\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 99 Weihai Guangwei Composites Co.Ltd(300699) )
Under the influence of product price reduction and epidemic situation, 22q1 still maintained stable operation. 22q1 company realized revenue / net profit attributable to parent company / net profit deducted from non-profit of RMB 590 million, yoy-5.5%% / - 5.0% / - 5.4% respectively. During the reporting period, the revenue / performance decreased slightly. Firstly, the price of finalized carbon fiber products supplied in bulk by the company decreased year-on-year. Secondly, due to the impact of the epidemic, some business segments of the company stopped production and interrupted logistics, affecting production and product delivery.
Carbon fiber and fabric / carbon beam business grew steadily, and the revenue growth rate decreased normally after the end of large prepreg orders. 1) During the reporting period, the revenue of carbon fiber and fabric reached 380 million, yoy + 6.8%. Although the price of finalized carbon fiber products decreased further on the basis of the decline in 2021, the increase in the contribution of new products basically made up for the adverse impact of price reduction. Considering that the finalized product has been reduced twice in a row, it is expected that the price of the product is expected to stabilize in a certain period of time in the future. 2) During the reporting period, carbon beam achieved a revenue of 140 million, yoy + 2.1%. Except for a small amount of order losses caused by logistics, it basically maintained stable operation. 3) During the reporting period, the prepreg business achieved a revenue of 48 million, yoy-55.8%, mainly due to the end of the wind power prepreg order with a large contribution in the same period of last year, while the contribution of new business in this period is limited temporarily.
It is proposed to implement the equity incentive plan to demonstrate confidence in long-term development. The company announced that it plans to implement the equity incentive plan. The grant object is 138 core backbone personnel of the company (including holding subsidiaries), the number of granted shares is 6.25 million shares (5 million shares for the first time, 1.25 million shares are reserved, accounting for 1.21% of the share capital on the date of announcement), and the grant price is 26.67 yuan / share. For the restricted stocks granted for the first time and the reserved restricted stocks granted before the disclosure of the third quarter report of 22 years, the performance assessment target for 22-25 years is, taking 21 years as the base, the cumulative growth of net profit is 15% / 40% / 70% / 100% respectively, corresponding to the net profit attributable to the parent for 22-25 years is 8.7% / 10.6% / 12.9/1.52 billion, yoy + 15.0% / 21.7% / 21.4% / 17.6% respectively. For the reserved restricted stocks granted after the disclosure of the third quarter report of 22 years, the performance assessment target for 23-25 years is, taking 21 years as the base, and the cumulative growth of net profit is 40% / 70% / 100% respectively. We believe that the equity incentive plan covers a large number of personnel, which helps to mobilize the enthusiasm of employees, clarify the performance objectives and demonstrate the confidence in long-term development.
Military and civilian two wheel drive, optimistic about long-term growth. The company is the largest supplier of military carbon fiber in China. With the large-scale batch production of relevant models of products, the military products business is expected to achieve high growth. The company is also a core supplier of carbon beams for wind power giant Vestas. At the same time, it actively expands the fields of civil products such as gas cylinders / Construction Engineering / thermal field / industrial manufacturing, which is expected to benefit from the rapid growth of demand side. In terms of carbon fiber, the company actively expanded its production capacity. At the end of the year, the design capacity was 2655 tons (the capacity utilization rate in the year of 21 was 78.4%), and the capacity under construction is 5030 tons. Among them, the capacity under construction in the first phase of inner Mongolia Guangwei low-cost carbon fiber project is 4000 tons, and the capacity of m55j fiber under construction in the high-performance carbon fiber industrialization project is 30 tons. The original "military civilian integration" project is transformed to produce t700g / t800h carbon fiber products. We expect that all of them are expected to be put into operation in 2022. In terms of carbon beam, the designed capacity at the end of 21 was 10.2 million meters (the capacity utilization rate in 21 years was 83.1%), and the capacity under construction was 1.7 million meters, which is expected to be put into operation in 2022. In terms of prepreg, the designed capacity at the end of the year 21 was 13.75 million square meters (the capacity utilization rate in the year 21 was 58.4%), and the capacity under construction was 850000 square meters, which has been completed and put into use after passing the acceptance.
Investment suggestion: we expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 970 / 12.1 / 1.49 billion (maintaining the original profit forecast), corresponding to 23 / 18 / 15 times of the current share price PE. Considering the two wheel drive of the company's military and civilian business, the company actively expanded production capacity, continuously optimized the industrial structure and maintained the "overweight" rating.
Risk warning: the risk of performance fluctuation; Risk of new product development; Risk that the progress of capacity release is lower than expected.
