\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 87 Sunresin New Materials Co.Ltd Xi’An(300487) )
Events: (1) the company released its 2021 annual report. In 2021, the operating revenue was 1.195 billion yuan, a year-on-year increase of 29.51%, of which 2021q4 operating revenue was 304 million yuan, a year-on-year increase of 26.46% and a month on month decrease of 9.36%. In 2021, the net profit attributable to the parent company was 311 million yuan, a year-on-year increase of 53.85%, of which the net profit attributable to the parent company in 2021q4 was 73 million yuan, a year-on-year increase of 92.94% and a month on month decrease of 16.23%. In 2021, the net profit deducted from non parent company was 296 million yuan, with a year-on-year increase of 63.08%, of which the net profit deducted from non parent company in 2021q4 was 0.71 yuan, with a year-on-year increase of 176.53% and a month on month decrease of 16.5%. (2) The company released the first quarterly report of 2022. The operating revenue of 2022q1 was 332 million yuan, with a year-on-year increase of 13.20% and a month on month increase of 9.18%. The net profit attributable to the parent company in 2022q1 was 81 million yuan, a year-on-year decrease of 7.79% and a month on month increase of 9.99%. In 2022q1, the net profit not attributable to the parent company was deducted by 78 million yuan, a year-on-year decrease of 4.62% and a month on month increase of 10.1%.
In 2021, the adsorption material business contributed mainly to the gross profit, and the system device business has both flexibility and toughness. In terms of revenue, the revenue from adsorption materials, system devices and technical services was 901 million yuan, 245 million yuan and 45 million yuan respectively, with year-on-year changes of + 52.5%, – 17.3% and + 37.3% respectively, accounting for 75.7%, 20.6% and 3.7% of the total operating revenue. In terms of gross profit, the gross profit of adsorption materials, system devices and technical services was 386 million yuan, 121 million yuan and 24 million yuan respectively, with year-on-year changes of + 42.7%, – 12.9% and + 20.9%, accounting for 72.7%, 22.7% and 4.6% of the total gross profit. In 2021, the business income of adsorption materials increased rapidly, with the sales volume of 32300 tons, an increase of 58.53% year-on-year. In addition, after excluding zangge and Jintai phase I, the business income of system devices is not less than 133 million yuan. With the launch of several lithium extraction projects in salt lakes, the business of system devices has high flexibility.
There are sufficient contracts in hand and the company’s business volume is guaranteed. The adsorption lithium extraction technology with independent intellectual property rights of the company has been industrialized, including 10000 ton adsorption unit of zangge lithium industry, 3000 ton whole line operation of Jintai project and 1000 ton technical transformation of Minmetals project. In terms of newly signed orders, Jintai lithium phase II, Minmetals Salt Lake phase II reconstruction, Guoneng mining, Jinhai lithium, Tibet Summit Resources Co.Ltd(600338) , jinkunlun lithium and other projects continue to be signed. At the same time, they also participate in Qinghai Salt Lake Industry Co.Ltd(000792) , Byd Company Limited(002594) and other pilot projects, and plan to establish a long-term cooperative relationship with PNN to jointly develop the Salta Salt Lake project in Argentina. Up to now, more than 9 salt lake lithium extraction production line projects have been completed and are being implemented, with a total capacity of 73000 tons of lithium carbonate / lithium hydroxide and a total contract amount of more than 2.5 billion yuan. The company’s large-scale business of adsorption materials and system devices is guaranteed.
Adsorption separation technology is widely used, and the company’s business blossoms at many points. (1) The company’s adsorption technology also widely serves the fields of ore lithium refining, lithium resource recovery, lithium extraction from groundwater resources, associated minerals and other fields, and forms large-scale sales. Downstream customers include Ganfeng Lithium Co.Ltd(002460) , Bangpu cycle, Rongjie, ansson, sqm, etc. (2) In the field of new energy related metals such as nickel, cobalt and vanadium, the company has implemented projects such as nickel extraction from Indonesian laterite nickel ore, cobalt extraction from Jinchuan ruwasi and vanadium extraction from stone coal, with a cumulative contract amount of more than 100 million yuan. (3) In the field of metal gallium extraction, it has long served large customers such as Aluminum Corporation Of China Limited(601600) , Jinjiang and Dongfang hope, with a contract amount of more than 100 million yuan in the reporting period. (4) The company’s business in the field of life sciences, water and ultra purification, energy conservation and environmental protection have also achieved sustained growth. The new production capacity and sales are driven by each other, the market sales orders are strong, and the company’s development has entered a healthy fast lane.
Investment suggestion: we expect the company to achieve operating revenue of RMB 1.968 billion, RMB 2.626 billion and RMB 3.541 billion respectively from 2022 to 2024, net profit of RMB 511 million, RMB 721 million and RMB 942 million respectively, corresponding to EPS of RMB 2.32, RMB 3.28 and RMB 4.29 per share respectively. At present, the corresponding share price of PE is 28.9, 20.5 and 15.7 times. Maintain the “Buy-A” rating, and the six-month target price is 90 yuan / share.
Risk warning: the price of raw materials fluctuates, the demand is less than expected, and the project progress is less than expected
