\u3000\u30 Jinzai Food Group Co.Ltd(003000) 35 Hunan Zhongke Electric Co.Ltd(300035) )
The company’s product volume increased at the same time, and stood firmly in the position of China’s first-line negative electrode manufacturer
In 2021, the company achieved a revenue of 2.194 billion yuan, a year-on-year increase of + 125.33%; The net profit attributable to the parent company was 365 million yuan, a year-on-year increase of + 123.10%; Deduct the net profit not attributable to the parent company of 355 million yuan, a year-on-year increase of + 132.74%. In 2022q1, the revenue was 858 million yuan, with a month on month ratio of + 161.60% / + 6.46% respectively; The net profit attributable to the parent company was 129 million yuan, with a month on month ratio of + 91.25% / + 12.30% respectively; Deduct the net profit not attributable to the parent company of 140 million yuan, with a month on month ratio of + 117.38% / + 27.79% respectively. We raised the profit forecast for 2022 / 2023 and added the profit forecast for 2024. It is expected that the net profit attributable to the parent company from 2022 to 2024 is expected to reach 687 (+ 0.11) / 1018 (+ 0.48) / 1.467 billion yuan, EPS is 0.95/1.41/2.03 yuan / share respectively, and the corresponding P / E ratio of the current stock price is 27.37/18.48/12.82 times respectively, maintaining the “buy” rating.
The rise of negative maximum price drives the high growth of revenue, and relies on the common growth of high-quality customers at home and abroad
In 2021, the negative electrode sales volume of the company was 59000 tons, with a year-on-year increase of 145.46%; The average price per ton was 32800 yuan, with a year-on-year increase of 3.99%. Affected by the rising price of needle coke and the rising processing fees of graphitization and negative electrode processes, the negative electrode price of the company increased in 2021. In depth cooperation with China’s four major battery manufacturers: in-depth binding with high-quality customers in China such as Byd Company Limited(002594) , Contemporary Amperex Technology Co.Limited(300750) , China Innovation airlines, Eve Energy Co.Ltd(300014) , South Korea SK and ATL. From the perspective of the proportion of customers in the company’s shipments, the total shipments of Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , and China Innovation Airlines account for more than 60% of the company’s total shipments; From the perspective of the company’s proportion in customer procurement, the company is the main supplier of Byd Company Limited(002594) and China Innovation airlines. At the same time, the company has established joint ventures with Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) to bind with key customers through equity cooperation and rely on high-quality customers at home and abroad to grow together.
Accelerate the release of negative capacity and build cost advantages through integrated layout
Accelerate the construction of production capacity of Yunnan new area and Guizhou Anhua new area and graphite materials base. It is estimated that the company’s cathode material production capacity will increase by 115000 tons in 2022, and the production capacity will reach 257000 tons by the end of the year; Graphitization capacity is expected to increase by 37000 tons, with a total annual capacity of 72000 tons. The proportion of self supply is expected to increase to about 50%, greatly reducing production costs. Explore new process: build a self built Acheson graphitization furnace, innovate the filling method of square crucible furnace charge, reduce the use of resistance material and reduce the production cost. We expect that the price and processing fee of needle coke will remain high in the second quarter, and the improvement of graphitization self supply rate of the company will effectively alleviate the cost pressure, and the net profit per ton is expected to increase.
Risk tip: the sales volume of new energy vehicles is lower than expected, the competition is intensified, and the profitability is reduced
