\u3000\u3 China Vanke Co.Ltd(000002) 812 Yunnan Energy New Material Co.Ltd(002812) )
Performance review
The performance was in line with expectations, and the revenue maintained high growth Yunnan Energy New Material Co.Ltd(002812) 1q22 achieved an operating revenue of 2.59 billion yuan, a year-on-year increase of 79.62%; The net profit attributable to the parent company was 916 million yuan, a year-on-year increase of 111.92%, and the net profit deducted from non attributable to the parent company was 878 million yuan, a year-on-year increase of 116.91%, which was in line with market expectations.
Business analysis
Shipment volume: the company’s current monthly delivery capacity is more than 400 million square meters, with 1.1 billion square meters shipped in the first quarter and an increase of 30-50 million square meters. It is not disturbed by the Spring Festival and the few days in February. 4. In May, the production scheduling remained above 400 million square meters, the month on month increase was maintained, and the annual shipment was expected to remain above 4.5-5 billion square meters.
Single level net profit: calculated by deducting 878 million yuan of non net profit from 1q22, deducting 30 million yuan of traditional business profit contribution, adding back 110130 million yuan of Spring Festival bonus and 53 million yuan of minority shareholder profit and loss, the single level net profit of 1q22 was 0.92-0.94 yuan / level, a month on month increase of 9.9% – 12.1% and a year-on-year increase of 28.2% – 30.7%. The profitability has improved significantly, and the annual net profit per square meter is expected to remain above 0.95-1 yuan / square meter in 2022.
Revenue & cost: 1q22 revenue increased by 79.62% year-on-year and decreased by 1.9% month on month. The month on month decrease is mainly due to the off-season of the company’s traditional business in the first quarter. The traditional business revenue decreased month on month and the diaphragm revenue increased month on month. The cost of 1q22 increased by 2.2% month on month, and the gross profit margin decreased by 1.3pct month on month, mainly due to the increase of cost items caused by the spring break in February and the bonus of production personnel included in the operating cost.
Expense ratio: the sales / management / financial expenses of 1q22 company were 26 / 61 / – 06 million yuan respectively, and the expense ratio during the period was 3.1%, with a month on month decrease of 0.9pct; Among them, the month on month change of financial expenses is mainly due to the continuous decline in the price of bank borrowings and the increase in exchange gains on foreign currency borrowings during the reporting period. 1q22 company’s R & D expenditure was 107 million yuan, a year-on-year increase of 43.87%, mainly due to the company’s increasing R & D investment to meet the market demand.
Investment advice
The prosperity of the electric vehicle industry continues to exceed expectations, and the company’s cost advantage and customer expansion in the field of wet diaphragm are obvious to all. The company built a polymer material platform, and the growth curve of new products began to reflect. We expect that the company’s performance in 22, 23 and 24 years will be RMB 5.0/75.8/11.39 billion respectively. With reference to comparable companies, the company is given 60 times PE in 22 years, the target market value is 300 billion yuan, the corresponding target price is 258 yuan / share, and the “buy” rating is maintained.
Risk tips
The sales volume of new energy vehicles was lower than expected, the demand for diaphragm decreased due to the change of lithium battery system, the risk of actual controllers, directors, supervisors and senior managers reducing their shares, and the company’s capacity expansion was lower than expected.
