\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 68 Shenzhen Senior Technology Material Co.Ltd(300568) )
Key investment points
Event: the company released the report for the first quarter of 2022. In the first quarter of 2022, it achieved an operating revenue of 664 million yuan, a year-on-year increase of 57.39% and a month on month increase of 21.68%; The net profit attributable to the parent company was 168 million yuan, an increase of 171.03% year-on-year and 137.40% month on month; The net profit deducted from non parent company was 157 million yuan, with a year-on-year increase of 177.83% and a month on month increase of 60.47%.
The profitability of lithium-ion battery diaphragm continued to improve. 22q1, the company’s gross profit margin reached 44.42%, the highest in recent three years. In 2021, the company realized an operating revenue of 1.842 billion yuan for lithium-ion battery diaphragm, a sales volume of 1.22 billion square meters in the reporting period, a corresponding unit price of 1.51 yuan / square meter, and a unit net profit of about 0.24 yuan / square meter. It is estimated that the business of 22q1 company has achieved an operating revenue of 660 million yuan, a sales volume of 420 million yuan, a corresponding unit price of 1.57 yuan / m2, and a unit net profit of about 0.46 yuan / m2, which is significantly higher than that in 2021. It mainly benefits from the increase in shipments to overseas customers, the increase in the proportion of coating products, and the simultaneous increase in product value and profitability.
Actively layout wet production capacity, and the market share is expected to increase. In 2021, the company applied to issue shares to specific objects for financing, and planned to build a “high-performance lithium-ion battery wet diaphragm and coated diaphragm (phase I and phase II) project” in Nantong, Jiangsu Province. The project can achieve an annual production capacity of 2 billion square meters of high-performance lithium-ion battery wet diaphragm and coated diaphragm. After completion, the company will further improve the product structure, improve the market share of wet diaphragm and coated diaphragm products, and enhance the comprehensive competitiveness.
Pay attention to R & D accumulation and wide customer coverage. 22q1, the company invested 31 million yuan in R & D expenses, and the R & D expense rate reached 4.74%. Relying on its continuously improving R & D strength, the company has accumulated rich industry experience and formed the overall solution advantage of “product + service”. In terms of customers, the company has entered the supply chain system of the world’s first-class lithium battery manufacturers, and its main customers include Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Gotion High-Tech Co.Ltd(002074) , AVIC lithium, LG Chemical, Samsung SDI, Eve Energy Co.Ltd(300014) and other industry-leading enterprises. In addition to the existing customers, the company has also established business cooperation relations with other large-scale well-known lithium-ion battery manufacturers abroad and started product certification, so as to continuously explore new customers of overseas well-known lithium-ion battery manufacturers.
Profit forecast and investment suggestions. It is estimated that the company’s EPS from 2022 to 2024 will be 0.64 yuan, 0.95 yuan and 1.33 yuan respectively, and the net profit attributable to the parent company will maintain a compound growth rate of 76% in the next three years. Considering the company’s increasingly plump customer structure and continuous improvement of profitability, the “buy” rating is maintained.
Risk warning: the risk that the company’s production capacity is not released on schedule; Risk of price fluctuation of main raw materials; The risk of intensified market competition; Risks of technological progress and product substitution; Risk of exchange rate changes
