\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 50 Contemporary Amperex Technology Co.Limited(300750) )
Core conclusion
Event: the company released its annual report for 2021, with annual revenue of 130356 billion yuan, a year-on-year increase of + 159.06%; The net profit attributable to the parent company was 15.931 billion yuan, with a year-on-year increase of + 185.34%, a gross profit margin of 26.28%, a year-on-year increase of -1.48 PCT, and a net profit margin of 13.70%, a year-on-year increase of + 1.57 PCT; Among them, 2021q4 achieved a revenue of 56.994 billion yuan, a year-on-year increase of + 203.21%, a month on month increase of + 94.61%, and a net profit attributable to the parent company of 8.180 billion yuan, a year-on-year increase of + 267.41%, a month on month increase of + 150.36%. In the middle and upper range of performance forecast, the performance exceeded expectations.
The company’s businesses grew rapidly, and the profit margin was slightly higher than expected. In the 21st year, the company achieved a revenue of 91.491 billion yuan of power battery system, a year-on-year increase of + 132.06%, and a gross profit margin of 22.00%, a year-on-year increase of -4.56 PCT; During the reporting period, the output of the company’s power battery system exceeded 162.3gwh, a year-on-year increase of + 217.18%. The company’s energy storage system realized a revenue of 13.624 billion yuan, a year-on-year increase of + 601.01%, and a gross profit margin of 28.52%, a year-on-year increase of -7.51pct. The revenue of lithium battery materials business was 15.457 billion yuan, a year-on-year increase of + 350.74%, and the gross profit margin was 25.12%, a year-on-year increase of + 4.66pct. The decline of battery gross profit margin is mainly affected by the price rise of raw materials in the upstream, while the price transmission to the downstream is a gradual price increase, which has a lag effect.
Sufficient inventory level to ensure the company’s 22-year performance. In 21 years, the company’s battery system inventory was 40.19gwh, with a year-on-year increase of + 183.63%, which was mainly affected by the growth of the company’s business scale and the increase of overseas shipments of materials in transit. At the end of the year, the company’s inventory of goods was about 19.3 billion yuan, a year-on-year increase of + 258.1%; The company issued about 8.4 billion yuan of goods, a year-on-year increase of + 122.1%. The high inventory level has laid the foundation for the company’s 22 year performance.
The market share has been the highest for five consecutive years, accelerating the expansion of production and consolidating the leading position. In 2021, the installed capacity of China Shipbuilding Industry Group Power Co.Ltd(600482) battery of the company was 80.5gwh, with a market share of 52.1%; The global installed capacity is 96.7gwh, with a market share of 32.6%. The company’s market share ranks first in the world for five consecutive years. At the same time, the company has accelerated the layout of production capacity. In 21 years, the production bases in Liyang, Yibin, Yichun and other places in Jiangsu have been put into operation and expanded. It is expected that the company’s battery capacity is expected to exceed 600gwh in 2025.
Investment suggestion: the company is expected to realize a net profit attributable to the parent company of 29.717/42.284/57.190 billion yuan from 2022 to 2024, a year-on-year increase of + 86.5% / 42.3% / 35.3%. The company still proved its profitability and industrial chain position after experiencing the severe inflation once in 40 years, and maintained the “buy” rating.
Risk warning: the risk of epidemic aggravation; Price fluctuation risk of raw materials; New technology substitution risk.
