\u3000\u30003 Guangdong Piano Customized Furniture Co.Ltd(002853) 00285)
Event: on April 26, the company released the first quarter report of 2022. In the first quarter, the company achieved a revenue of 837 million yuan, a year-on-year increase of 34.78%, a net profit attributable to the parent company of 208 million yuan, a year-on-year increase of 11.94%, a gross profit margin of 41.56% and a net profit margin of 25.13%.
Under the adverse impact of the epidemic, the company’s performance in the first quarter showed an adverse growth. In 2022q1, the company achieved a revenue of 837 million yuan, a year-on-year increase of 34.78%, a net profit attributable to the parent company of 208 million yuan, a year-on-year increase of 11.94%, a gross profit margin of 41.56% and a net profit margin of 25.13%. Under the adverse impact of the epidemic, the company’s overall operation still achieved contrarian growth. The price of raw materials fluctuated significantly in the first quarter. With its excellent supply chain management ability, the company’s single quarter net profit margin increased by 2.14 PCT compared with the fourth quarter of 2021.
Actively repurchased shares, demonstrating the full confidence of the company. On January 11, 2022, the board of directors of the company passed the proposal on share repurchase plan of the company, in which the company used its own funds to repurchase part of the company’s shares in the form of centralized bidding transaction for equity incentive plan or employee stock ownership plan. As of March 31, 2022, the company has repurchased about 5.2 million shares of the company through the special securities account for stock repurchase through centralized bidding transaction, accounting for about 0.52% of the total share capital of the company. The maximum transaction price is 41.68 yuan / share, the minimum transaction price is 33.70 yuan / share, and the total transaction amount is about 200 million yuan (excluding transaction costs). We believe that the share buyback fully demonstrates the company’s confidence in the long-term development of its own business, and also provides a shot in the arm for the company’s core employees to expand their territory.
Lithium battery new materials to the next city. At the annual general meeting held on April 11, the company considered and passed the proposal on changing the purpose of the raised funds, and agreed to use RMB 200 million raised from the “industrialization project of high-performance rare earth functional materials with an annual output of 3000 tons” for the phase I construction of the “industrialization project of boehmite high-end materials for lithium battery diaphragm with an annual output of 100000 tons”, with a planned theoretical capacity of 25000 tons. In 2020, the export volume of boehmite for lithium batteries in China was close to 8230 tons, an increase of 8.2% compared with 2019. According to the data of high-tech industry, it is estimated that the market scale of China Shipbuilding Industry Group Power Co.Ltd(600482) battery will reach 431gwh in 2025, with a compound growth rate of 35.06% from 2019 to 2025. Boehmite and alumina are the mainstream technical routes of diaphragm inorganic coating materials. The proportion of boehmite in inorganic coating is expected to increase from 44% in 2019 to 75% in 2025. It is estimated that the demand for boehmite will reach 44600 tons in 2025, with a compound growth rate of 37.49% from 2019 to 2025.
Investment suggestion: benefiting from the strong demand for new energy materials and the continuous development of the company’s main business, the company’s performance from 2022 to 2024 is expected to be 1.087 billion yuan, 1.451 billion yuan and 1.892 billion yuan respectively, with corresponding earnings per share of 1.08 yuan, 1.45 yuan and 1.88 yuan respectively, and corresponding PE of 29, 22 and 17 times respectively. Considering the steady improvement of the company’s three major businesses, the businesses of all sectors go hand in hand and have significant long-term growth, the “buy” rating is maintained.
Risk warning: the downstream demand is less than expected, the risk of product price fluctuation, and the promotion of national six standards is less than expected.
