\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 69 Shenzhen Dynanonic Co.Ltd(300769) )
Event:
Shenzhen Dynanonic Co.Ltd(300769) released the first quarterly report of 2022: the company achieved an operating revenue of 3.37 billion yuan in 2022q1, a year-on-year increase of + 561.9% and a month on month increase of + 31.2%; The net profit attributable to the parent company was 760 million yuan, with a year-on-year increase of + 1402.8% and a month on month increase of + 36.9%; Net profit deducted from non parent company was 760 million yuan, with a year-on-year increase of + 2136.2% and a month on month increase of + 37.5%.
Key investment points:
Q1 shipments remained high in 2022, and profits further improved. It is estimated that the shipment volume of Q1 in 2022 will be 35000 tons, unchanged month on month and maintaining a high level. The net profit per ton is expected to be 23000 yuan / ton. The rise in the price of raw materials has led to an increase in inventory revenue. The high increase in sales has also led to the emergence of scale effect, and the profitability of the company continues to improve. The company has strong supply chain management ability, with inventory of 1.56 billion yuan in 2021 and 2.896 billion yuan in Q1 in 2022.
With capacity expansion, the company's performance is expected to continue to increase. In 2022, Q1 company's lithium iron phosphate production capacity will be about 155000 tons, mainly due to the release of Qujing phase I and phase II production capacity. With the 100000 t / a nano lithium iron phosphate project in cooperation with Yiwei and the 80000 T / a lithium iron phosphate project in cooperation with Ningde put into operation in 2022, the company's production capacity is expected to reach 335000 tons in 2022. Downstream demand is booming. With capacity expansion, the company's shipments are expected to further improve month on month, and its performance is expected to continue to grow at a high speed.
The layout of new phosphate lithium supplement opens up a new space for growth. The voltage platform of new phosphate products is relatively high, which can achieve higher energy density, and retain the advantages of high safety and low cost. The company's new phosphate system currently has a planned capacity of 440000 T / A, including 110000 T / a of Qujing German Party and 330000 T / a of Yunnan German Party. In terms of lithium replenishing agent, LMFP superimposed lithium replenishing agent is used to effectively improve the energy density & cycle performance of high-efficiency cell. At present, the company has laid out a lithium supplement capacity of 45000 tons. In September 2021, the company plans to invest a total of about 3.5 billion yuan in Qujing, build an annual capacity of 25000 tons of lithium supplement, officially layout lithium supplement, and add another link to the industrial chain; In January 2022, another 2 billion yuan will be invested to build a lithium supplement with an annual capacity of 20000 tons.
Profit forecast and investment rating: as the leading target of lithium iron phosphate, the company has leading technology, cost advantage and downstream high-quality customers. Considering the substantial expansion of the company's production capacity and full downstream orders, it is expected that the company's performance is expected to increase further in the future with the increase of production capacity, shipment growth and the production of new businesses. Therefore, we raised the profit forecast. It is estimated that in 2022, 2023 and 2024, the net profit attributable to the parent company will be 2.016 billion yuan / 2.543 billion yuan / 3.357 billion yuan respectively, corresponding to the current share price PE of 25.17x/19.96x/15.12x, which is rated as buy.
Risk tip: the sales volume of new energy vehicles is lower than expected, the competition intensifies, and the progress of new business is lower than expected,
