\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 563 Xiamen Faratronic Co.Ltd(600563) )
22q1 revenue hit a single quarter high. On April 22, 2022, the company released its first quarterly report. 22q1 achieved a revenue of 840 million yuan, a year-on-year increase of 44.7% and a month on month increase of 6.4%, benefiting from the high demand for downstream new energy vehicles and new energy, and the single quarter revenue reached a record high. In 22q1, the company realized a net profit attributable to the parent company of 200 million yuan, a year-on-year increase of 23.5%, a month on month decrease of 26.8%, and a net profit attributable to the parent company of 190 million yuan, a year-on-year increase of 22.3% and a month on month decrease of 8.7%.
The rise in the price of raw materials affects profitability and there is strong demand. Profitability: the gross profit margin of 22q1 was 37.8%, down 6.2pcts year-on-year and 3.6pcts month on month. The rising cost of raw materials such as copper and film put pressure on the gross profit margin. The net profit margin of 22q1 was 24.6%, down 4.3pcts year-on-year and 11.4pcts month on month. The main reason for the month on month decline was that 21q4 company realized the income from changes in fair value of 53 million yuan. Expense rate: during 22q1, the expense rate of the company was 9.7%, with a year-on-year decrease of 1.0pct, of which the expense rates of sales, management, finance and R & D were 1.8%, 4.5%, - 0.3% and 3.7% respectively, with a year-on-year change of - 0.3, - 1.1, + 0.8 and - 0.3pct (s). The net cash flow from operating activities reached 165 million yuan, a year-on-year increase of 516%. Leading indicators: the amount received in advance + contract liabilities was 13 million yuan, an increase of 27.6% and a ring increase of 29.0%, highlighting the strong demand in the downstream. At the end of 22q1, the company's inventory reached 623 million yuan, an increase of 6% compared with the end of 21 years. The quarterly capital expenditure reached 154 million yuan, an increase of 74% year-on-year and 122% month on month, which is still in the process of expansion.
With booming production and marketing, new energy has become the core driver of the growth of thin film capacitor industry. In the field of new energy vehicles, thin film instead of electrolytic capacitors has become the first choice for new energy vehicles, and the consumption of single vehicles has gradually increased. In recent years, the demand for high voltage and 4-drive of new energy vehicle platform has gradually increased, and the consumption of single vehicle thin film capacitors has increased. The company's thin film capacitors are mainly used in OBC and three electric systems. The number of products is 2 ~ 4, and the value of single vehicles ranges from Changshu Guorui Technology Co.Ltd(300600) yuan. In China, at present, the company mainly supports Byd Company Limited(002594) , Geely, Weilai, ideal, Xiaopeng and other auto enterprises. We expect that the Chinese share has exceeded 50% in 20 years; Among overseas customers, the company stably supports Volkswagen, BMW, Mercedes Benz, Jaguar Land Rover and other car enterprises. We expect that the proportion of the company's new energy vehicle business will increase to 50% in the long term. In the photovoltaic wind power field, thin film capacitors are mainly used in the DC link capacitors of photovoltaic inverters and wind power converters to absorb the high pulse current from the DC link end of inverters and converters, so that the voltage fluctuation at the ends of inverters and converters is within an acceptable range. The company has basically entered the supply chain of global mainstream enterprises and maintained good cooperation with leading manufacturers such as Huawei, Sungrow Power Supply Co.Ltd(300274) , SMA, Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) , Ginlong Technologies Co.Ltd(300763) , Shenzhen Kstar Science & Technology Co.Ltd(002518) . Downstream customers of the company include Vestas, Xinjiang Goldwind Science And Technology Co.Ltd(002202) and other leading manufacturers at home and abroad.
Investment suggestion: we expect the company's revenue to reach 3.755 billion yuan, 5.308 billion yuan and 6.608 billion yuan in 2022 / 23 / 24, with growth rates of 34%, 41% and 25% respectively; The net profit attributable to the parent company will reach RMB 1.063 billion, 1.467 billion and 1.823 billion, with growth rates of 28%, 38% and 24% respectively. The current market value corresponds to 32, 23 and 18 times of PE in 22-24 years. Considering that the company is the global leader of thin film capacitor, it maintains the "recommended" rating.
Risk tip: the sales volume of photovoltaic and new energy vehicles is lower than expected; New customer development or mainstream customer introduction is less than expected; The price of raw materials rose sharply, affecting profitability.
