\u3000\u3 Shengda Resources Co.Ltd(000603) 799 Zhejiang Huayou Cobalt Co.Ltd(603799) )
[high performance increase] the company released an annual report. In 2021, the company achieved a revenue of 35.317 billion yuan, yoy + 66.69%, and a net profit attributable to the parent company of 3.898 billion yuan, yoy + 234.59%. Among them, Q4 company created the best performance in history in 2021: the company achieved a revenue of 12.52 billion yuan, yoy + 97.2%, mom + 47.3%; The net profit attributable to the parent company was 1.529 billion yuan, yoy + 219.7%, mom + 69.8%.
[the volume and price of copper and cobalt rise simultaneously] the sales volume of cobalt was 25100 tons, with a year-on-year increase of + 11.00%. The annual revenue was 8.4 billion and the gross profit was 2.65 billion. Among them, Q4 shipped 6900 tons, a month on month increase of + 14%; The average price reached 390000, an increase of 63000 month on month; The company’s gross profit per ton was as high as 166000, with a month on month increase of 77000. Q4 contributed a gross profit of 1.15 billion, with a month on month increase of 113%. Copper sales volume was 93400 tons, with a year-on-year increase of + 19.32%. The annual revenue was 5.4 billion yuan and the gross profit was 2.64 billion yuan. Among them, the sales volume of Q4 was 32000 tons, with a month on month increase of + 75%, mainly due to the digestion of inventory at a higher price position (the copper inventory in 2021 was 2008 tons, with a year-on-year increase of – 75.29%); The average price reached and maintained 60000; The gross profit per ton decreased slightly due to the sale of some inventory, but the overall gross profit increased to 780 million, a month on month increase of + 26%. At present, the price of copper and cobalt is still high and the profit is very good.
[the proportion of revenue of lithium battery materials increased rapidly] the positive electrode + precursor contributed 10.5 billion yuan, accounting for 29%; The gross profit was 1.43 billion yuan, accounting for 20%. The company sold 59100 tons of ternary precursors, a year-on-year increase of + 77%; Among them, Q4 was 17000 tons, a month on month increase of + 32%. We estimate that the sole proprietorship contributes 4800049000 tons of production capacity, and the net profit per ton (excluding nickel cobalt smelting) is 4300 yuan, including 5K in the first half of the year and 4K yuan in the second half of the year due to the increase of auxiliary material cost; Huajin contributed 10000 tons to the joint venture’s production capacity and Huapu contributed 10000 tons. Due to the low utilization rate of production capacity, the loss per ton was 8 Tcl Technology Group Corporation(000100) 00 yuan. The sales volume of cathode BAMO is 56700 tons, yoy+115%.
[Indonesian nickel equity contributed high profits, and smelting projects exceeded expectations] the company’s participation in Indonesian nickel mine + park and other lucrative enterprises. Through the nickel mining rights and interests of weidawan nickel held by Xinyue, it contributes 310 million yuan profit + 366 million cash flow to the company. It is estimated that the annual profit of weidawan nickel is 4.4 billion yuan. The annual profit of weidabei Industrial Park is 240 million yuan, yoy + 111%; Vistone energy is 280 million yuan, yoy + 795%. At present, the 4 lines of Huayue project of the company have full capacity; Some production lines of Huake have been put into production; Huafei will contribute next year. It is estimated that Huayue + Huake will contribute 70000 tons this year, and Huafei is expected to contribute 50% next year. At the same time, the company cooperates with Volkswagen and Castle Peak to jointly build an integrated manufacturing platform of lithium battery materials with international competitiveness.
Investment suggestion: the company’s integrated link advantages are obvious, and the project continues to exceed expectations. The performance expectation of our last repair company is that the net profit attributable to the parent company in 20222023 is expected to be 7.1/10.2 billion respectively, corresponding to 13 / 9 times of PE. Strongly optimistic and maintain the “Buy-A” investment rating.
Risk tip: the demand for new energy vehicles is less than expected, and the epidemic continues to impact the production and operation of the industrial chain
