Nord shares (600110): significant improvement in profitability and logical realization of volume and profit

長江證券 · Apr 20, 2022 16:11 · Researches

事件描述

公司发布2021 年年报，2021 年实现收入44.5 亿元，同比增长106%；归属母公司股东净利润4.05 亿元，同比增长7422%；扣非后归属母公司股东净利润3.75 亿元，同比增长843%；与前期披露的业绩快报基本一致。

事件评论

全年维度，公司实现量利齐升，随着电动车行业高景气，公司2021 年实现铜箔出货3.5万吨，同比增长73%；受益于铜价、加工费的上涨，公司铜箔均价从2020 年的9.3 万元/吨上升至2021 年的11.7 万/吨，增幅达25%；公司2021 年铜箔收入41 亿元，同比增长116%。盈利方面，受益于供给紧张带动的加工费上涨，公司铜箔毛利率24.6%，同比提升5.7pct，整体毛利率24.7%，同比提升4pct；并且随着销售规模扩大，费用率得到显著摊薄，尤其是财务费用率改善明显。最终公司2021 年归属母公司股东净利润实现大幅增长。

单季度维度，公司2021Q4 收入12 亿元，同比增长53%，环比基本持平；预计公司2021Q4继续保持满产满销，出货维持较高水平。2021Q4 实现毛利率25.5%，环比提升0.9pct。

最终公司2021Q4 实现归属母公司股东净利润0.84 亿元，同比高增长，环比有所下降，我们认为主要因Q4 计提减值损失约0.6 亿元（公司2021 年通过对子公司青海电子材料产业发展有限公司的技术改造升级，部分设备无法满足现有市场所需产品的生产，公司对部分设备计提了资产减值准备，计提固定资产减值准备5,882.97 万元），若剔除减值损失影响后，我们估算公司2021Q4 铜箔单吨净利润保持较高水平，并且较前期有所提升。

其他财务方面，公司2021 年实现经营性现金流净流入10.4 亿元，同比翻倍以上增长；2021 年资本开支5.6 亿元，同比增长64%。产能方面，公司积极推进青海、惠州基地建设，目前青海铜箔基地在产产能3.5 万吨/年，2021 年在建产能1.5 万吨/年，筹建产能1.5 万吨/年；惠州铜箔基地在产产能0.8 万吨/年，1.2 万吨/年新建产能目前已完成调试，开始量产。预计2022 年末公司产能有望达7 万吨，将推动出货快速增长。

预计公司2022 年归属母公司股东净利润为8.5 亿元，对应PE 约21 倍。维持“买入”评级。

风险提示

1、电动车产销不及预期；

2、铜箔价格出现快速下降的风险。

Event description

According to the company's annual report for 2021, the income in 2021 was 4.45 billion yuan, an increase of 106% over the same period last year; the net profit of shareholders belonging to the parent company was 405 million yuan, an increase of 7422% over the same period last year; and the net profit of shareholders belonging to the parent company was 375 million yuan, an increase of 843% over the same period last year. Basically consistent with the performance disclosed earlier by KuaiBao.

Event comment

In the whole year dimension, the company achieved a rise in volume and profit. With the boom in the electric vehicle industry, the company shipped 35000 tons of copper foil in 2021, an increase of 73% over the same period last year. Benefiting from the rise in copper prices and processing fees, the average price of copper foil rose from 93,000 yuan / ton in 2020 to 117000 / ton in 2021, an increase of 25%. The company's copper foil revenue in 2021 was 4.1 billion yuan, an increase of 116% over the same period last year. On the profit side, benefiting from the increase in processing fees driven by tight supply, the company's copper foil gross profit margin increased by 24.6%, an increase of 5.7pct over the same period last year, and an overall gross profit margin of 24.7%, an increase of 4pct over the same period last year. And with the expansion of sales scale, the expense rate has been significantly diluted, especially the financial expense rate has improved significantly. Finally, the net profit of the shareholders of the company belonging to the parent company increased significantly in 2021.

In the single-quarter dimension, the company's 2021Q4 revenue is 1.2 billion yuan, an increase of 53% over the same period last year, which is basically the same as the previous quarter. It is expected that the company's 2021Q4 will continue to be at full production and full sales, and shipments will remain at a high level. 2021Q4 achieved a gross profit margin of 25.5%, a month-on-month increase in 0.9pct.

In the end, the company 2021Q4 achieved a net profit of 84 million yuan belonging to the shareholders of the parent company, a high year-on-year increase and a decrease compared with the previous year. We think that the impairment loss is mainly due to the impairment of Q4. (in 2021, through the technical transformation and upgrading of the subsidiary Qinghai Electronic Materials Industry Development Co., Ltd., some of the equipment could not meet the production of products needed by the existing market, and the company made provision for asset impairment for some equipment. Taking into account the provision for impairment of fixed assets of 58.8297 million yuan), if excluding the impact of impairment losses, we estimate that the company's 2021Q4 copper foil per ton net profit remains at a high level, and has improved compared with the previous period.

In other financial aspects, the company achieved a net operating cash flow of 1.04 billion yuan in 2021, more than double that of the same period last year, and capital expenditure of 560 million yuan in 2021, an increase of 64% over the same period last year. In terms of production capacity, the company actively promotes the construction of bases in Qinghai and Huizhou. At present, the production capacity of Qinghai copper foil base is 35,000 tons / year, 15,000 tons / year is under construction in 2021, and 15,000 tons / year is under construction. Huizhou copper foil base has a production capacity of 0.8000 tons / year, and the new production capacity of 120,000 tons / year has been completed and mass production has been started. The company's production capacity is expected to reach 70,000 tons by the end of 2022, which will promote the rapid growth of shipments.

It is estimated that the net profit of the shareholders of the company belonging to the parent company in 2022 is 850 million yuan, corresponding to about 21 times of PE. Maintain a "buy" rating.

Risk hint

1. The production and sales of electric vehicles are not as expected.

2. The risk of a rapid decline in copper foil prices.

The translation is provided by third-party software.

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诺德股份(600110)：盈利能力显著提升 量利齐升逻辑兑现

Nord shares (600110): significant improvement in profitability and logical realization of volume and profit

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Statement

诺德股份(600110)：盈利能力显著提升量利齐升逻辑兑现