\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 884 Ningbo Shanshan Co.Ltd(600884) )
Negative pole: increase both quantity and profit, introduce Contemporary Amperex Technology Co.Limited(300750) and other war investment, and strengthen the layout of upstream and downstream
In 2021, the net profit attributable to the parent company of cathode materials was 520 million yuan, a year-on-year increase of + 200%; The shipment volume was 101000 tons, a year-on-year increase of + 71.27%; Net profit per ton was + 65% year-on-year. By the end of 2021, the company’s negative electrode production capacity is 120000 tons, Baotou phase II 60000 tons will reach production in 2022q3, and Meishan phase I 100000 tons will be put into operation by the end of 2022. On April 20, it was announced that Byd Company Limited(002594) , Contemporary Amperex Technology Co.Limited(300750) , Petrochina Company Limited(601857) Kunlun capital of the group increased the capital of Shanghai Shanshan lithium battery, a holding subsidiary. The company introduced battery head customers and upstream raw material suppliers, and will cooperate in upstream material supply and downstream battery shipment.
Polarizer: it contributes the most performance and expands the advantages of high-end products
From February to December 2021 (February consolidation), the company’s net profit attributable to the parent company was 1.2 billion yuan; The sales volume is 110 million square meters. The company is building a polarizer production capacity of 90 million square meters in Mianyang and Zhangjiagang bases. The Korean wucang production line has been transferred to Guangzhou and is in the trial production stage. On the product side, in 2021, the company further expanded its advantages in the field of high-end polarizers, and the world’s largest 110 inch product independently developed has achieved mass production; Successfully developed high penetration and ultra-thin product models such as high-end it and mobile phones, completed multi customer and multi variety certification and realized mass production.
Others: the positive electrode gradually peels off, and the electrolyte turns from loss to profit
In 2021, the net profit of the company’s cathode materials to the parent company was 300 million yuan; The shipment volume was 22000 tons (from January to August), and the profitability improved significantly. In 2021, the company sold 196438% equity of Shanshan energy to BASF, and finally held 49%. The positive pole business will be included as investment income. In 2021, the net profit attributable to the parent company was 370 million yuan, turning losses into profits; The sales volume was 17000 tons, a year-on-year increase of – 12%. In addition, the company’s photovoltaic, energy storage, investment and other businesses have basically settled the stripping work, and will focus on the negative electrode and polarizer business in the future.
Profit forecast and valuation
The company is a leading supplier of negative electrode materials in the world, and the LCD polarizer business is running well. Considering that the further improvement of graphitization self supply is expected to improve the negative pole profitability, we raised the company’s net profit attributable to the parent company from 22 to 23 to 3.375 and 4.466 billion yuan (3.222 and 4.217 billion yuan respectively before the increase), increased the net profit attributable to the parent company from 24 years to 5.325 billion yuan, corresponding to EPS of 1.58, 2.08 and 2.48 yuan / share from 22 to 24 years, and the PE corresponding to the current stock price is 16, 12 and 10 times respectively. Maintain the “buy” rating.
Risk tips: price changes in raw materials and graphitization, sales volume of new energy vehicles not meeting expectations, and intensified market competition
