\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 55 Jiangsu Toland Alloy Co.Ltd(300855) )
Core conclusion
Event: on April 18, the company released its annual report for 2021. In 2021, the company realized an operating revenue of 698 million yuan, a year-on-year increase of 27.73%; The net profit attributable to the parent company was 181 million yuan, a year-on-year increase of 66.24%. Among them, 2021q4 company realized a net profit attributable to the parent company of 50 million yuan, an increase of 19.05% over 2021q3.
Benefiting from the continuous increase in demand for high-end products in the downstream aerospace field and the continuous optimization of the company’s product structure, the company’s gross profit margin continued to rise. On a quarterly basis, the 2021q1 / Q2 / Q3 / Q4 company achieved operating revenue of 149 / 198 / 173 / 177 million yuan respectively, and yoy was 46.85% / 28.32% / 13.13% / 29.23% respectively. In terms of gross profit margin, the company’s comprehensive gross profit margin was 37.31% in 2021, an increase of 4.75pct compared with 2020. Among them, the gross profit margin of cast superalloy was 51.13%, an increase of 6.04 PCT compared with 2020; The gross profit margin of wrought superalloy is 28.11%, an increase of 2.46 PCT compared with 2020; The gross profit margin of special stainless steel was 42.28%, an increase of 7.02pct compared with 2020.
The sales volume continued to increase, and the gross profit per ton of products increased significantly year-on-year. Benefiting from the continuous improvement of downstream demand, the company’s sales volume of cast superalloys in 2021 was 712.93 tons, with a year-on-year increase of 56.41%; The sales volume of deformed superalloy was 135357 tons, with a year-on-year increase of 4.96%. Driven by the company’s continuous R & D investment and process technology upgrading, in 2021, the processing cost per ton of cast superalloy was 208700 yuan / ton, the processing cost per ton of deformed superalloy was 40900 yuan / ton, and the processing cost per ton of special stainless steel was 104500 yuan / ton, an increase of 5.67% / 10.84% / – 12.18% respectively year-on-year.
The construction of the raised investment project was accelerated, and the Shenyang Tunan project passed the EIA. The company’s fund-raising projects “construction project of ultra pure high-performance superalloy materials with an annual output of 1000 tons” and “construction project of complex thin-walled superalloy structural parts with an annual output of 3300 pieces” will be put into operation in the second half of this year.
Investment suggestion: it is estimated that the company will achieve revenue of 902 / 1127 / 1205 million yuan and net profit attributable to the parent of 244 / 323 / 346 million yuan respectively from 2022 to 2024. As the company’s raised investment capacity will be released rapidly in the second half of 2022, there is a strong guarantee for performance growth, we give the company a “buy” rating.
Risk tip: the macro-economy is falling faster than expected, and the production capacity under construction is lower than expected
