Event: the company released its 2021 annual report, with revenue of 2.07 billion yuan in 21 years, an increase of 108% over the same period last year, and net profit of 65 million yuan after deducting non-return, an increase of 17% over the same period last year.
The 21-year performance is in line with expectations. In 21 years, the company sold 14000 tons of NCA precursors, an increase of 58 percent over the same period last year. 5800 tons of precursors were sold, an increase of 420 percent year on year. The total sales of the three-yuan precursors were 19800 tons, an increase of 99% over the same period last year; the average net profit per ton was about 3300 yuan. From a quarterly point of view, 21Q4's revenue was 540 million yuan, an increase of 32% over the same period last year; after deducting net profit, the loss was less than 10 million yuan. It is expected that the company's loss in the fourth quarter is mainly due to the rise in auxiliary materials, resulting in short-term pressure on the company's performance.
The customer structure continues to improve. Panasonic still ranks first among the top five customers of the company in the past 21 years. Panasonic contributed 921 million yuan in revenue, an increase of 48%, and its revenue share dropped to 44.5%.
Bertre is the second largest customer, contributing 295 million yuan in revenue in 21 years, an increase of 167 percent.
In addition, the revenue contributed by Cunninghamia lanceolata and Dangsheng increased significantly, contributing 201 million yuan and 197 million yuan respectively, an increase of 8.5 times and 8.6 times respectively. It is expected that the company's ternary precursor products will successfully supply Cedar and Dangsheng in large quantities.
Continue to expand production on a large scale. At present, the company's 36000 tons ternary precursor project has been put into production, with an annual output of 50,000 tons of ternary precursors and 10,000 tons of lithium hydroxide project is expected to be put into production in 2022. In addition, the company's annual output of 25000 tons of ternary precursors and 6,000 tons of lithium hydroxide projects are under preparation. With the company's new project put into production, the company's ternary precursor production capacity will reach 111000 tons, lithium hydroxide production capacity will reach 16000 tons.
Investment advice: the company's NCA precursor products are in the leading position in the industry. The company attaches importance to equity incentive, and the share price incentive cost in 2022 and 2023 is about 100 million yuan and 40 million yuan. It is estimated that the return net profit of the company from 2022 to 2024 is 180 million yuan, 510 million yuan and 690 million yuan respectively, and the corresponding PE is 63, 23 and 17 times respectively. Cover for the first time, give a "recommended" rating
Risk tips: new energy vehicle sales are not as expected, the company's new production line is not as expected, upstream resource prices continue to rise sharply, and so on.
