\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 137 Ningbo Boway Alloy Material Co.Ltd(601137) )
Events
Ningbo Boway Alloy Material Co.Ltd(601137) released the annual report of 2021 and the first quarterly report of 2022: the net profit attributable to shareholders of Listed Companies in 2021 was 310 million yuan, a year-on-year increase of - 27.66%. The net profit after deducting non recurring profits and losses was 248 million yuan, a year-on-year increase of - 37.91%.
In the first quarter of 2022, the net profit attributable to shareholders of listed companies was 136 million yuan, a year-on-year increase of 15.47%. The net profit after deducting non recurring profits and losses was 1.28 yuan, a year-on-year increase of 13.74%.
The new material business occupies a high-quality track and has a good development prospect
The company's high-end copper alloy products are widely used in 5g communication, automotive electronics, semiconductor chips, intelligent terminals and equipment and other high-tech industries, providing high-quality industrial grain for modern industry.
The proportion of shipments of 5g mobile phone copper foil materials and automotive electronic connector materials has increased, occupying a high-quality track, and the development prospect is good. With the further improvement of the penetration rate of intelligent terminals represented by 5g mobile phones, the trend of refinement and miniaturization of electronic components has accelerated, and the demand for alloy copper foil materials represented by high strength and high conductivity has increased significantly. The sales volume of alloy copper foil of the company is expected to continue to increase. With the increasing penetration of new energy vehicles, the demand for connector materials used in power battery system and energy management system is growing rapidly. In 2020, the company's total shipment of automotive electronics and intelligent electronic strip alloy materials was 52700 tons, which increased to 61800 tons in 2021. Among them, the proportion of automotive electronics shipments increased from 19.4% in 2020 to 20.2% in 2021.
The company's new 50000 ton alloy strip project combines high digital integration technology for the first time and gathers the company's 30-year technical crystallization, which will greatly enhance the company's international competitiveness.
The new production capacity has been put into operation one after another, and the growth space has been opened
The company's annual output of 50000 tons of special alloy strip project is under trial production, and the verification of downstream automotive electronics customers is in progress. At that time, we will focus on the supply of automotive electronic materials, and actively do a good job in the market promotion and project development of new generation chip materials used in the new energy automotive industry, so as to lay a solid foundation for rapid growth in the future.
At present, the production line of 6700 T / a aluminum welding wire project has submitted products to rail transit for certification after trial production. The company will also promote product certification as soon as possible and realize domestic substitution as soon as possible.
Vietnam's 31800 ton rod, wire and alloy project is in the stage of installation, commissioning and trial production. It is expected that the project will gradually enter the stage of trial production and trial sales in the first half of 2022.
The photovoltaic sector is expected to improve and turn losses into profits in the first quarter
Many factors have a negative impact on the company's new energy business. The impact of the global epidemic in 2021 led to the sharp rise in sea freight, the high price of raw materials represented by silicon, and the tariff policy implemented by the United States on double-sided components, which had a great impact on the normal production and operation of the company's new energy business. The management of the company actively took countermeasures to minimize the loss to the company. At the same time, it withstood the pressure and completed the construction of upgrading the battery size from 166 to compatible with the 182 / 210 project. At the same time, it increased the production capacity from the original 700MW to 1GW, laying a solid foundation for rapid development in the future.
Since this year, the company's newly signed order pricing has taken into account the rising cost of silicon materials and sea freight, and the photovoltaic business has started to ship normally and become profitable.
Profit forecast
It is predicted that the net profit attributable to the parent company from 2022 to 2024 will be 682 million yuan, 913 million yuan and 1118 million yuan respectively, and the EPS will be 0.86 million yuan, 1.16 million yuan and 1.41 million yuan respectively. The corresponding PE of the current stock price will be 12, 9 and 7 times respectively, and the "recommended" investment rating will be given.
Risk tips
1) risk of substantial price reduction of alloy products; 2) The price of upstream raw materials rose sharply; 3) The downstream demand of alloy products is lower than expected; 4) The performance recovery of photovoltaic products is less than expected; 5) Production capacity construction progress is less than expected; 6) Market systemic risk.
