\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 63 Ginlong Technologies Co.Ltd(300763) )
The company’s performance in 2021 is in line with expectations, and the performance in 2022q1 is brilliant. On April 25, 2022, the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the operating revenue was 3.312 billion yuan, a year-on-year increase of + 58.92%, and the net profit attributable to the parent company was 474 million yuan, a year-on-year increase of + 48.96%. In 2022q1, the company achieved a revenue of 1.102 billion yuan, a year-on-year increase of + 78.72%, and a net profit attributable to the parent company of 164 million yuan, a year-on-year increase of + 54.97%. The beginning of 2022 was excellent.
In 2021, the shipment of inverters maintained a rapid growth, and the energy storage business increased rapidly. In 2021, the company sold 705300 inverters, a year-on-year increase of + 46%. Based on 20kW of each inverter, the company’s annual shipment was close to 14gw, further increasing the global market share. In addition, the company’s energy storage business ushered in explosive growth in 2021. The annual energy storage inverter revenue reached 176 million yuan, a year-on-year increase of + 371%, and the energy storage business revenue accounted for more than 5%. In 2022, China’s distributed photovoltaic boom continued, and the overseas household light storage market maintained strong demand stimulated by the soaring energy prices. We expect the company’s inverter business to continue its high-speed growth trend. 2022q1’s inverter shipments are not light in the off-season. The revenue in a single quarter increased by 78.7% year-on-year and 9.3% month on month. The annual high growth can be expected.
The gross profit margin of inverter is expected to be repaired, and the overall cost control is excellent. Affected by many factors such as the rise in the price of raw materials such as chips, high sea freight and the appreciation of the RMB, the company’s gross profit margin faced great pressure in 2021. The annual comprehensive gross profit margin was 28.7%, down 3.1% year-on-year. Since 2021q4, the company has raised the price of inverter, and the gross profit margin in the first quarter reached 29.5%, which has rebounded month on month. Considering that the impact of the price adjustment of the company’s products has not been fully reflected in 2022q1 and the recent depreciation of RMB to a certain extent, we expect the gross profit margin of the company’s products to be significantly repaired this year. In addition, with the rapid growth of revenue scale, the overall expense rate of the company has been effectively diluted. In 2021, the sales / management expense rate was 4.7% / 3.8%, a year-on-year decrease of 1.3% / 1.7%, and the R & D expense rate reached 5.2%, a year-on-year increase of 0.7%. To sum up, we expect the company’s profitability to remain at a high level in 2022, with a net profit margin of 14.9% in the first quarter, an increase of about 0.6% over the whole year of 2021.
Investment suggestion: it is estimated that the company will realize an operating income of 5.580/8.089/9.577 billion yuan and a net profit attributable to the parent of 9.23/12.91/1.601 billion yuan respectively from 2022 to 2024, maintain the “Buy-A” investment rating, and the six-month target price is 186.36 yuan, corresponding to 50 times the P / E ratio in 2022.
Risk tip: the global PV installation is less than expected, the supply of materials is tight, and the market competition is intensified
