Main points of investment
Company's semi-annual report of 2021: in the first half of 2021, the company realized operating income of 17.253 billion yuan, an increase of 83.66% over the same period last year; net profit of 258 million yuan, an increase of 322.44% over the same period last year; and 174 million yuan of non-return net profit, an increase of 457.90% over the same period last year. 2021Q2 realized operating income of 9.916 billion yuan, an increase of 80.5% over the same period last year and 35.1% from the previous year; the net profit from its mother was 138 million yuan, down 11.2% from the same period last year and 14.6% from the previous year; and the net profit from non-return was 84 million yuan, down 40.6% from the same period last year and 7.5% from the previous year.
The company announced its forecast for the first three quarters of 2021: from January to September 2021, it is expected to achieve a net profit of 358 million yuan to 408 million yuan, an increase of 80.67%, 105.90%, 2021Q3, and an estimated net profit of RMB 100.150 million, a year-on-year change of-27.1% to + 9.4%, and a month-on-month change of-27.4% to 8.8%.
In the first half of 2021, the company achieved high growth in advanced basic materials and new military materials. 1 advanced basic materials plate: in the first half of 2021, sales of copper-based materials were + 31.29% to 311300 tons; steel-based materials were + 11.44% to 82300 tons; and copper prices rose 49.7% year-on-year to achieve operating income of 16.878 billion yuan in the first half of 2021, an increase of 84.85%. 2 new materials for military industry:
Revenue in the first half of 2021 increased by 42.64% year-on-year to 376 million yuan. Among them, the net profit of Skybird increased 1.6% to 78 million yuan compared with the same period last year, and the net profit of Dingli Technology increased 120.8% to 90 million yuan compared with the same period last year. The gross profit margin of high-end equipment manufacturing and carbon fiber composites (2021H1 is 44.7%) is higher than that of the company's advanced basic materials (2021H1 is 5.4%), accounting for 15.5% of gross profit with 2.2% of revenue.
From a month-on-month point of view, 2021Q2, the company's home net profit increased by 17.51 million yuan compared with the previous month, the core lies in the gross profit end-to-month increase of 156 million yuan, impairment loss, etc. (+ 52.14 million yuan); month-on-month reduction mainly lies in expenses and taxes (- 143 million yuan), non-operating profit (- 30.9 million yuan) and income tax (- 20.7 million yuan). Of this total, R & D expenses increased by 120 million yuan from the previous month, and income from asset disposal increased by 71.51 million yuan from the previous month.
Profit forecast and rating: we maintain the profit forecast for the company and expect to achieve a net profit of 6.25,8.37 and 1.065 billion yuan respectively from 2021 to 2023, with an EPS of 0.47,0.63 and 0.80 yuan respectively, and a PE of 23.4,17.5 and 13.7 times corresponding to the closing price on August 24, respectively, maintaining the company's "prudent overweight" rating.
Risk tips: raw material prices fluctuate sharply; the production schedule of new projects is not as expected; the demand is not up to expectations.