[matters]
On April 19, 2022, the company issued a pre-increase announcement for the first quarter of 2022. It is expected that 2022Q1's net profit belonging to shareholders of listed companies will increase by 32 million yuan to 34 million yuan compared with the same period last year, a sharp increase of 105.73% to 112.34% compared with the same period last year. Net profit excluding non-recurring profits and losses will increase by 29 million yuan to 31 million yuan compared with the same period last year, an increase of 104.27% to 111.46%.
[comments]
2022Q1 performance got off to a good start, and the proportion of high-end products continued to rise. In the first quarter, the company's remarkable achievements mainly depended on the flexible allocation of resources, taking the lead in the construction of fixed-growth projects with its own funds, and some projects reached production efficiently, rapidly pulling the release of production capacity, laying a good foundation for the release of performance in 2022. At present, production capacity is still increasing. In addition, benefiting from the advance layout of downstream emerging markets (photovoltaic power generation, new energy vehicles, data centers, etc.), the company seizes market opportunities to continuously expand the scale proportion of high-specification and high-value products through continuous optimization of product structure, and to ensure high-quality, stable and batch delivery of key customers and key products on the supply side, effectively improving the company's profitability, 2022Q1 profit growth has exceeded previous forecasts.
Downstream customers continue to expand production and effectively undertake market demand. The continuous outbreak of the terminal emerging market has led to the rapid development of the whole industry chain. from the downstream of the industry chain, a number of customers revealed on the investor interactive platform that the demand for aluminum electrolytic capacitors is still in short supply. the product delivery cycle is still as long as 6 months, and the market boom remains high. It is expected that driven by import substitution and emerging market demand, the performance of aluminum electrolytic capacitors is expected to maintain a high growth rate of more than 20%, and many customers are actively expanding their production capacity according to orders, providing strong support for the matching of starfish shares' new capacity. Help the company to maintain the production pace of full production and full sales.
Firmly cut into the emerging track, the company signed an investment agreement. Recently, Ningxia Haili Electronics Co., Ltd., a wholly owned subsidiary of the company, signed an investment framework agreement with the management committee of Ningxia Shizuishan High-tech Zone, revealing the construction plan of the "New Energy, big data, Cloud Computing High performance electrode foil Project". It is planned that the total investment will not exceed 1.5 billion yuan, and 72 new high-performance electrode foil production lines and supporting engineering facilities will be added. After the project reaches full production, the annual production capacity of electrode foil will be about 19 million square meters. The company's ability to resist risks will be further enhanced. Although the specific construction period of the project has not yet been determined, and the investment period is long, we can still see the company combining its own resource conditions (making full use of Ningxia photovoltaic resources) to continuously increase the proportion of high value-added products in emerging markets. At the same time, continue to reduce the company's operating costs, enhance the company's product competitiveness, so firmly optimistic about the company's future development potential.
[investment advice]
According to the performance forecast issued by the comprehensive company and the various drivers mentioned above, we maintain the forecast of the company's operating income for 2021, 2022, 2023, respectively, which is 16.67, 21.06 / 2.663 billion, 2.21, 3.02 and 403 million, respectively, and the EPS is 0.92, 1.26 and 1.68 yuan, respectively, and the corresponding PE is 20-15-11. Under the continuous development trend of emerging markets such as photovoltaic power generation, energy storage sector, new energy vehicles, 5G and big data Center, with the accelerated release of capacity expansion, the company is expected to continue to benefit from the dividend of the high economic boom in the industry. therefore, we are firmly optimistic about the release of the company's performance this year and maintain its "buy" rating.
[risk Tip]
The progress of the fund-raising project is not as expected.
The demand for aluminum electrolytic capacitors is lower than expected.
Affected by the repeated epidemic situation and the policy of closure and control
The progress of the conversion of foreign enterprises is not as expected.