\u3000\u3000 Yunnan Energy New Material Co.Ltd(002812) (002812)
The equity incentive scheme will be implemented in 2022, which is conducive to the long-term development of the company. The company plans to implement the 2022 equity incentive plan. It plans to grant 3.17 million shares, accounting for 0.36% of the total share capital, including 1.585 million stock options and 1.585 million restricted shares, with a total corresponding to the current market value of 850 million yuan. 1012 directors, middle-level and core technical backbones are granted with great incentive. Among them, the granted stock options can be exercised after 12 months from the date of grant registration, The exercise price is 265.36 yuan / share (99% of the closing price on January 24). The company shall grant restricted shares and complete the announcement and registration within 60 days after the deliberation and approval of the general meeting of shareholders. The grant price of restricted shares is 64.48 yuan / share (50% of the average repurchase price and 24% of the closing price on January 24).
Adopt the income assessment mode and issue the equity incentive plan in 2017, which is conducive to the long-term development of the company. The incentive plan takes the operating revenue in 2021 as the base, and the growth rate of operating revenue in 2022-2024 is not less than 150% / 180% / 210% respectively as the performance evaluation target, corresponding to the year-on-year growth rate of revenue in 2022 is not less than 50%.
The newly added expenses from 2022 to 2025 need to be amortized by about 199 million yuan in 2022. Assuming that the company grants restricted shares and stock options at the end of February 2022, according to the company’s calculation, 1.99/1.21/0.49/0.07 yuan will be apportioned from 2022 to 2025, which will be disbursed in recurring profits and losses.
There are abundant orders on hand, the leading position of the company is stable, and the certainty of high growth is strong. The company is deeply bound to major customers outside China. Previously, the company signed a supply guarantee agreement of RMB 2.5 billion in 2022 with AVIC. According to the calculation of 100% coating, we expect to correspond to the supply guarantee volume of about 1 billion square meters, signed a supply guarantee agreement of RMB 5.178 billion in 2022 with Ningde (advance payment of RMB 850 million), and signed a contract of 1.65 billion square meters from 2022 to 2024 (900 million square meters / year after 2025) with a large overseas automobile enterprise, Signed us $258 million contract with ultiumcells from 2021 to 2024 and US $617 million contract with LG from 2019 to 2024; According to the average price of diaphragm, the company has announced that the orders on hand in 2022 are expected to exceed 4 billion square meters, and most of the long-term contracts, which further reflects the leading position of the company. We expect the company to ship 5.5 billion Ping + in 2022, with a year-on-year increase of 80%, and it is possible to further exceed the market expectation. According to customers, we expect to more than double the growth in Contemporary Amperex Technology Co.Limited(300750) in 2022, and the increment of LG and an overseas car enterprise is also obvious. We expect that overseas accounts for 25-30% in 2022, and the company’s profit is expected to further improve.
Guaranteed supply orders further verified that the industry was in short supply, and the company’s volume and profit increased simultaneously. At the end of 2021, the company’s monthly output was nearly 400 million square meters, 25 lines were added in 2022, and the annual shipment was revised up to about 5.5 billion square meters, an increase of 80% at the same time. In terms of profitability, under the tight supply and demand situation in 2022, some customers increased their prices, superimposed the company’s online coating landing, increased the coating proportion, optimized the product structure, and the single average profit is expected to be further improved.
Profit forecast and investment rating: considering the accelerated implementation of the company’s production capacity, we expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 2.706/7034 billion, with a year-on-year increase of 143% / 85% / 41%, and the corresponding PE values are 88 / 48 / 34x respectively, giving 60xpe in 2022 and the corresponding target price of RMB 336.6. Maintain the “buy” rating.
Risk tip: the sales volume of electric vehicles is lower than expected
