\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 69 Shenzhen Dynanonic Co.Ltd(300769) )
The company released the first quarterly report of 2022, with a profit of 762 million yuan, exceeding the market expectation; The production and marketing of cathode materials are booming, the construction of production capacity is continuously promoted, and the product layout is continuously improved; Maintain the overweight rating.
Key points supporting rating
2022q1 performance exceeded market expectations: the company released the first quarterly report of 2022. In 2022q1, the operating revenue reached 3.374 billion yuan, a year-on-year increase of 561.88% and a month on month increase of 31.25%; The net profit attributable to shareholders of listed companies was 762 million yuan, with a year-on-year increase of 140277% and a month on month increase of 36.88%; Deduct non net profit of 756 million yuan, an increase of 213620% year-on-year and 37.52% month on month. The company’s performance exceeded market expectations.
Liqisheng of lithium iron phosphate: we expect that the shipment volume of lithium iron phosphate of 2022q1 company is about 36000 tons, which is basically the same month on month. The price of the company’s raw materials was conducted smoothly, and the net profit per ton increased significantly due to some inventory income. According to our calculation, the net profit per ton of lithium iron phosphate material 2022q1 of the company was about 20000 yuan, an increase of about 35% month on month.
The production capacity continues to expand, and new phosphate cathode materials have made a breakthrough: at present, the company’s annual production capacity of lithium iron phosphate is 155000 tons, and it is expected to reach about 300000 tons by the end of 2022. The company has made technological breakthroughs in the development of new phosphate cathode materials. The products have passed the small-scale test link, and have been preliminarily put into the construction of R & D pilot test line. The products have passed the small batch verification of downstream customers. At present, the company plans to produce 110000 tons and 330000 tons of new phosphate cathode materials in Qujing and Yunnan respectively. Compared with lithium iron phosphate materials, the new phosphate cathode materials have higher voltage platform, can significantly improve the energy density of the battery, retain the advantages of safety and low cost, and have excellent product performance and market competitiveness.
The industrial chain of lithium replenishment agent has been strengthened and the product layout has been continuously improved: in September 2021, the company laid out a capacity of 25000 tons of lithium replenishment agent in Qujing, Yunnan, and built an annual capacity of 20000 tons of lithium replenishment agent in Zhanyi, Qujing in January 2022. After the capacity is released, it is expected to improve the profitability of the company and form a new performance growth point.
Valuation
Under the current share capital, combined with the annual report of the company and the supply and demand of the industry, we adjusted the predicted earnings per share of the company from 2022 to 2024 to 19.60/24.66/31.56 yuan (the original prediction was 15.53/22.18/26.68 yuan), corresponding to a P / E ratio of 26.1/20.7/16.2 times; Maintain the overweight rating.
Main risks of rating
Price competition exceeds expectations; Industry capacity expansion exceeded expectations; The demand for new energy vehicles does not meet expectations; Policies fail to meet expectations; The permeability of lithium iron phosphate does not meet the expectation; The impact of covid-19 epidemic exceeded expectations.
