\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 50 Contemporary Amperex Technology Co.Limited(300750) )
Performance review
The performance exceeded expectations and was at the upper limit of the notice Contemporary Amperex Technology Co.Limited(300750) in 2021, the company achieved a revenue of 130.36 billion yuan, a year-on-year increase of + 159.06%, a net profit attributable to the parent company of 15.93 billion yuan, a year-on-year increase of + 185.34%, and a net profit of 13.44 billion yuan, a year-on-year increase of + 215.2%. Among them, the revenue of single 4q21 was 56.994 billion yuan, a year-on-year increase of + 203.21% and a month on month increase of + 94.61%; The net profit deducted from non-profit was 6.839 billion yuan, a year-on-year increase of + 302.93% and a month on month increase of + 154.69%.
Business analysis
Split of shipment volume, revenue, gross profit margin and profit: 1) power battery: sales volume 116.71gwh, year-on-year + 162.56%. The revenue was 91.491 billion yuan, a year-on-year increase of + 132.06%, and the gross profit margin was 22%, a year-on-year increase of -4.56pct. 2) Materials: the revenue was 15.457 billion yuan, a year-on-year increase of + 350.74%, the shipment volume was 280000 tons, and the gross profit margin was 25.12%, a year-on-year increase of + 4.66pct. 3) Energy storage: the sales volume was 16.7gwh, with a year-on-year increase of + 595.83%. The revenue was 13.624 billion yuan, a year-on-year increase of + 601.01%, and the gross profit margin was 28.52%, a year-on-year increase of -7.51pct.
Sufficient inventory and preparation can effectively alleviate the rising pressure of raw material costs. 1) Sufficient inventory: 4q21 inventory was 40.2 billion yuan, a year-on-year increase of + 203.98% and a month on month increase of + 14.98%. Among them, the inventory of battery system was 40.19gwh, a year-on-year increase of + 183.63%, and the inventory of cathode related materials was 60900 tons, a year-on-year increase of + 680.77%. 2) Accounts payable increased significantly month on month: the company’s 4q21 notes payable was 58.41 billion yuan, a year-on-year increase of + 273.5%, a month on month increase of + 28.1%, and accounts payable was 48.78 billion yuan, a year-on-year increase of + 212%, a month on month increase of + 49.5%. The bargaining power of the company showed a continuous strengthening trend. 3) Guarantee of supply and lock price of upstream materials: during the reporting period, the recovery rate of nickel, cobalt and manganese of the company reached more than 99%. The company built a new Bangpu integrated battery material industrial park project in Yichang, Hubei Province, and cooperated with BASF in Germany to expand its European business.
Expense rate: in the past 21 years, the company’s sales rate was 3.35%, with a year-on-year increase of -1.05pct (mainly from the provision of after-sales comprehensive service fee), the management rate was 2.58%, with a year-on-year increase of -0.93pct (mainly from salary), and the R & D rate was 5.9%, with a year-on-year increase of -1.2pct.
Investment advice
The rising price of raw materials has put pressure on the gross profit margin of 4q21. With the price increase of 1q22 battery to transfer the cost pressure, the gross profit margin of 2q22 company is expected to usher in an inflection point. It is estimated that the company’s performance in 22 / 23 / 24 years will be 30.6/41.8/52.8 billion yuan. With reference to comparable companies, the company is given 50 times PE in 22 years, the target market value is 150 billion, the corresponding target price is 620 yuan / share, and the “buy” rating is maintained.
Risk tips
The sales volume of new energy vehicles is less than expected, the company’s capacity expansion is less than expected, battery safety accidents, etc
