\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 348 Shan Xi Hua Yang Group New Energy Co.Ltd(600348) )
In the first half of 2021, the net profit attributable to the parent company increased by 134.82% year-on-year: in 2021, the company realized a revenue of 38.007 billion yuan, an increase of 21.89% year-on-year; The net profit was 13.482 billion yuan, a year-on-year increase of 3.582 billion yuan; The gross profit margin was 36.11%, a year-on-year increase of 19.22 percentage points, the net profit margin was 9.30%, a year-on-year increase of 4.47 percentage points, and EPS was 1.47 yuan.
In the fourth quarter, the single quarter gross profit margin reached 70.08%. In the fourth quarter of 2021, the company realized a revenue of 10.003 billion yuan, an increase of 9.73% year-on-year and 22.30% month on month; The net profit attributable to the parent company was 1.243 billion yuan, an increase of 9.13% year-on-year and 203.17% month on month; The gross profit margin in the fourth quarter was 70.08%, an increase of 38.57 percentage points month on month.
The performance growth mainly comes from the rise of coal price: the coal sales volume of 2021 company was 59.71 million tons, a year-on-year decrease of 27.11%, including 11.19 million tons of coal purchased by the group due to the professional reorganization of enterprises affiliated to Shanxi Province, a year-on-year decrease of 71.84%; The sales price per ton of coal was 605 yuan, a year-on-year increase of 69.51%; In the second half of the year, the price per ton of coal reached 857 yuan, an increase of 145.61% over the first half of the year. The annual sales cost per ton of coal of the company was 379 yuan, a year-on-year increase of 27.70%, and the gross profit per ton of coal was 226 yuan, a year-on-year increase of 276.75%. Throughout the year, the company's coal sector achieved a revenue of 36.134 billion yuan, a year-on-year increase of 23.55%, a gross profit of 13.483 billion yuan, a year-on-year increase of 174.61%, and the company's coal sector gross profit margin increased by 20.53 percentage points to 37.31%.
The growth of coal output can be expected: at present, the mines under construction of the company are Qiyuan coal mine and Boli coal mine, with a total of 10 million tons. At the same time, Jingfu mine and yushupo mine have nuclear growth potential, with a total of about 7.9 million tons. The endogenous growth space is about 54.74%, with great potential.
In response to the reform of state-owned enterprises in Shanxi, actively layout "photovoltaic + energy storage": in this round of reform of state-owned enterprises in Shanxi, the company and the holding group have changed their names successively. In the future, the company will actively explore the field of new materials. The company has arranged sodium ion batteries, participated in zhongkehaina, a sodium ion leader (holding 19.44%), and built the world's first 1-megawatt-hour sodium ion battery energy storage system. At present, the sodium ion cell project has been signed and started. In addition, 2gw high-efficiency photovoltaic cell modules began trial production. In addition to sodium ion batteries, the company will also deeply layout sodium hexafluorophosphate, electrolyte additives, negative electrode materials, research institutes, industrial Internet and other fields in the future.
Investment suggestion: considering the performance elasticity of the company's coal business contribution, the layout of "photovoltaic + energy storage" improves the valuation. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 5.137 billion yuan / 5.88 billion yuan / 4.884 billion yuan, and the corresponding EPS will be 2.14/2.45/2.03. Maintain the overweight-a rating.
Risk tip: economic growth is lower than expected; Project construction fails to meet expectations; Blocked transformation
