\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 110 Nuode Investment Co.Ltd(600110) )
Event overview: on April 27, 2022, the company released the first quarterly report of 2022, realizing a revenue of 1.112 billion yuan, an increase of 25% at the same time, and a net profit attributable to the parent company of 127 million yuan, an increase of 94% at the same time, a ring increase of 52%, and a net profit attributable to the parent company of 110 million yuan after deduction, an increase of 80% at the same time and a ring increase of 39%.
The financial expense rate decreased and the net interest rate increased. Gross profit margin: 22q1 gross profit margin was 23.9%, with an increase of 2.2pcts and a decrease of 1.7pcts; Net interest rate: the net interest rate of 22q1 was 11.4%, with an increase of 4.1pcts and a ring increase of 4.5pcts. Expense ratio: the expense ratio of the company during 22q1 was 11.3%, with a year-on-year decrease of 2.1pcts, of which the expense ratios of sales, management, R & D and finance were 0.6%, 3.1%, 3.8% and 3.8% respectively, with year-on-year changes of - 0.5pct, - 1.0pct, + 2.3pcts and - 2.9pcts. The reduction of financial expense ratio is due to the decline of the company's asset liability ratio, which continues to decline steadily.
The production capacity continues to expand, and the net profit per ton is expected to continue to grow. The annual sales volume of copper foil of the company in 21 years was about 35100 tons, with a year-on-year increase of 72.74%. We speculate that the shipment of 22q1 copper foil was about 9000 tons, slightly lower than Q4, which was mainly affected by the Spring Festival holiday. At present, the company has a copper foil production capacity of 43000 tons. With the gradual production of the two bases in Qinghai and Huizhou, the company's 22-year production capacity can reach 85000 tons. Considering the impact of the epidemic, we expect its shipment to be about 5 Shenzhen Zhongjin Lingnan Nonfemet Co.Ltd(000060) 000 tons. The company's net profit per ton of 21q4 is about 13000 yuan / ton, and 22q1 is expected to be flat month on month. Throughout the year, with the optimization of the company's asset structure and capacity expansion, its financial expenses per ton will continue to decrease.
Investment suggestion: we expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 844 million, 1.293 billion and 1.549 billion, increasing by 108%, 53% and 20% at the same time, corresponding to the valuation of 18, 12 and 10 times PE. Considering the active expansion of the company, the first mover advantage of 4.5 micron copper foil is obvious, and the "recommended" rating is maintained.
Risk tip: the sales of new energy vehicles are less than expected; The production progress of new capacity is less than expected.
