\u3000\u3 Shengda Resources Co.Ltd(000603) 212 Cybrid Technologies Inc(603212) )
Event: on April 20, 2022, the company released the first quarterly report of 2022. Q1 achieved an operating revenue of 1.097 billion yuan, an increase of 81.85% year-on-year and 18.64% month on month; The net profit was 885954 million yuan, an increase of 76.33% year-on-year and 82.94% month on month. Thanks to the increase in the sales volume of Cecep Solar Energy Co.Ltd(000591) backplane and packaging film, the revenue and profit of the company in a single quarter hit a record high, and the profit level continued to improve.
Diversified product structure, and the profitability of backplane business continues to be repaired. In 22q1, the company’s backplane business realized a revenue of 525 million yuan, a year-on-year increase of + 82.16%; The output / sales of backplane is 41 / 43 million square meters; The unit price is 12.20 yuan, a year-on-year increase of + 23.48%, and the gross profit margin is about 15%. Due to the large shortage of PVF film and QF film, KPF began to strengthen the supply of PVF film and QF film since 2024, which greatly alleviated the constraints of PVF film and QF film. In the year of 22, the sales proportion of PPF backplane and FPF backplane of Q1 company further increased, further improved the structure of the company’s backplane products, and formed a product portfolio for different application scenarios. Considering the limited new capacity of the backplane industry this year, the company is expected to continue to achieve full production and sales, and the annual shipment is expected to reach 160180 million square meters this year.
The new capacity of adhesive film is expected to be released, and the shipment volume is expected to grow steadily. In 22q1, the company realized a revenue of 443 million yuan from the adhesive film business, a year-on-year increase of + 128.66%; The output / sales volume of adhesive film is 35 / 37 million square meters; The unit price is 11.97 yuan, a year-on-year increase of + 6.49%, and the gross profit margin is about 11% – 12%. The company’s convertible bond raised investment project of 255 million square meters, and the packaging adhesive film project has partially reached the production capacity. It is expected to reach the expected usable state in the middle of 2022, and the production capacity is expected to reach 355 million square meters by the end of the year. Considering the climbing cycle, we expect the company’s monthly weighted average adhesive film output this year to reach 18-20 million square meters / month. Since Q1 of the 21st century, the company has continued to focus on lean production management, effectively implemented lean management measures such as yield improvement, cost control and supply chain development, and further improved production, sales and profitability. It is expected that the market share and profitability of the company’s packaging film products are expected to continue to improve.
The non photovoltaic business grew rapidly. The company’s 21q1 non photovoltaic business achieved an operating revenue of 129 million yuan, an increase of 85.33% over the previous year and 15.69% over the previous quarter. In terms of lithium battery business, the company has become an important supplier of insulating materials and solutions in the field of lithium batteries for new energy vehicles, and has entered the supply chain of battery manufacturers such as Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Gotion High-Tech Co.Ltd(002074) , Farasis Energy (Gan Zhou) Co.Ltd(688567) . In the semiconductor field, the company mainly provides thermal management structural materials of IGBT (intelligent power module) to Gree Xinyuan. In the 3C industry, the company has Ofilm Group Co.Ltd(002456) , Tanyuan Technology Co.Ltd(603133) , goer acoustics, Visionox Technology Inc(002387) and other important customers, and has entered the Xiaomi supply chain. At present, the proportion of non photovoltaic business revenue of the company has increased to 12%, and some production capacity of several non photovoltaic projects has reached production capacity, which is expected to fully reach the scheduled usable state in the second half of 2022.
Investment suggestion: we expect the company to achieve revenue of RMB 4.715/57.97/6.647 billion from 2022 to 2024, with growth rates of 56%, 23% and 15% respectively; The net profit attributable to the parent company was 360 / 484 / 573 million yuan respectively, with a growth rate of 112%, 34% and 18%; Corresponding PE multiple 20x / 15x / 12x; The company continues to diversify its layout and is expected to benefit from the high prosperity of the new energy industry and maintain the “recommended” rating.
Risk warning: the downstream demand is less than expected, and the price of raw materials fluctuates.
