\u3000\u3 China Vanke Co.Ltd(000002) 623 Changzhou Almaden Co.Ltd(002623) )
Events
① Changzhou Almaden Co.Ltd(002623) released the first quarterly report of 22 years, and the company realized revenue of 710 million yuan in 22q1, yoy + 22.4%; The net profit attributable to the parent is 11.04 million yuan, yoy-76%; The net profit attributable to the parent company after deduction is 4.11 million yuan, yoy-90%.
② the company announced that the annual output of 5 million large-size display optical bonding production lines will be built in three phases, 100 / 2 / 2 million units respectively. The construction cycle is three years, and the subsequent production capacity of 5 million units is still under planning.
The production and sales of photovoltaic glass are booming, and the sales revenue is good in Q1
According to the 86% revenue of 21fy photovoltaic glass and the average price of 3.2/2.0mm glass of Zhuo Chuang information 22q1 company are 22.5 yuan and 17.3 yuan / m2 respectively (excluding tax), assuming that the proportion of 3.2/2.0mm glass is 30% and 70% respectively, we calculate that the revenue of 22q1 photovoltaic glass is 610 million yuan and the corresponding sales volume is about 32.36 million square meters. According to Zhuo Chuang information, the average price of 2.0mm photovoltaic glass of 22q1 company was – 7.8% month on month and – 43% year-on-year, but the overall revenue still increased by 22.4%. We believe that it is mainly due to the continuous climbing of the company’s deep processing capacity, resulting in the rapid growth of production and sales.
22q1’s profitability is under pressure, and Q2 is expected to improve
22q1’s gross profit margin was 4.99%, down 8.7pct year-on-year. We expect that there are three main reasons:
1) the price of photovoltaic glass decreased significantly, and the company’s 3.2/2.0mm glass decreased by 40% and 43% year-on-year respectively;
2) Q1 Tesla photovoltaic tile may be shipped relatively less due to the influence of Xinjiang silicon material; 3) Components and electronic glass business dragged down the company’s profits. Since late March, the price of photovoltaic glass has increased, and Q2 performance is expected to pick up.
22q1 company’s expense rate during the period was 4.5%, with a year-on-year decrease of 1PCT, mainly due to the decrease of 0.85pct in R & D expense rate. The company realized a net interest rate of 1.65%, with a year-on-year decrease of 5pct. The CFO of 22q1 company was 130 million yuan, up from 20.62 million yuan in the same period last year, which was mainly due to the direct transfer payment for the purchase of raw materials, with a cash payment ratio of 67%, an increase of 21 PCT year-on-year.
Be optimistic about the volume of BIPV business in the future and maintain the “buy” rating
In the past 21 years, the company’s performance is still subject to the supply and price of the original film. However, with the full production and capacity climbing of the three original film kilns of the parent company, the Q4 situation is expected to be significantly improved. On August 28, the company announced that it had signed the cooperation framework agreement with Xi’an Longji new energy Co., Ltd. to carry out in-depth cooperation in the field of photovoltaic building integration. Xi’an Longji was responsible for the development and construction of the building photovoltaic integration project for the subsequent new plant roof and curtain wall of the company, and jointly developed the ultra-thin light anti glare glass for 1.6mm BIPV. Xi’an Longji promised to give priority to the procurement of the company’s products for the photovoltaic glass used in BIPV products from 2022 to 2027, At the same time, the company is a qualified supplier of Tesla, and the subsequent performance flexibility can be expected. In addition, if the parent company’s original film production capacity is injected into the company, the company’s original film deep processing integration ability is expected to be greatly strengthened, and its profitability is expected to be greatly improved. We expect that the net profit attributable to the parent company in 22-24 years will be RMB 167 / 296 / 436 million, maintaining the “buy” rating.
Risk tips: the installed capacity of photovoltaic is less than expected, the expansion of the company is less than expected, and the price of raw materials is higher than expected
