Event: the company's operating income in the first three quarters was 27.175 billion yuan, YOY+72.54%; net profit was 408 million yuan, YOY+105.60%; deducted non-parent net profit 284 million yuan, YOY+108.59%.
Among them, the operating income of Q3 in 2021 is 9.922 billion yuan, the net profit of YOY+56.10%; is 149 million yuan, and the net profit of YOY+8.97%; is 110 million yuan, YOY+4.66%.
The upward price of copper increases operating expenses and hedging reduces systemic risk. The average price of Q3 copper in 2021 is 69400 yuan / ton, YOY+35.55%, is affected by the price of raw materials, the company spent 890 million yuan on research and development in the first three quarters of 2021, the business scale of YOY+66.92%; increased during the reporting period, copper prices rose, the demand for liquidity increased, the scale of financing increased, interest expenses and discount interest expenses increased compared with the same period last year, and the financial expenses of the company in the first three quarters of 2021 were 109 million yuan, YOY+50.14%. The company is currently using hedging means, the systemic risk caused by raw material price fluctuations will be reduced.
The copper alloy project has been rebuilt to reach production, and the company's profitability has improved steadily. Benefiting from the full production of the company's copper alloy strip transformation project, the company's net profit and sales net interest rate increased during the reporting period compared with the same period last year. In the first three quarters of 2021, the company's net profit rate on sales was 1.60%.
The business of new materials continues to be booming, and the scale of business is expanding. "capacity expansion Construction of aircraft carbon Brake preform"
And the "carbon fiber thermal field preform industrialization project" after the commissioning of the company's scale effect, with the future Skybird new project capacity utilization gradually increased, the company's performance is expected to continue to grow high. After the completion of the relocation of Dingli science and technology, production and operation returned to normal, and the scale and performance continued to grow.
Dingli spin-off listing is imminent, the company is expected to usher in a revaluation. The relocation and opening of the new Dingli science and technology plant has opened the bottleneck of production capacity and entered the fast lane of growth. With the division of top science and technology, it is expected to catalyze the revaluation of Chujiang new materials.
Investment suggestion: the estimated return net profit from 2021 to 2023 is 6.43 million 7.92 / 961 million yuan, an increase of 134.6% over the same period last year, with a year-on-year increase of 23.1% and 21.3%, maintaining the "buy" rating.
Risk hints: lower-than-expected downstream markets, lower-than-expected release of new capacity, raw material price fluctuations