\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 50 Contemporary Amperex Technology Co.Limited(300750) )
The net profit from deduction of non return to the parent company has increased significantly, highlighting the strong core competitiveness
In 2021, the company achieved a revenue of 130356 billion yuan, a year-on-year increase of + 159.06%; The net profit deducted from non parent company was 13.442 billion yuan, a year-on-year increase of + 215.20%. In 2021q4, the revenue was 56.994 billion yuan, with a month on month ratio of + 203.21% / + 94.61% respectively, and the net profit not attributable to the parent company was 6.839 billion yuan, with a month on month ratio of + 302.93% / + 154.69% respectively. In 2021, the company further improved the upstream layout and deepened the cooperation with leading automobile enterprises at home and abroad, and the global King status continued to improve. We raised the profit forecast for 2022 / 2023 and added the profit forecast for 2024. It is expected that the net profit attributable to the parent company from 2022 to 2024 is expected to reach 25.822 (+ 29.40) / 398.50 (+ 69.97) / 58.970 billion yuan, EPS is 11.08/17.10/25.30 yuan / share respectively, and the corresponding P / E ratio of the current stock price is 37.5/24.3/16.4 times respectively, maintaining the “buy” rating.
In the upward cycle of raw material prices, the company’s gross profit margin is under pressure. It is optimistic that the company’s profit margin will recover after the upstream price is loosened
The gross profit margin of the company’s power battery was 22% in 2021, compared with -4.56pct in 2020. Among them, the gross profit margin in the second half of the year was 21.50%, down from -1.5pct in the first half of the year. The gross profit margin of the company’s power battery decreased slightly. The gross profit margin of energy storage system is 28.52 PCT, compared with -7.51 PCT in 2020. Among them, the gross profit margin in the second half of the year was 23%, compared with – 12.33% in the first half of the year. The gross profit margin of the energy storage system has decreased significantly because the Contemporary Amperex Technology Co.Limited(300750) energy storage shipment is mainly China’s large storage, which is project-based. The price of the project-based cell is determined in advance, and the price rise lags behind. In the cycle of rising raw material prices, the cost end of the cell factory is under great pressure. With the gradual loosening of the prices of lithium battery materials such as lithium carbonate and electrolyte in the industry outside China in 2022, the gross profit margin of battery plants is expected to increase in the downward cycle of raw material prices.
China maintains its advantages, strengthens cooperation with overseas traditional first-line car enterprises and grasps the future
(1) European car enterprises: the company has deepened cooperation with BBA to provide battery support for joint venture car enterprises of Volkswagen, Mercedes Benz, BMW and other international OEMs in China. Invest 1.8 billion euros to build a battery factory in Germany, focusing on expanding the European market;
(2) Japanese auto enterprises: deepen cooperation with Toyota, Honda (56gwh + before 2027) and Nissan. (the announcement on road motor vehicle manufacturers and products (batch 355) issued by the Ministry of industry and information technology on April 15. Many Japanese pure electric vehicles are equipped with Contemporary Amperex Technology Co.Limited(300750) ‘s ternary battery); (3) Tesla: renew the 4-year supply agreement with Tesla. We believe that overseas traditional automobile enterprises will not be absent although they are a little late in electrification Contemporary Amperex Technology Co.Limited(300750) takes the lead in deepening cooperation with traditional leaders, which is expected to further consolidate its position as the king of lithium batteries in the world.
Risk tip: the development of thin line technology stagnates, the cost decreases slowly, and the demand for downstream silicon wafers is less than expected
