\u3000\u3 China Vanke Co.Ltd(000002) 812 Yunnan Energy New Material Co.Ltd(002812) )
The performance was in line with expectations, and the diaphragm boom continued to support the high growth of performance, maintaining the "buy" rating
The company released the first quarterly report of 2022, and achieved a revenue of 2.592 billion yuan in Q1, a year-on-year increase of + 79.62%; The net profit deducted from non parent company was 878 million yuan, a year-on-year increase of + 116.91%, mainly due to the continuous improvement of the company's production capacity and actively exploring customers at home and abroad to promote the growth of production and sales; The gross profit margin was 48.54%, with a year-on-year increase of + 0.03pct and a net profit margin of 37.36%, with a month on month increase of + 5.74pct. The demand for Q1 new energy vehicles and power batteries is still strong, driving the continuous rise of diaphragm prosperity. Under the tight balance between supply and demand, the high growth rate of the company's performance is expected to continue. We maintain the previous profit forecast. It is expected that the company's net profit attributable to the parent company from 2022 to 2024 is expected to reach 5.286/71.98/9.274 billion yuan, EPS is 5.92/8.07/10.39 yuan / share respectively, and the corresponding P / E ratio of the current stock price is 31.4/23.0/17.9 times respectively, maintaining the "buy" rating.
Orders are superimposed in large quantities, the shipping structure is optimized, and the simultaneous rise of volume and profit is expected to continue
The company's Q1 shipment volume was 1-1.1 billion square meters, slightly higher than Q4 in 2021, and the net profit deducted decreased month on month compared with Q4. Mainly based on the Spring Festival bonus issued by the company, the employee salary and income tax expenses in Q1 increased more month on month; In 2022q1, the company paid 215 million yuan of employee compensation and 137 million yuan of income tax expenses, while in 2021q4, the employee compensation and income tax expenses were 173 / 89 million yuan respectively.
The company has signed billion level warranty agreements with Contemporary Amperex Technology Co.Limited(300750) , China Innovation airlines, with high growth of shipment volume and strong certainty; We believe that while the orders are in large quantities, the proportion of coated films will continue to increase, and the proportion of shipments to overseas customers (LG, Panasonic, etc.) is expected to increase, so as to optimize the shipment structure; Through the promotion of online coating production line and scale effect, we can continuously reduce costs and increase efficiency. The company's growth pattern of both volume and profit is expected to continue, the annual shipment volume is expected to reach 5 billion square meters, and the single average net profit is expected to reach 0.95-1.00 yuan.
Capacity expansion continued to advance and fully grasp the market increment
The company's capacity expansion process continued to advance, and the capacity investment in Chongqing and Jiangsu bases accelerated. The joint venture with Eve Energy Co.Ltd(300014) the 1.6 billion square meter project has obtained the business license. On March 29, 2022, the board of directors considered and approved the 1.6 billion square meter strategic cooperation project with Yuxi, and the project company has recently completed the industrial and commercial registration procedures; Overseas Hungarian projects are expected to produce output within this year. The company is expected to form a production capacity of 7 billion square meters by the end of 2022 and fully grasp the increment of the global market.
Risk tip: the global sales volume of new energy vehicles is lower than expected, the company's production expansion progress is lower than expected, and the industry competition is intensified.
