\u3000\u3 Shengda Resources Co.Ltd(000603) 799 Zhejiang Huayou Cobalt Co.Ltd(603799) )
Performance Brief
On April 22, 2002, the company released its annual report for 21 years. The annual revenue reached 35.32 billion yuan, a year-on-year increase of + 66.7%; The net profit attributable to the parent company was 3.9 billion yuan, a year-on-year increase of + 234.6%; 21q4 revenue was 12.52 billion yuan, a year-on-year increase of + 97.2%; The net profit attributable to the parent company was 1.53 billion yuan, a year-on-year increase of + 219.7%.
Business analysis
The dual contribution of cobalt and copper resources and lithium battery sector.
Resource sector: contribute high profits in the business cycle. In the whole year of 21, the output of cobalt / copper products of the company was 3.7103000 tons respectively, and the total output of export + entrusted processing was 3.1109000 tons respectively. The overall production and sales remained stable. Benefiting from the boom cycle of cobalt and copper prices, the gross profit of the company's resource sector increased significantly: the gross profit per ton of cobalt sector increased by 50000 yuan / ton to 85000 yuan / ton, and the gross profit per ton of copper sector increased by 10000 yuan / ton to 24000 yuan / ton. Under the background of continuous high cobalt and copper prices in 22 years, the resource sector will maintain a high profit level.
Lithium battery sector: rapid production and marketing. With Huapu and Huajin actively promoting mass production certification, the company achieved production and sales of ternary precursors of 65 / 59000 tons in the whole year of 21 years, a year-on-year increase of + 88% / 77%; In addition, the company acquired Tianjin BAMO and deepened the layout of cathode materials. In 21 years, the production and sales of cathode materials were 5.5/57 thousand tons, a year-on-year increase of + 96% / 115%. Considering the continuous implementation of subsequent new projects, the production and sales of lithium battery sector will maintain high growth.
The capacity of Indonesia nickel project contributes to the increment of resources. Four sets of units of Huayue 60000 ton MHP wet process project have been put into operation and are expected to reach production by the end of June; Huake 45000 ton pyrometallurgical high nickel matte project was put into operation at the end of March and is expected to be completed and put into operation in the second half of the year; Huafei 120000 ton MHP project has entered the construction stage and is expected to be put into operation in the first half of 23 years. The company's nickel sector production continues to have marginal increment in 22-24 years; In addition, the cost of wet process project is significantly better than that of mainstream fire process project, contributing additional income.
The capacity expansion of precursor cathode materials has been steadily promoted. 1) Precursor: Quzhou will increase 50000 tons + 50000 tons of convertible bonds, which are expected to be put into operation in 22h1 / H2 respectively; Huapu phase II 25000 tons + Guangxi BAMO 100000 tons are expected to be put into operation in 23 years. 2) Cathode material: 50000 tons will be put into operation in Chengdu BAMO, and 50000 tons in Guangxi BAMO is expected to be put into operation in 23 years. Under the background of rapid production capacity + significant cost advantage of self supply of resources, the high growth of the company's lithium battery sector has strong certainty in the next few years.
Profit forecast and investment suggestions
It is predicted that the net profit attributable to the parent company in 22-24 years will be 5.29/73.6/9.69 billion yuan, a year-on-year increase of + 35.8% / + 39.1% / + 31.6%, and the EPS will be 4.3/6.0/7.9 yuan, corresponding to pe17 / 12 / 9 times. Maintain the "buy" rating.
Risk tips
The demand for new energy is less than expected, the price of copper, cobalt and nickel falls, exchange risk and project progress are less than expected.
