\u3000\u3 China Vanke Co.Ltd(000002) 015 Gcl Energy Technology Co.Ltd(002015) )
With the high price of raw materials, the income of 10 billion yuan remained stable, the profit increased and the cash flow was healthy
On the evening of April 14, 2022, the company released the 2021 annual report. Although the prices of coal and natural gas have repeatedly hit record highs in 21 years due to the epidemic, inflation and other factors, the performance of the company, as a thermal power production enterprise, has not fluctuated significantly. In 2021, the company achieved an operating revenue of 11.314 billion yuan, a year-on-year increase of – 0.71% (due to the business merger under the same control in the reporting period, the company adjusted the financial data of the corresponding year, and the adjusted financial data are adopted in this report); The net profit attributable to the parent company was 1.004 billion yuan, a year-on-year increase of + 21.80%; Deduct the net profit not attributable to the parent company of 570 million yuan, a year-on-year increase of – 19.02% (the non recurring income mainly includes the profit and loss on the disposal of 420 million non current assets); The gross profit margin was 22.85%, with a year-on-year increase of -2.15pct, reflecting the adverse impact of the rise in the price of raw materials; The net interest rate was 11.24%, year-on-year + 1.95pct; During the reporting period, the expense rate was 14.05%, with a year-on-year increase of + 3.19 PCT, of which the management expense rate was + 1.02 PCT, mainly due to the increase of labor costs and other expenses caused by the company’s new mobile energy business during the reporting period; The financial expense ratio was + 1.98pct year-on-year, which was mainly due to the increase of expensed financing interest with the continuous operation of new power plants; The net cash flow from operating activities is 2.099 billion yuan, and sufficient cash flow is expected to continue to support the company’s new business.
Looking at 2021q4 alone, the company achieved a revenue of 2.773 billion yuan, a year-on-year increase of – 13.11%; The net profit attributable to the parent company was 199 million yuan, a year-on-year increase of + 7.62%; The gross profit margin was 20.41%, with a year-on-year increase of – 5.96%; The net interest rate was 7.96%, with a year-on-year increase of + 3.55%.
Focus on mobile energy business and accelerate the layout of power exchange business
Since 2021, the company has focused on green travel ecology and built a leading mobile digital energy technology operator. Focus on the power exchange scenarios of taxis, online car hailing, heavy trucks and light trucks, and work with Geely, Futian, Sany, Dongfeng, huolala, Contemporary Amperex Technology Co.Limited(300750) , ground railway and other leading enterprises to focus on the power exchange business. In 2021, the company will complete the construction of 5 passenger vehicle replacement power stations and 1 commercial vehicle replacement power station. Up to now, 9 passenger vehicle replacement power stations and 4 commercial vehicle replacement power stations have been completed.
The company will focus on the field of mobile energy business and quickly form market influence and product competitiveness. The development goal of the company’s mobile energy business is to serve more than 25000 vehicles in 2022 and 500000 electric vehicles in 2025.
Under the power exchange mode, the operation of the power exchange station or the largest part of the market space
Under the power exchange mode, car enterprises, battery suppliers, power exchange equipment suppliers, power exchange operators and other links will usher in the incremental market. Previously, we predicted that the investment in new power exchange equipment from 2022 to 2025 may be 3.551 billion yuan, 7.519 billion yuan, 12.023 billion yuan and 16.564 billion yuan respectively, with a total of about 39.7 billion yuan, slightly larger than the battery incremental market. From 2022 to 2025, the annual operation space of power exchange station is expected to reach 8.315 billion yuan, 24.371 billion yuan, 61.456 billion yuan and 135755 billion yuan respectively, which is still the largest link in the market space of power exchange field.
Battery bank accelerated the promotion and coordinated development of energy storage and mobile energy business
In 2022, the company signed a strategic cooperation framework agreement with Guiyang Industrial Development Holding Group Co., Ltd. the two sides will focus on the power exchange track, carry out business cooperation in seven aspects: battery and energy asset management, power exchange network construction and operation, realize battery sharing and asset service, and accelerate the promotion and application of vehicle electricity separation mode.
In addition, the company will also strengthen the development of lithium resources in lithium mines and salt lakes, layout the lithium salt deep processing industry, and coordinate the development of mobile energy business. At the same time, establish the framework platform of retired battery echelon sorting and echelon utilization energy storage system, focus on user side energy storage, power generation side energy storage, zero carbon industrial park and other scenarios, and actively explore hydrogen energy application scenarios.
Investment advice
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.300 billion yuan, 1.911 billion yuan and 3.665 billion yuan respectively, and the yoy will be 29%, 47% and 92% respectively, corresponding to the current PE of 20x / 13X / 7X, which will continue to be recommended.
Risk tips
Macroeconomic downturn and market demand decline; Significant fluctuations in fuel or electricity prices; The promotion of power exchange business was not as expected.
