\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 348 Shan Xi Hua Yang Group New Energy Co.Ltd(600348) )
Event: the company issued the annual report of 2021. In 2021, the company achieved an operating revenue of 38.01 billion yuan, a year-on-year increase of 21.9%; The net profit attributable to the parent company was 3.53 billion yuan, a year-on-year increase of 134.8%; Net profit deducted from non parent company was 4.58 billion yuan, with a year-on-year increase of 256.7%. The basic earnings per share was 1.47 yuan / share, a year-on-year increase of 133.3%.
Single quarter performance climbed to a new high. Based on the rapid rise of coal prices, the company’s performance has reached new highs. In the fourth quarter of 2021, the operating revenue reached 10 billion yuan, an increase of 22.3% year-on-year and 9.7% month on month; In the fourth quarter, the net profit attributable to the parent company was 1.24 billion yuan, an increase of 202.7% year-on-year and 9.1% month on month; In the fourth quarter, the net profit deducted from non parent company was 2.38 billion yuan, a year-on-year increase of 970.9% and a month on month increase of 117.7%.
Coal: the selling price has risen sharply, and there is still room for growth in production and sales. In 2021, the company’s coal sector achieved a revenue of 36.15 billion yuan, a year-on-year increase of 23.6%; The gross profit was 13.5 billion yuan, a year-on-year increase of 175%. In the future, the company has two mines under construction, Qiyuan coal mine and Boli coal mine. Among them, Qiyuan coal mine has a capacity of 5million tons / year, and the coal type is mainly anthracite. At present, the energy assessment process has been preliminarily reviewed by experts organized by the Provincial Energy Bureau on March 25, 2022, and it is expected to be put into operation in December 2023; Poli mine involves a production capacity of 5 million tons / year, and the coal type is anthracite. The company’s vision is to have a capacity increase of 10 million tons / year, and Jingfu mine (900000 tons) and yushupo (1.2 million tons) have the capacity to increase the capacity to 5 million tons, laying the foundation for sustainable development.
Production and marketing: the output of raw coal will reach 46.1 million tons in 2021, with a year-on-year increase of 6.7%; The coal sales volume was 59.71 million tons, a year-on-year decrease of 27.1%, which was mainly due to the completion of the transfer of management power of the group’s coal mine in mid April, and the company no longer has consignment business since May. Among them, the price of lump coal is 920 yuan / ton (year-on-year + 55.3%), the price of injection coal is 920 yuan / ton (year-on-year + 55.3%), the price of final coal is 920 yuan / ton (year-on-year + 55.3%), and the price of slime is 920 yuan / ton (year-on-year + 55.3%).
Selling price: the comprehensive selling price of commercial coal in 2021 is 605 yuan / ton (year-on-year + 69.6%); Among them, the price of lump coal is 920 yuan / ton (year-on-year + 55.3%), the price of injection coal is 1078 yuan / ton (year-on-year + 62.1%), the price of final coal is 570 yuan / ton (year-on-year + 66.7%), and the price of slime is 277 yuan / ton (year-on-year + 111.4%).
Cost: in 2021, the cost per ton of coal was 379 yuan / ton, a year-on-year increase of 27.7%; Among them, the cost per ton of lump coal is 547 yuan / ton (year-on-year + 20.5%), the cost per ton of injection coal is 666 yuan / ton (year-on-year + 22.4%), and the cost per ton of final coal is 369 yuan / ton (year-on-year + 26.2%).
Gross profit: in 2021, the gross profit per ton of coal was 226 yuan / ton, a year-on-year increase of 277.4%; Among them, the gross profit per ton of lump coal is 484 yuan / ton (year-on-year + 169%), the gross profit per ton of injection coal is 412 yuan / ton (year-on-year + 240.6%), and the gross profit per ton of final coal is 201 yuan / ton (year-on-year + 305.7%).
“New energy + energy storage” is advancing in parallel, and the transformation of new energy is accelerating. In terms of photovoltaic modules, Xinyang clean energy, a wholly-owned subsidiary of the company, plans to build a 5GW high-efficiency photovoltaic module production base through the establishment of Huachu optoelectronics. The total investment of the project is expected to be 1.097 billion yuan. At present, the first 0.5gwh production line has been put into operation on January 22, 2022, and the second production line has entered the climbing stage of single shift capacity. In terms of electrochemical energy storage, the company took the lead in building 2000 tons of sodium ion positive and negative materials through fund holding zhongkehaina (the world’s leading sodium ion battery R & D team) and joint venture to establish subsidiaries; In September 21, the company signed a cooperation agreement with Do-Fluoride New Materials Co.Ltd(002407) and Wutong tree capital. It wanted to build strong new energy chain in upstream raw materials, electrolyte and batteries, and further improve the layout of the company in the field of sodium ion batteries. At present, the positive and negative materials have been put into trial production at the end of March 22. In terms of physical energy storage, the company transferred 49% equity of Yangquan Qifeng in August 21 to optimize the company’s strategic layout, enhance the advantages of flywheel energy storage business, and play a synergistic effect with the company’s existing sodium ion battery positive and negative material projects; By the end of the 21st year, a total of 20 sets of flywheel energy storage devices have been produced, including 2 sets of qffl200 / 60s flywheel energy storage devices. One photovoltaic + flywheel + sodium ion battery microgrid system in the flywheel workshop is in use, and the other one is used for the optical storage network charging demonstration project in Taiyuan comprehensive reform zone; 18 sets of qffl600 / 30s flywheel energy storage devices have been completed and 1 set is reserved; Two sets of chegongmiao of Shenzhen Metro Line 7 have been delivered and have been fully debugged; 15 sets of frequency modulation projects of Hebei Sanhe Power Plant and Huaneng Shandong Laiwu power plant are under commissioning. The company makes every effort to build a first-class flywheel energy storage enterprise. We expect that in the future, the company will vigorously layout forward-looking and leading projects in the field of new energy such as topconn double-sided single crystal battery, sodium ion battery and flywheel energy storage, and strive to create the ultimate energy solution of “new energy + energy storage” in the future through the system of “photovoltaic + electrochemical energy storage + physical energy storage + smart microgrid + charging pile”.
Investment advice. The company changed its name to Shan Xi Hua Yang Group New Energy Co.Ltd(600348) . In addition to continuing to consolidate and strengthen the traditional main coal industry, accelerating the cultivation of new energy industry will also become another important mission of the company. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 6.87 billion yuan, 8.09 billion yuan and 8.89 billion yuan respectively, and the EPS will be 2.86 yuan, 3.36 yuan and 3.70 yuan respectively, corresponding to PE of 4.7, 4.0 and 3.6, maintaining the “buy” rating.
Risk tip: the coal price has fallen sharply, the company has a safety accident, the production progress of the mine under construction is less than expected, and there is uncertainty in the development of new energy business
