\u3000\u3 China Vanke Co.Ltd(000002) 484 Nantong Jianghai Capacitor Co.Ltd(002484) )
Event: the company released the first quarterly report of 22 years.
Non deduction performance in the first quarter exceeded expectations: 22q1, the company achieved an operating revenue of 981 million yuan, a quarterly record high, yoy + 31%; The net profit attributable to the parent company was 118 million yuan, a year-on-year increase of 42%; Deduct non net profit of 113 million yuan, yoy + 48%. Q1 gross profit margin was 25.1%, up 2.7pct month on month. The rapid growth of the company’s revenue is mainly due to the strong demand for photovoltaic and new energy vehicles, and the rapid increase of gross profit margin month on month, mainly because the price rise of products transmits the cost pressure. With the continuous optimization of electricity cost, the company’s gross profit margin is expected to further increase.
Aluminum electrolytic capacitor: the demand for new energy and industrial control is strong, and the cost continues to improve. In the first quarter, the company’s revenue of aluminum electrolytic capacitor and chemical foil was 880 million yuan, yoy + 34%. Benefiting from the strong demand for photovoltaic, the company’s share of aluminum electrolysis new energy shipments increased from 13% last year to 21%. Seven of the top 10 photovoltaic inverter manufacturers in the world have become company users. At the same time, the demand for on-board OBC and charging pile is also relatively strong. At present, the supply of solid-state electrolytic capacitor and solid-state electrolytic capacitor (ml5g) and solid-state display capacitor (MLG) has been steadily expanded in China, and has become an important new product in the future. On the cost side, the overall electricity cost this year is expected to decline steadily. At the same time, with the improvement of scale effect, the unit cost of the company’s aluminum electrolytic capacitor is expected to continue to decline. Compared with overseas manufacturers, the cost advantage of the company is very significant, and the global market share of the company’s aluminum electrolytic capacitor is expected to continue to increase.
High growth of thin-film capacitor and long-term growth of super capacitor: seizing the rapid development opportunities of photovoltaic, electric vehicle and other industries, the company’s thin-film capacitor has formed batch delivery in the fields of photovoltaic, wind power, new energy vehicles and military industry. In the first quarter, the company achieved a revenue of 70.21 million yuan, yoy + 52%. At present, there are full orders on hand. With the continuous release of the company’s new capacity, the business is entering a period of rapid growth. At the same time, with the increase of the scale effect of the company’s thin film capacitance, the profitability continues to improve. For supercapacitor, the company’s revenue in the first quarter decreased by 6% year-on-year, mainly due to seasonal fluctuations in orders. At present, the company’s super capacitor has made some progress in the application of smart meters, rail transit, power grid, port machinery, mining equipment, power grid frequency modulation, oil to electricity, electric buses and other fields, and its long-term growth can be expected.
We maintain the prediction that the net profit attributable to the parent company in 22-24 years is RMB 653 million, RMB 886 million and RMB 1.205 billion respectively (the slight change of EPS is affected by the dilution of share capital). According to the 22-year PE valuation level of the comparable company, the corresponding target price is RMB 22.62, and maintain the buy rating.
Risk tips
The introduction of thin film capacitors by customers is less than expected; The development of super capacitor customers is less than expected; Gross profit margin fluctuation risk.
