\u3000\u3 China Vanke Co.Ltd(000002) 756 Yongxing Special Materials Technology Co.Ltd(002756) )
Events: (1) the company released its 2021 annual report. In 2021, the operating revenue was 7.199 billion yuan, a year-on-year increase of 44.76%, of which 2021q4 operating revenue was 2.277 billion yuan, a year-on-year increase of 70.41% and a month on month increase of 21.43%. In 2021, the net profit attributable to the parent company was 887 million yuan, a year-on-year increase of 243.83%, of which the net profit attributable to the parent company in 2021q4 was 337 million yuan, a year-on-year increase of 849755% and a month on month increase of 35.99%. In 2021, the net profit not attributable to the parent company was deducted by 764 million yuan, a year-on-year increase of 322.58%, of which the net profit not attributable to the parent company was deducted by 312 million yuan in 2021q4, a year-on-year increase of 1941333% and a month on month increase of 49.37%. (2) The company released the first quarterly report of 2022, and the operating revenue of 2022q1 was 2.631 billion yuan, with a year-on-year increase of 94.25% and a month on month increase of 15.53%. The net profit attributable to the parent company in 2022q1 was 811 million yuan, with a year-on-year increase of 553.60% and a month on month increase of 140.91%. In 2022q1, the net profit deducted from non parent company was 769 million yuan, with a year-on-year increase of 757.18% and a month on month increase of 146.09%.
Lithium salt business increased significantly, and the gross profit margin increased by 49.75pct to 51.99%. (1) Volume: in 2021, the production and sales of lithium salt products were 11400 tons and 11200 tons respectively, with a year-on-year increase of 30.26% and 16.88% respectively. By the end of 2021, there were 197.6 tons of inventory. (2) Price: in 2021, the revenue per ton of lithium salt was 99300 yuan / ton, with a year-on-year increase of 256.3%, and the gross profit per ton of lithium salt was 56300 yuan / ton, with a year-on-year increase of 5117%. (3) Cost: the cost of a single ton of lithium salt is 43000 yuan / ton, with a year-on-year increase of 60.5%. After deducting the lithium ore mining and beneficiation projects, according to the annual report, the direct materials, direct labor, fuel and power, and manufacturing expenses are 25100 yuan / ton, 2300 yuan / ton, 9900 yuan / ton and 5700 yuan / ton respectively. One ton of lithium carbonate is produced according to 120 tons of raw ore. The raw material cost of a single ton of mica raw ore is 209 yuan / ton of raw ore, which has a great raw material cost advantage.
The production and sales of new materials business of special steel increased slightly, and the gross profit per ton maintained a high position. The production and sales of special steel products were 314200 tons and 313600 tons, with a year-on-year increase of 6.34% and 7.71% respectively. The revenue per ton was 19100 yuan / ton, with a year-on-year increase of 18.89%. The gross profit per ton was 1948.6 yuan / ton, with a year-on-year decrease of 116.4 yuan / ton, which remained high.
Lithium salt smelting capacity has been continuously improved, resource side layout has been deepened, and Contemporary Amperex Technology Co.Limited(300750) integrated industrial chain has been embedded. At the smelting end, the company has reached the production capacity of 10000 tons of lithium carbonate, and the new capacity of 20000 tons will be gradually put into operation in 2022h1. On the resource side, the company has a beneficiation capacity of 1.2 million tons and a beneficiation capacity of 1.8 million tons is about to be completed. At the same time, the licensed production scale of Huashan porcelain ore has been increased to 3 million tons / year. In terms of joint venture, the company plans to jointly build 20000 tons and 50000 tons of smelting capacity with Jiangxi tungsten industry and Contemporary Amperex Technology Co.Limited(300750) respectively. In addition, the company will further cooperate with Contemporary Amperex Technology Co.Limited(300750) on lithium carbonate products.
Investment suggestion: we expect the company’s operating revenue to be 14.311 billion yuan, 17.266 billion yuan and 17.526 billion yuan respectively from 2022 to 2024, and the net profit to be 5.53 billion yuan, 7.53 billion yuan and 7.753 billion yuan respectively. The corresponding EPS is 13.62 yuan, 18.55 yuan and 19.10 yuan / share respectively. At present, the corresponding PE share price is 6.3, 4.6 and 4.5 times. Maintain the “Buy-A” rating, and the six-month target price is 129 yuan / share.
Risk tip: the demand is less than expected, the project progress is less than expected, and the lithium price fluctuates sharply
