\u3000\u30 Jinzai Food Group Co.Ltd(003000) 37 Shenzhen Capchem Technology.Ltd(300037) )
Key investment points
In 2022, the net profit attributable to the parent company of Q1 company was 512 million yuan, with a year-on-year increase of 228.94% and a month on month increase of 9.26%, which was in line with market expectations. The company achieved a year-on-year increase of RMB 13.79 billion, with a year-on-year increase of q1.92 billion; The net profit attributable to the parent company was 512 million yuan, a year-on-year increase of 228.94% and a month on month increase of 16.63%. Deducting the net profit not attributable to the parent company was 503 million yuan, a year-on-year increase of 268.44% and a month on month increase of 19.6%. In terms of profitability, Q1 gross profit margin was 33.75%, with a year-on-year increase of 2.41pct and a month on month increase of -1.82pct; The net interest rate attributable to the parent company was 18.86%, with a year-on-year increase of 5.22pct and a month on month increase of 1.19pct; The non net interest rate deducted in Q1 was 18.55%, up 6.57pct year-on-year and 1.6pct month on month.
Q1 electrolyte business volume increased rapidly, the degree of integration deepened, and the periodicity was smooth. We expect the company to ship 230 Guangdong Advertising Group Co.Ltd(002400) 0 tons of electrolyte in Q1 in 2022, an increase of 15% month on month, and the shipment of electrolyte in Q2 may further increase by 10-15% month on month. The company’s electrolyte shipment is expected to reach 140000 tons in 2022, a year-on-year doubling. In terms of profitability, we expect that the single ton profit of 2022q1 will be nearly 15000 yuan / ton, with a month on month increase of 10%. The single ton profit will increase significantly. Mainly due to the deepening of integration, we expect that Q1 electrolyte will contribute a profit of 330350 million yuan, with a month on month increase of about 25%. On the trend, since the price of electrolyte began to fall in March, we expect the profit per ton of electrolyte of the company to fall slightly quarter on quarter during the year. It is conservatively expected that the annual profit per ton is 8 Xiandai Investment Co.Ltd(000900) 0 / ton.
The business of fluorine chemical industry and capacitor chemicals grew steadily, and the semiconductor business continued to advance. We expect that the net profit of fluorochemical industry in 2022q1 will be about 140 million yuan, with a month on month increase of 10%. It is an important source of profit for the company. We expect that the revenue growth rate of fluorochemical industry in 2022 can still be maintained at 30%, contributing a net profit of 400 million yuan +. As a leader in China, the capacitor business company has steadily increased its sales volume, with a gross profit margin of nearly 40% and a high profit level. We expect Q1 to contribute about 30 million yuan of profit and 150180 million net profit for the whole year. We expect Q1 company’s semiconductor business to contribute a net profit of about 05-10 million yuan and a net profit of about 40 million yuan in 2022, doubling the growth.
The management is more efficient, and the cost rate during the period decreases compared with the month on month. The total cost during 2022q1 is 289 million yuan, with a month on month ratio of + 54.4% / – 15.26%, and the cost rate during 2022q1 is 10.64%, with a month on month ratio of -5.76 / – 3.08pct; The sales expense is 31 million yuan, and the sales expense ratio is 1.13%, with a month on month ratio of -1.38 / + 0.01pct; The management fee is 147 million yuan, with a management fee rate of 5.41%, with a month on month ratio of -1.91 / – 1.38pct; The financial expense is 06 million yuan, and the financial expense rate is 0.22%, with a month on month ratio of 0.04 / – 0.06 PCT; The R & D cost is 105 million yuan, with a R & D cost rate of 3.89%, with a month on month ratio of – 2.5 / – 1.65 PCT.
Profit forecast and investment rating: in view of the continuous high outlook of the industry, we maintain the previous forecast of the company’s net profit attributable to the parent company of RMB 1.986/2.637/3.738 billion from 2022 to 2024, with a same increase of 52% / 33% / 42%, corresponding to PE of 13 / 10 / 7x, give 22xpe in 2022, target price of RMB 106, and maintain the “buy” rating.
Risk tip: the sales volume of electric vehicles is lower than expected, and the price of upstream raw materials fluctuates sharply.
