\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 63 Ginlong Technologies Co.Ltd(300763) )
Performance summary: in 2021, the company achieved a revenue of 3.312 billion yuan, a year-on-year increase of 58.92%; The net profit attributable to the parent company was 474 million yuan, a year-on-year increase of 48.96%; Deduct non net profit of 392 million yuan, with a year-on-year increase of 40.46%; EPS1. 93 yuan. In 2022q1, the company achieved a revenue of 1.102 billion yuan, a year-on-year increase of 78.72%; The net profit attributable to the parent company was 164 million yuan, a year-on-year increase of 54.97%; Deduct non net profit of 141 million yuan, with a year-on-year increase of 51.20%, and the revenue and profit hit a quarterly record high.
The high growth trend of inverter sales continued, and the energy storage inverter accelerated its volume and increased its proportion. In 2021, the company sold 705300 inverters, with a year-on-year increase of 46.43%. Among them, about 30000 energy storage inverters were sold, with a year-on-year increase of more than 360%. The proportion of energy storage inverter shipments increased from 1.4% in 2020 to about 4.3% in 2021. With the rapid growth of sales volume, the company’s inverter business revenue also increased. In 2021, the grid connected inverter revenue was 2.843 billion yuan, a year-on-year increase of 58.92%; The revenue of energy storage inverter was 176 million yuan, a year-on-year increase of 370.85%.
The gross profit margin of the Chinese market has increased quarter by quarter, and the profitability has increased steadily in 22 years. In 2021, the company raised the price, and the gross profit margin in the Chinese market increased continuously: the gross profit margin in 21h1 was 20.89%, 21q3 was increased to 23%, and 21q4 was increased to 25%, which was about 10pp higher than that in 2020, and the gap between the gross profit margin in domestic and foreign markets in the whole year was reduced to about 11pp. In terms of income structure, the proportion of Chinese market income has also increased from 40% in 2020 to 46% in 2021. The gross profit margin of the company increased steadily to 229.9pp during the period, mainly due to the increase of the company’s gross profit margin to 229.9pp, which was lower than that of qq1.29%. It is expected that the profitability of the follow-up company still has room to improve, mainly from the price increase in the overseas market, the depreciation of the RMB, the improvement of shipping costs, etc.
R & D investment increased rapidly, and the overall cost rate decreased during the period. During 2022q1, the company’s expense rate was 14.38%, a decrease of 0.7pp compared with 2021. R & D expenses continued to grow, with R & D expenses of RMB 52 million in 22q1, a year-on-year increase of 101.5%. In 2021, the company’s R & D will mainly focus on the optimization of fifth generation and sixth generation household / industrial and commercial models, sixth generation American version household single-phase high-voltage energy storage inverter and other projects, continuously enhance the product iteration ability, and lay a good foundation for the continuous competitiveness, cost reduction and efficiency increase of the company’s products.
Profit forecast and investment suggestions: in 2022, the company’s energy storage inverter will accelerate the volume, and the profitability is expected to continue to improve. It is expected that the compound growth rate of the company’s net profit attributable to the parent company will be 58.53% in the next three years, maintaining the “hold” rating.
Risk warning: the company’s production capacity fails to be put into operation as scheduled; The global PV installation is less than expected; The price of raw materials rises and the profitability of the company decreases; Exchange rate fluctuation risk.
