\u3000\u30003 Mesnac Co.Ltd(002073) 00207)
Event: on April 26, the company released the performance report for the first quarter of 2022, realizing a revenue of 10.62 billion yuan, a year-on-year increase of + 35.1% and a month on month decrease of - 9.8%; The net profit attributable to the parent company was RMB 90 million, with a year-on-year increase of - 26.1% and a month on month increase of - 61.5%; Deduct the net profit not attributable to the parent company of RMB 100 million, with a year-on-year increase of - 38.1% and a month on month increase of + 31.4%.
The performance of 22q1 continues to be under pressure, and the pressure of raw material price rise has eased: affected by the irrational sharp rise in the price of upstream raw materials, the profit side of 22q1 company continues to be under pressure. The corresponding gross profit margin was 13.5%, with a year-on-year increase of -2.4pct and a month on month increase of + 2.1pct; The net interest rate was 0.5%, with a year-on-year ratio of -1.0pct and a month on month ratio of -1.1pct. The gross profit margin increased month on month, reflecting the gradual easing of the pressure on the price rise of raw materials. Since 2019, the company has continuously learned that famous car companies have designated or increased their capital to take shares in power battery subsidiaries. Power battery products have strong industry competitive advantages, and the shipment and income have increased rapidly. The total shipment in 21 years reached 352 GWH, corresponding to the sales revenue of 2.933 billion yuan, a year-on-year increase of 584.7%. In the future, with the gradual release of the pressure of rising prices of raw materials, the profitability of power batteries on the profit side will gradually appear.
3C cell continues to grow, and the rise of energy storage can be expected: in terms of 3C cell, the production capacity of 300000 units / day in Lanxi, Zhejiang Province in 21 years has completed the action of production expansion and capacity climbing, and the lithium battery of pen battery continues to develop the world's leading brand manufacturers, driving the revenue and profit to rise simultaneously. In the 21st year, Huizhou Liwei achieved a revenue of 4.15 billion yuan, a year-on-year increase of + 71%; The net profit was 740 million yuan, a year-on-year increase of + 80%. In terms of energy storage, the company's energy storage cell production line is expected to be put into operation and delivered in batches in 22 years. It will be fully laid out in terms of power, network energy, household and portable application energy storage. The products fully cooperating with head customers will be delivered in batches in 22 years. The company has an early layout of energy storage, has a high-quality customer base, and can expect future growth.
Investment suggestion: we predict that the net profit attributable to the parent company in 202224 will be 1 / 25 / 33 billion yuan, corresponding to 32 / 13 / 10 times of PE, maintaining the "buy" rating.
Risk tip: the price of raw materials rises sharply, the sales volume of new energy vehicles is lower than expected, and the information and data used in the research report are not updated in time.
