\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 499 Keda Industrial Group Co.Ltd(600499) )
Event: the company released the first quarter report of 2022, and 22q1 achieved a revenue of 2.543 billion yuan, a year-on-year increase of 20.36%; The net profit attributable to the parent company was 37.01 billion yuan, a year-on-year increase of 3.73%.
The performance of 22q1 company increased significantly, the gross profit margin and net profit margin reached a new high, and the profitability was significantly enhanced
The substantial growth of 2022q1 company’s performance is mainly as follows: 1) steady growth of main businesses such as building materials and machinery; 2) The volume and price of lithium salt products of Lanke lithium industry rose simultaneously to release its performance, and the company’s investment income in Lanke lithium industry increased significantly. The gross profit margin and net profit margin of 22q1 company reached 28.11% and 41.76%, up 0.94/29.13pct month on month compared with 21q4, and the profitability increased significantly; The company’s four expense rate was 17.89%, down 2.66 PCT month on month, and its operation and management ability was improved; 22q1 accrued a share based payment fee of 48 million yuan.
The selling price of 22q1 lithium carbonate is about 360000 yuan / ton, the net profit per ton is about 220000 yuan, and the profitability is greatly enhanced
22q1 Lanke lithium industry produced and sold about 70 / 6700 tons of lithium carbonate, realized an operating revenue of 2.108 billion yuan and a net profit of 1.456 billion yuan. The company confirmed that the attributable investment income was 635 million yuan, and the sales price of lithium carbonate was about 356000 yuan / ton, an increase of 115% month on month; The net profit per ton was about 220000 yuan, up 279% month on month. Recently, affected by the epidemic, some lithium salt downstream enterprises have slightly reduced production, superimposed on the warmer weather, the output of Qinghai Salt Lake has increased, some manufacturers resume production and import increment after maintenance, and the lithium salt price has been slightly corrected; However, in the medium and long term, with the epidemic control and the resumption of work and production of downstream enterprises, the demand for new energy vehicles has picked up rigidly, while the supply of mainstream mines has not increased significantly, the relationship between lithium supply and demand is still tight, and the rising price of lithium concentrate has strongly supported the high price of lithium salt from the cost segment. The performance of Lanke lithium industry is expected to continue to be released flexibly with the release of production capacity and the high price of lithium.
The integrated layout of negative electrode graphitization has been improved day by day, and the capacity expansion will continue to be promoted
Focus on promoting graphitization. The capacity construction of “50000 T / a calcined coke-30000 T / a graphitization” has been completed. The overall profit of lithium battery materials business has doubled during the reporting period. The capacity expansion of 10000 t / a graphitization and 10000 t / a artificial graphite will be launched in the second quarter of 2022. The long-term capacity will reach 90000 tons, and the profit release can be expected.
Invest 2.425 billion yuan to build intelligent manufacturing of building materials and lithium battery equipment and intelligent manufacturing digital factory projects
In order to focus on the main business and realize the intellectualization of high-end manufacturing, the company plans to invest 1.625 billion yuan to build the intelligent manufacturing base project of building materials and lithium battery equipment and carry out the business of lithium material roller kiln; It is planned to invest 800 million yuan to build a large-scale high-end intelligent equipment manufacturing digital factory project, and carry out the business of complete sets of intelligent production equipment for high-end medium and large-scale aluminum profile extruders and ceramic raw materials. Effectively guarantee the high-quality development of the main business.
Investment suggestion: Based on the high-quality development of the company’s mechanical equipment business, the rapid growth of business in Africa and the expected increase in volume and price of Lanke lithium, the net profit attributable to the parent company in 22 / 23 / 24 years is 4.569/54.32/6.288 billion yuan respectively, and the corresponding PE is 6 / 5 / 4 times respectively, maintaining the “buy” rating.
Risk tip: the business development and production capacity progress of ceramic machinery and overseas ceramics are not as expected; Product prices fell.
