\u3000\u3 Shengda Resources Co.Ltd(000603) 212 Cybrid Technologies Inc(603212) )
Event: the company released the performance report for the first quarter of 2022, realizing an operating revenue of 1.098 billion yuan, a year-on-year increase of 81.85%, and a net profit attributable to the parent company of 89 million yuan, a year-on-year increase of 76.33%.
The performance continued to improve, with significant month on month improvement. In the first quarter, the company realized an operating revenue of 1.098 billion yuan, an increase of 18.7% month on month, and a net profit of 88 million yuan, an increase of 57.1% month on month. Excluding the impact of the reversal of credit impairment, it is estimated that the company’s profit is about 75 million yuan, which has increased significantly.
The backplane maintained high sales and made an average profit in the first quarter. In the first quarter, the sales volume of backplane was 43 million square meters, a year-on-year increase of 47%, and the operating revenue was 523 million yuan, a year-on-year increase of 82.16%. The company’s current backplane production capacity is 180 million square meters, which was in full production in the first quarter. Affected by the rising price of raw materials, the price of the company’s backplane in the first quarter was 12.20 yuan / m2, with a year-on-year increase of 23.48%. According to the calculation, the average profit of the company’s backplane was 0.6 yuan / m2, an increase from 0.55 yuan / m2 in 2021.
The production capacity of adhesive film was released in an orderly manner, and the sales volume and profit increased. Affected by the climbing of the company’s film production capacity in 2021, the capacity utilization rate continues to climb. With the orderly release of film production capacity and quality improvement, the company’s film business has improved significantly. In the first quarter, the company delivered 37 million square meters of plastic film, slightly higher than that in the fourth quarter, with a year-on-year increase of 117%. In the first quarter, the company’s adhesive film business achieved an operating revenue of 442 million yuan, an increase of 129% year-on-year. According to the calculation, the average profit of adhesive film is about 0.7 yuan / m2, which is significantly improved compared with the whole year of 2021. At any time, the company’s new production capacity reaches production capacity, which is expected to achieve a production capacity of 300 + million square meters in the middle of the year.
Investment suggestion: the company is a scarce new material platform enterprise. It will accelerate its growth after listing. Photovoltaic adhesive film and non photovoltaic new energy vehicles and 3C business will significantly improve the company’s revenue volume and profitability. It is estimated that the EPS from 2022 to 2024 will be 0.77 yuan, 1.13 yuan and 1.48 yuan respectively, and the corresponding PE will be 23x, 16x and 12x respectively, maintaining the “buy” rating.
Risk tip: downstream demand is declining, industry competition is intensifying, and the supply of raw materials is greatly released
