenue of 560 ~ 580 million yuan, with a year-on-year increase of 7.70% ~ 11.55%; The net profit attributable to the parent company is expected to be 65 ~ 75 million yuan, with a year-on-year increase of 73.16 ~ 99.80%; It is estimated that the net profit attributable to the parent company after deducting non-profit is RMB 60-70 million, with a year-on-year increase of 14.43-44.50%.
The company’s profitability improved significantly in 2021
In 2021, the company’s revenue increased steadily and its net profit increased significantly. The gross profit margin and net profit margin were 33.44% and 10.39% respectively. The main reasons are as follows:
① CMP polishing pad business increased significantly compared with the same period of last year. In the past 21 years, the company achieved a sales revenue of 302 million yuan, an increase of 284% over the same period of last year, turning losses into profits for the first time and realizing scale profits.
② the business of printing and copying general consumables grew steadily. The company’s general consumables chip business revenue and profit increased year-on-year in 21 years, the sales volume of toner cartridge business reached a new high in recent years, and the overall profit decreased compared with the same period of the previous year.
The driving force of the company’s performance growth in 2022 will mainly come from polishing materials and soft display materials
① in the field of polishing materials, the capacity utilization rate of the company’s polishing pad phase II is climbing; The self built production line of 200000 pieces of soft cushion series and 300000 pieces of hard cushion raw materials in phase III of polishing pad is expected to complete the equipment installation in the summer of 2022 and enter the stage of equipment linkage and trial production. In the field of polishing fluid, the company has completed the construction of 5000t annual production capacity in Wuhan in phase I, waiting for large-scale production, and the production line in phase II is under preparation as planned. The company’s polishing liquid products are multi-line layout. At present, the verification feedback from the client is good. A polishing liquid product in its oxide process has obtained a small amount of orders. A polishing liquid product in Al process has passed the customer verification in the 28nm technology node HKMG process and entered the ton level procurement stage. At the same time, the company increased the capital and shares of Dinghui, a polishing mat company. After the transaction, the proportion of equity held by the company in Dinghui microelectronics increased from 72.35% to 91.35%; The counterparty (employee stock ownership platform) plans to increase its holdings of shares of listed companies by no less than 380 million yuan and lock them for three years to unlock them by stages, demonstrating the long-term confidence of both parties in the new material platform.
② in the field of flexible display materials, the company’s YPI products have an annual production capacity of 1000 tons, enter the disclosure volume stage, continue to obtain G6 line orders from major customers, and the share continues to increase. PSPI and ink products are in the pilot stage, and the client feedback is good. At the same time, the company plans to increase the shareholding ratio of flexible technology in the form of equity transfer and capital increase, and introduce new investors for flexible technology to enrich its capital strength. After the completion of the transaction, the proportion of equity held by the company in softshow technology will be changed from 51.01% to 70%. Softshow technology is still a holding subsidiary within the scope of the company’s consolidated statements. We are optimistic about the improvement of the profitability of our subsidiary, Rouxian technology.
Investment advice
The company is also actively developing advanced semiconductor packaging materials. A variety of new materials such as underfill adhesive and temporary bonding adhesive are under normal development as planned, which is expected to further open the growth space of the company in the future. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 373 million, RMB 571 million and RMB 844 million, with corresponding P / E ratios of 46, 30 and 20 times, maintaining the “buy” rating.
Risk tips
The impact of the epidemic continues, the expansion of production is less than expected, and the downstream demand is less than expected.
