\u3000\u3 China Vanke Co.Ltd(000002) 484 Nantong Jianghai Capacitor Co.Ltd(002484) )
The performance met expectations and maintained the "buy" rating
In the first quarter of 2022, the company realized a revenue of 981 million yuan, a year-on-year increase of 31.2%, and the net profit attributable to the parent company was 118 million yuan, a year-on-year increase of + 42.23%, deducting a non net profit of 113 million yuan, a year-on-year increase of + 47.67%. The performance was in line with expectations. We maintain the previous profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 607 / 789 / 1019 million yuan, EPS will be 0.73/0.94/1.22 yuan, and the current share price corresponding to PE will be 22.8/17.5/13.6 times. The company's product structure continued to be optimized, the proportion of new energy in aluminum electrolytic capacitor business continued to increase, and the film capacitor and super capacitor business continued to grow, maintaining the "buy" rating.
Revenue and profit increased positively for the first time in the fourth quarter, and the proportion of new energy revenue continued to increase
In 2022q1, the revenue was + 1.5% month on month, the net profit attributable to the parent company was + 8.3% month on month, and the net profit deducted was + 15.7% month on month. Since listing, it has achieved positive growth for the first time in the fourth quarter. It is mainly due to: (1) there is a strong demand for industrial control and new energy photovoltaic. In the first quarter, industrial control revenue accounted for 81% of aluminum electrolysis revenue, of which new energy accounted for 21%; (2) The price rise effect is obvious. At the end of 2021, the company raised the price of some aluminum electrolytic capacitor products.
The price rise raised the gross profit margin, the capacity utilization remained high, and the inventory remained at a reasonable level
Benefiting from the price increase of some products, the company's gross profit margin in the first quarter was 25.1%, up 2.7 percentage points from 22.4% in the fourth quarter. The scale effect reduced the expense rate. The management expense rate, sales expense rate and R & D rate in 2022q1 totaled 10.6%, down 3.7% and 1.2pcts respectively from 14.3% in 2021q1 and 11.8% in 2021q4. Capacity utilization remained high, with a fixed asset turnover rate of 71.6% in the first quarter, higher than 56.6% in 2021q1 and 70.8% in 2021q4. The inventory remained at a reasonable level, with 109.7 days of inventory turnover in a single quarter, lower than 116.3 days in the same period in 2021.
Thin film capacitors continue to explore new energy market
For thin film capacitors, the company has made use of existing industrial control customers to accelerate the development of photovoltaic market and achieved positive results. At the same time, the company also has a smooth development in the new energy vehicle market. On April 6, 2022, the company said during the communication on panorama that the company's new energy has supplied Byd Company Limited(002594) , Xiaopeng, ideal, Volkswagen, Renault and other customers, and Tesla and other customers are being identified.
Risk warning: chip shortage affects downstream terminal shipment; Risk of price rise of raw materials.
