\u3000\u30 Zhongyan Technology Co.Ltd(003001) 96 Jiangsu Changhai Composite Materials Co.Ltd(300196) )
The company issued 2021 annual report:
In 2021, the company achieved a revenue of RMB 2.506 billion, a year-on-year increase of + 22.7%, a net profit attributable to the parent of RMB 572 million, a year-on-year increase of + 111.5%, a deduction of non net profit of RMB 489 million, a year-on-year increase of + 93.3%. The net profit attributable to the parent and deduction of non net profit basically fell within the median value of the performance forecast, and the non recurring profit and loss was mainly the profit from the sale of rhodium powder (74 million). Among them, the revenue in the fourth quarter alone was 673million yuan, a year-on-year increase of +19.1%, the net profit attributable to the parent company was 152million yuan, a year-on-year increase of +103.5%, and the net profit deducted was 126million yuan, a year-on-year increase of +84.6%. The annual gross profit margin and net profit margin were 33.72% and 22.80% respectively, with a year-on-year increase of + 5.32 and 9.56pct; Q4 gross profit margin and net profit margin were 34.15% and 22.43%, with a year-on-year increase of + 9.63 and 9.27pct. In terms of revenue structure, glass fiber and products accounted for 68.8% (year-on-year + 3.6pct), chemical products accounted for 27.2% (year-on-year – 2.7pct), and FRP products accounted for 3.8% (year-on-year – 1PCT).
The volume and price of glass fiber and products increased simultaneously:
During the reporting period, the company sold 204100 tons of glass fiber and products (year-on-year + 7900 tons) and achieved a revenue of 1.724 billion yuan. Based on this, it is estimated that the ton price is 8446 yuan (year-on-year + 1660 yuan) and the ton cost is 4996 yuan (year-on-year + 322 yuan), including 2312 yuan per ton of material cost (year-on-year + 259 yuan), 668 yuan per ton of labor salary (year-on-year + 87 yuan) and 1189 yuan per ton of power energy (year-on-year + 37 yuan); The gross profit per ton is 3450 yuan (year-on-year + 1338 yuan). In 2021, the recovery of overseas demand accelerated, with the company’s foreign revenue of 563 million, a year-on-year increase of + 38.7%, accounting for 22.5% (a year-on-year increase of + 2.6pct).
Focus on the progress of new production capacity:
In terms of production capacity, 1) the 100000 t / a glass fiber roving tank kiln line of the convertible bond raised investment project has been put into operation, and it is expected to mainly contribute to the incremental production capacity in 2022; 2) On April 20, it was announced that Tianma Group, a wholly-owned subsidiary, plans to transform the original 30000 ton glass fiber production line into a production line with an annual output of 80000 tons of high-strength and high modulus yarn and deep-processing products, which is dedicated to high-end fields such as wind power and new energy vehicles. The construction period is 12 months, and the product structure will be optimized after it is put into operation; 3) The Shanghai Pudong Development Bank Co.Ltd(600000) ton high-performance glass fiber intelligent manufacturing base is in the project approval stage and still needs pre-approval such as government project approval and filing, public land transfer, environmental assessment and construction permit; 4) The 25000 ton unsaturated polyester resin production line is upgraded to 100000 tons, which is currently in the stage of commissioning and testing.
Price per ton of chemical products + 1726 yuan year on year:
During the reporting period, the company sold 80100 tons of chemical products (year-on-year – 9800 tons) and achieved a revenue of 682 million yuan. Based on this, it is estimated that the ton price is 8518 yuan (year-on-year + 1726 yuan), the ton cost is 7060 yuan (year-on-year + 1827 yuan), of which the ton material cost is 6428 yuan (year-on-year + 1861 yuan). The gross profit per ton was 1458 yuan (year-on-year – 101 yuan).
Investment suggestions: continue to pay attention to ① the layout of the whole glass fiber industry chain of the company, further improve the competitiveness and reduce the cost after the production capacity is put into operation, ② optimize the product structure, continuously promote the wind turbine yarn products, ③ progress in the approval of new projects, and ④ continuous export boom. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 735 million, 866 million and 1046 million. The dynamic PE corresponding to the share price on April 22 will be 8x, 7x and 6x respectively, maintaining the “recommended” rating.
Risk warning: macroeconomic downturn; The pace of industrial capacity launch is lower than expected; Fuel prices fluctuated sharply.
