\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 50 Contemporary Amperex Technology Co.Limited(300750) )
Main points:
Performance
In 2021, the company achieved a 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, a year-on-year increase of + 185.34%; Deduction of net profit not attributable to the parent company was 13.442 billion yuan, a year-on-year increase of + 215.20%. Among them, 2021q4 achieved a revenue of 56.994 billion yuan, a year-on-year increase of + 203.21% and a month on month increase of + 94.61%; The net profit attributable to the parent company was 8.180 billion yuan, a year-on-year increase of + 267.41% and a month on month increase of + 150.36%; The net profit deducted from non parent company was 6.839 billion yuan, a year-on-year increase of + 302.93% and a month on month increase of + 154.69%.
The position of power leader is stable, the energy storage battery is increased rapidly, and the gross profit margin of materials increases significantly
Power battery: the revenue of the company’s power battery segment is 91.491 billion yuan, and the annual sales volume of power battery is 116.71 GWH, with a year-on-year increase of + 149.17%. The average price is 0.78 yuan / wh, a decrease of 0.06 yuan / wh compared with 0.84 yuan / wh in 2020. The gross profit of the sector was 20.129 billion yuan, with a gross profit margin of 22%. Compared with 2020, the gross profit margin decreased by 4.56 PCT. We believe that it is mainly due to the increase in the price of lithium carbonate, which leads to the increase in the cost of raw materials. Looking at the fourth quarter alone, the sales volume was 52.2gwh, a month on month increase of + 91%. The unit price of Q4 was 0.79 yuan / wh, an increase of 0.02 yuan / wh compared with the unit price of Q3, indicating that the price rise of Ningde has been gradually implemented. Compared with other battery enterprises, it can better conduct cost transmission and has a stable leading position.
Energy storage battery: the company’s revenue of energy storage battery segment was 13.624 billion yuan, with a year-on-year increase of + 602%, and the sales volume was 16.7gwh, with a year-on-year increase of + 598%. The unit price of energy storage battery increased from 0.81 yuan / wh in 2020 to 0.82 yuan / wh. Looking at the fourth quarter alone, the sales volume of energy storage was 8.7gwh, with a month on month increase of + 295%, and the unit price was 0.83 yuan / wh, with a month on month increase of 0.05 yuan / wh, which also shows that the price transmission of energy storage battery is smoother than that of power. With the outbreak of the global energy storage market, the company’s shipment growth is obvious, which is expected to open the second growth curve. Materials: the company’s battery materials business revenue was 15.457 billion yuan, a year-on-year increase of + 350%, with a gross profit of 3.883 billion yuan and a gross profit margin of 25.12%, an increase of 4.68 PCT compared with 20.44% in 2020. We believe that the increase in gross profit margin is mainly due to the company’s active layout of metal resources upstream of lithium battery materials.
The layout of the whole industrial chain, obvious inventory advantages, gradual increase in overseas business, and rapid expansion of production capacity
Through the establishment of subsidiaries, equity participation or cooperation, the company has carried out almost all aspects of the upstream layout of the battery. For the relatively scarce upstream lithium resources, the company ensures the supply of lithium resources through investment, long-term cooperation, self exploitation and recycling. At the end of 2021, the inventory was 43 billion yuan. The high product inventory and raw material inventory can effectively hedge the rise of Q1 raw materials in 22 years, which is very forward-looking. The revenue of overseas business in 2021 was 27.9 billion, with a year-on-year increase of + 252%. We expect Ningde’s global share to increase to 35% in 2022. In addition, in order to meet the demand of high growth in downstream, the company’s capacity has expanded rapidly. By the end of 2021, the company has a battery capacity of 170gwh. It is expected that the company’s capacity plan will exceed 650gwh in 2025.
Investment suggestion: increase the net profit attributable to the parent company in 22 / 23 / 24 to RMB 27.2/41.2/60.3 billion, corresponding to P / E of 35 / 23 / 16, and maintain the “buy” rating.
Risk tip: the price rise of raw materials is higher than expected, and the development of the industry is lower than expected.
