\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 110 Nuode Investment Co.Ltd(600110) )
Event: the company released the first quarterly report of 2022, realizing an operating revenue of 1.112 billion yuan, a year-on-year increase of 25%; The net profit attributable to the parent company was 127 million yuan, a year-on-year increase of 94.05%; The net profit deducted from non parent company was 110 million yuan, with a year-on-year increase of 80.45%.
Copper foil products are fully produced and sold, and the profitability of products is improved. The company’s revenue decreased slightly month on month. The company’s shipment in the first quarter was expected to decrease slightly month on month, nearly 9000 tons, due to the influence of the Spring Festival and the epidemic situation. It is estimated that the unit net profit of copper foil products in the reporting period was about 13000 yuan / ton, a slight decrease month on month, but still at a high level, mainly due to the tight supply of high-quality copper foil. The company actively promotes the upgrading of product structure, 6 μ The proportion of M copper foil shipments has increased significantly, and higher product technical content corresponds to higher processing fee premium. We believe that the company has technical advantages in ultra-thin copper foil and can ship in batches. With the increase of demand, the single ton profit will maintain a high level in 2022.
Lithium copper foil maintained the attribute of high technical barrier, and the company steadily expanded its production to seize the incremental market. The production capacity of Qinghai copper foil base is 35000 T / A, the production capacity under construction is 15000 T / A in 2021, and the planned production capacity is 15000 T / A. after completion, the total production capacity will reach 65000 T / A; The production capacity of Huizhou copper foil base is 8000 T / A, and another 12000 T / A has been commissioned and mass production has begun. In addition, the company has signed a new 100000 ton copper foil production base in Huangshi, Hubei Province. In conclusion, after the completion of all production bases, the company’s future production capacity will reach 185000 tons / year. Lithium copper foil industry requires high equipment investment scale and has strong economies of scale. In addition, the heat resistance, oxidation resistance and surface uniformity of copper foil products constitute high technical barriers, and there is no threat of industrial price war in the medium and short term. Therefore, the company’s capacity expansion has been steadily promoted. While meeting the expanding needs of downstream customers, it can still improve the company’s market share and maintain good profitability, with strong performance certainty.
Profit forecast and investment suggestions. It is estimated that the company’s EPS from 2022 to 2024 will be 0.53 yuan, 0.68 yuan and 0.83 yuan respectively, and the net profit attributable to the parent company will maintain a compound growth rate of 53% in the next three years. Considering that the copper foil supply will continue to be tight in the next two years, the profitability of the company is stable and the performance is uncertain. Meanwhile, with the large-scale release of the company’s production capacity, the scale advantage is expected to dilute the cost, further improve the net profit of the catalytic unit, and maintain the “buy” rating.
Risk tip: the risk of industrial policy change; The risk that the industry competition intensifies and the product processing fee decreases; Raw material price fluctuation risk.
