Mianyang Fulin Precision Co.Ltd(300432) : the net profit deducted in the first quarter increased by 154.96% year-on-year, and the performance of new energy business was strong

Mianyang Fulin Precision Co.Ltd(300432) 4 on the evening of April 26, the first quarter report of 2022 was released, and the operating revenue in the first quarter was 1.654 billion yuan, with a year-on-year increase of 212.24%; The net profit attributable to the shareholders of the listed company was 211 million yuan, a year-on-year increase of 108.69%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 211 million yuan, a year-on-year increase of 154.96%; The basic earnings per share is 0.29 yuan.

For the growth of operating revenue, the company said that it was mainly due to the steady growth of traditional parts business, the significant year-on-year growth of intelligent electronic control business, the full production of lithium cathode material Fulin new energy phase I, and the rapid growth of production and sales.

On the same day, Mianyang Fulin Precision Co.Ltd(300432) released the annual report of 2021, which realized an operating revenue of 2.656 billion yuan in 2021, with a year-on-year increase of 44.01%; The net profit attributable to the shareholders of the listed company was 399 million yuan, a year-on-year increase of 20.85%; The basic earnings per share is 0.54 yuan. The company plans to increase 5 shares for every 10 shares to all shareholders with capital reserve.

The annual report shows that the company's performance in 2021 increased steadily compared with the same period of the previous year, mainly based on the increase in the sales revenue of traditional auto parts business compared with the same period of the previous year, as well as the batch delivery of some new products such as new energy intelligent electronic control, and the year-on-year increase in sales revenue; New energy lithium battery cathode materials are introduced into strategic investors, and core customers continue to cooperate stably and deeply; The annual output of 50000 tons of lithium iron phosphate cathode material project in Jiangxi Shenghua Shehong base was successfully reached at the end of the year, and the production capacity was released in an orderly manner and supplied in batches; The price rise of upstream raw materials and the tight supply and demand of lithium iron phosphate market have driven the rise of the company's product price, the asset structure and financial situation of Jiangxi sublimation have been improved, and the lithium cathode material business has turned losses into profits. The overall sales revenue of the company has increased rapidly, and the scale effect is prominent.

Jiangxi Shenghua, a subsidiary, is a national high-tech enterprise with rich experience in the R & D, processing and manufacturing of lithium iron phosphate cathode materials. It is the pioneer of the technical route of ferrous oxalate, a lithium iron phosphate cathode material in China. In July 2021, the company plans to invest in the construction of lithium iron phosphate cathode material project with an annual output of 250000 tons, and start the first phase of the project, that is, the new lithium iron phosphate cathode material project with an annual output of 60000 tons. It is planned to put the project into operation before October 2022. After the project is completed, Jiangxi sublimation lithium iron phosphate will have an annual capacity of 122000 tons in the short term, and the capacity scale will be further expanded, which will effectively improve the comprehensive competitiveness of the company's lithium cathode materials, Further consolidate and enhance its market position.

Driven by the extensive use of lithium iron phosphate batteries in Tesla, Byd Company Limited(002594) and other new energy host plants, the shipment of lithium iron phosphate batteries increased rapidly. According to the data of power battery industry innovation alliance, the output of China Shipbuilding Industry Group Power Co.Ltd(600482) battery in 2021 was 220gwh, with a year-on-year increase of 170%. Among them, the output of lithium iron phosphate battery was 125gwh, with a year-on-year increase of 267%, accounting for 57%, accounting for the mainstream in the power battery market.

Mianyang Fulin Precision Co.Ltd(300432) said that the company's effective capacity of lithium iron phosphate cathode material is being put into production in large quantities, the upgrading of products and technology is progressing smoothly, and the cooperation with core customers and world-class terminal main engine plants continues to be stable. With years of technology accumulation, production experience, capacity scale and customer stickiness, the company's lithium iron phosphate business will further expand market share and brand influence, Reshape the company's market dominant position in the field of lithium cathode materials.

The annual report shows that VT is the first designated electric vehicle enterprise in China, marking that it has won the independent application of VT in the field of hybrid electric vehicles. On April 21, the company announced that it had obtained the invention patent for the key structure of electric VVT products, which was conducive to the sustainable development and growth of the company's VVT industry.

The company said that it will firmly grasp the development trend of automobile electrification and intellectualization, speed up the layout of new energy intelligent electronic control industry based on the new energy automobile industry chain and the existing core technology. Relying on the cooperative relationship and needs of UAEs, Huawei and other customers, as well as the needs and fixed-point arrangements of Volkswagen, GM, Byd Company Limited(002594) and new forces in vehicle manufacturing, accelerate the operation scale and industrialization of intelligent thermal management system and new energy vehicle electric drive system, continue to promote technological iteration and product upgrading, and realize the industrial layout and upgrading development of growth track.

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