\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 563 Xiamen Faratronic Co.Ltd(600563) )
Event: on April 22, the company released the first quarterly report of 2022, realizing an operating revenue of 840 million yuan, a year-on-year increase of 44.70%; The net profit attributable to the parent company was 204 million yuan, a year-on-year increase of 23.55%; The net profit deducted from non parent company was 193 million yuan, with a year-on-year increase of 22.34%.
The demand for new energy / industrial control has improved, and the ability of cost control has been improved: the market demand for photovoltaic, industrial control and new energy vehicles has continued to improve. 22q1 company has achieved a revenue of 840 million yuan, yoy + 44.70%; The net profit attributable to the parent company was 204 million yuan, yoy + 23.55%; The net profit deducted from non parent company was 193 million yuan, yoy + 22.34%. The gross profit margin of the company is 37.81%, yoy-6.17pct and qoq-3.56pct, mainly due to the change of business structure and the rise in the price of raw materials. The ability of expense control was further improved, and the expense rate during the period was 9.70%, yoy － 0.98pct, QoQ － 0.14pct.
New energy business accounts for more than half, and the volume and price of thin-film capacitors rise simultaneously: in 2021, the volume and price of the company’s thin-film capacitor products increased simultaneously, and the sales volume reached 3.358 billion, yoy + 24.93%; The proportion of revenue in photovoltaic, new energy vehicles and other fields continued to increase, with ASP of about 0.81 yuan / piece, yoy + 17.95%. The company publicly disclosed in SSE e-interactive that from 2020 to 2021, the proportion of new energy vehicle business increased from 18% to 27%, the proportion of photovoltaic wind power business increased from 30% to 31%, and the proportion of new energy (vehicle + photovoltaic wind power) business reached 58% in 2021. We believe that the demand in the new energy market is strong, while the traditional household appliances and lighting market is weak, and the proportion of the company’s new energy business is expected to continue to increase.
The leading position is stable and the market share continues to increase: the scale of the company’s thin film capacitor business ranks first in China and top three in the world, and the market share continues to increase. According to the data of Huajing Industry Research Institute, in 2018 Xiamen Faratronic Co.Ltd(600563) global market share was 8%; According to QYResearch data, the global sales volume of thin-film capacitors reached USD 1.917 billion in 2020, Xiamen Faratronic Co.Ltd(600563) accounting for about 14.82%, an increase of 6.82 PCT within two years. The company publicly disclosed in SSE e-interactive that in 2020, the Chinese market share of new energy vehicle film capacitors was about 40%. While continuing to consolidate the traditional market share of household appliances and lighting, the company has actively expanded medium and high-end customers in the fields of new energy vehicles, photovoltaic, wind power, industrial control, rail transit and other fields, and its market influence has been continuously improved.
Investment suggestion: we estimate that the company’s operating revenue from 2022 to 2024 will be 3.835 billion yuan, 5 billion yuan and 6.406 billion yuan respectively, the net profit attributable to the parent company will be 1.024 billion yuan, 1.342 billion yuan and 1.728 billion yuan respectively, the EPS will be 4.55 yuan, 5.96 yuan and 7.68 yuan respectively, and the corresponding PE will be 32.8 times, 25.0 times and 19.4 times respectively, maintaining the “Buy-A” investment rating.
Risk tip: the sales volume of new energy vehicles is lower than expected; The PV installed capacity is less than expected; Risk of price rise of raw materials; Exchange rate fluctuation risk.
