\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 87 Sunresin New Materials Co.Ltd Xi’An(300487) )
The performance is in line with expectations. The company announced its performance for the whole year of 2021, and achieved a revenue of 1.195 billion in 2021, with a year-on-year increase of 30%; The net profit attributable to the parent company was 311 million, a year-on-year increase of 54%; The gross profit margin of the company’s sales was 44.6%, a year-on-year decrease of 2.1pcts, and the net profit margin of sales was 25.6%, a year-on-year increase of 4.4pcts. The profit distribution plan of the company is to distribute cash dividend of 4.30 yuan (including tax) for every 10 shares and increase 5 shares for every 10 shares to all shareholders with capital reserve. The company announced the results of the first quarter of 2022, and achieved a revenue of 332 million yuan in the first quarter of 2022, with a year-on-year increase of 13.2% and a month on month increase of 9.2%; The net profit attributable to the parent company was 80.512 million yuan, a year-on-year decrease of 7.8% and a month on month increase of 11%. The gross profit margin of the company’s single quarter sales in the first quarter was 43.4%, up 3.6pcts month on month.
Key points supporting rating
The “basic warehouse” of adsorption materials has developed steadily, and breakthroughs have been made in the field of life science. In 2021, the company achieved an annual revenue of 900 million yuan in the adsorption material sector, with a year-on-year increase of 52%, of which the energy conservation and environmental protection, water treatment and ultra purification, chemical industry and catalysis sectors had a higher year-on-year growth rate of 108%, 69% and 68% respectively. In 2021, puxiaocheng resin separation Industrial Park has been designed and put into operation. At present, puxiaocheng resin separation material industry park has gradually broken through the bottleneck of 20000 tons of production capacity, and the company has been put into operation. By the end of 2021, the design capacity of high value-added adsorption and separation materials in the field of life sciences of the company has reached 20000 liters / year, and the high load and high alkali resistance protein A affinity filler, high rigid ion exchange filler and composite mode filler in the field of antibody have obtained industrial orders and life verification. Several key products in the field of genetic engineering and cell therapy have also been verified by customers. In 2022, the company will continue to build 50000 L / a soft rubber production line and genetic engineering laboratory, and continue to provide resource support for the development of life science business. With the steady increase in the operating rate of the company’s new capacity and the optimization of product structure, the adsorption and separation material sector, as the “basic warehouse” of the company’s business, is expected to maintain high-speed growth.
There are plenty of orders in hand, waiting for the large-scale projects. The company’s system device sector achieved a revenue of 245 million yuan in 2021, a year-on-year decrease of 17%. Large projects (zangge and Jintai phase I) achieved revenue of 112 million yuan, a year-on-year decrease of 39%. Since 2021, the company has successively signed a number of industrial orders for lithium extraction from salt lake brine, with a total contract amount of 1.578 billion yuan and a total capacity of 58000 tons of lithium carbonate / lithium hydroxide. At the same time, it will be responsible for the entrusted operation of Jieze Chaka Salt Lake for 15 years. The newly signed orders in the field of metal resources of the company include Jintai lithium industry phase II, Minmetals Salt Lake phase II transformation, Guoneng mining, Jinhai lithium industry, Tibet Summit Resources Co.Ltd(600338) , jinkunlun lithium industry, etc. With the steady progress of the company’s project progress, large projects are expected to gradually achieve large-scale volume from the second half of 2022.
Valuation
The performance is in line with expectations. The company’s adsorption material sector is developing steadily, and the volume of large projects is imminent. The profit forecast is raised. It is estimated that the EPS from 2022 to 2024 will be 2.1 yuan, 3.0 yuan and 3.6 yuan respectively. At present, the corresponding PE is 26.5 times, 18.5 times and 15.8 times, maintaining the overweight rating.
Main risks of rating
The progress of the salt lake lithium extraction project is less than expected, the new production capacity is less than expected, the epidemic situation is repeated, and the demand for adsorption and separation materials is less than expected.
