\u3000\u30 Jinzai Food Group Co.Ltd(003000) 14 Eve Energy Co.Ltd(300014) )
The revenue exceeded 10 billion, and the performance was in line with expectations
In 2021, the company achieved a revenue of 16.9 billion yuan, a year-on-year increase of 107.06%; The net profit deducted from non parent company was 2.547 billion yuan, a year-on-year increase of 66.96%. 2021q4 achieved a revenue of 5.452 billion yuan, with a month on month ratio of + 93.19% / + 11.54% respectively, deducting 417 million yuan of non parent net profit. In 2021, the company further improved the upstream layout and continued to expand the capacity of power energy storage batteries. Based on the great pressure on the price rise of upstream raw materials, we lowered the profit forecast for 2022 / 2023 and added the profit forecast for 2024. It is expected that the net profit attributable to the parent company from 2022 to 2024 is expected to reach 39.83 (- 3.65) / 62.07 (- 3.96) / 8.338 billion yuan, EPS is 2.10/3.27/4.39 yuan / share respectively, and the corresponding P / E ratio of the current stock price is 25.8/16.5/12.3 times respectively. We are optimistic about the turning point of the company’s profit and maintain the “buy” rating.
Continuous improvement of upstream layout + capacity release will lead to the turning upward of the company’s profitability
Profit margins are expected to stabilize and rebound. In 2021, the total revenue of the company’s power battery was 10.007 billion yuan, a year-on-year increase of + 146.25%. The overall gross profit margin is 21.57%, compared with -7.44pct in 2020, of which the gross profit margin of lithium-ion battery is 19.02%. Compared with -7.11pct in 2020, the gross profit margin of lithium-ion battery is much lower, mainly due to the rising price of raw materials, and the proportion of raw materials in the cost side is also increased from 77.26% in 2020 to 83.02%. With the gradual correction of raw material prices since Q2 in 2022, the company’s gross profit margin is expected to bottom up.
In order to reduce costs and ensure the supply of subsequent large-scale production, the company will strengthen the upstream layout in 2021. A joint venture has been set up to lay out the mineral resources. The upstream industrial chain layout of the company’s upstream industrial chain layout has covered the nickel cobalt lithium resource (the golden Kunlun), the triple positive (beiterray), lithium iron cathode ( Ginlong Technologies Co.Ltd(300763) 00769 35 037). At present, the layout of the upstream battery plant is one of the most perfect companies.
Continue to be optimistic about the development of cylindrical batteries, multi-point layout at home and abroad, and lead customers to optimize the technical route
(1) small cylindrical batteries: the 13th factory of the company has officially reached production capacity, and its main products are 18650 and 21700 cylindrical batteries. The annual production capacity after reaching production capacity is expected to reach 750 million, and the production capacity of the company’s small cylindrical batteries will reach 1.5 billion, so as to alleviate the shortage of small cylindrical batteries. (2) Large cylindrical battery: the company will build a 20gwh passenger car cylindrical battery project in Hubei Jingmen base; At the same time, it invested and built a factory in Hungary to produce cylindrical power batteries. The company actively arranges cylindrical batteries and leads the optimization of technical route. The comprehensive competitiveness of the company is expected to be further improved.
Risk tip: the upstream price continues to rise, the downstream demand is less than expected, and the profit is less than expected
