\u3000\u3 China Vanke Co.Ltd(000002) 812 Yunnan Energy New Material Co.Ltd(002812) )
Event title: the company disclosed its first quarter report on the evening of April 20. During the reporting period, the company achieved an operating revenue of 2.6 billion yuan, a year-on-year increase of 79%; The net profit was 920 million yuan, a year-on-year increase of 111%; The basic earnings per share is 1.03 yuan.
Key investment points:
The diaphragm industry has an excellent pattern and fully enjoys high growth dividends. The diaphragm industry has an excellent competition pattern, and the tightening relationship between supply and demand has led to improved prices. With the rapid growth of new energy vehicles and energy storage, the company can fully enjoy the high growth dividend.
Rapid expansion of production capacity and stable leading position in globalization. The company's production capacity will reach 5 billion square meters by the end of 2021. It is expected that 25-30 production lines will be put into operation gradually in 2022. The company's production capacity will reach 7.5-8 billion square meters, far exceeding that of its peers. At the same time, the company will strengthen its global positioning and expand its overseas market. It is expected to achieve the goal of 50% market share in the world by 2025.
Shan Ping's net profit increased steadily. Excluding the non diaphragm business, the average profit of Q1 of the company in 2022 was about 0.95 yuan / m2, which was further improved compared with Q4 in 2021, mainly due to the improvement of profitability brought by the company's scale effect and equipment side advantages.
In 2022, Q1 company's wet diaphragm shipment reached a new high. The company's wet diaphragm shipment reached a new high in the first quarter, reaching 1.1 billion square meters, an increase of 50-60 million square meters compared with Q4 in 2021. In the first quarter, the monthly output reached 350400 million square meters, and the overall capacity utilization remained high.
The two marginal growth points should not be ignored. The expansion and introduction of the company's online coating capacity can further obtain coating customers to a certain extent, reduce the potential cost of coating links, improve the single average profit and strengthen the company's core competitiveness. In addition, the horizontal development of aluminum-plastic film and dry process diaphragm is expected to bring marginal benefits to the company.
Profit forecast: the company's production capacity exceeds market expectations, fully enjoys the high growth dividend of the industry, and its future performance is expected to rise in both volume and profit. It is estimated that the three-year compound growth rate from 2022 to 2024 will be 57%. In view of the current low market risk appetite, the company is given 45 times PE in 2022, corresponding to the target price of 272 yuan, with 40% upward space, and is given a "buy" rating.
