This report is read as follows:
The company's Q1 performance in 2022 is in line with expectations, the company has a strong demand for functional silane products, and high-end products such as aerogels are steadily advancing. Maintain the overweight rating and maintain the target price of 57.30 yuan.
Main points of investment:
Maintain the "overweight" rating. The company's sales of functional silane have increased steadily. We estimate that the EPS from 2022 to 2024 will be 3.28 yuan, 4.14 yuan, 4.80 yuan, and the growth rate will be 13%, 26%, 16%, respectively, and the target price will be 57.30 yuan (corresponding to 17.47 times PE in 2022).
22Q1 increased significantly compared with the same period last year, in line with expectations. The company's 2022Q1 achieved revenue of 532 million yuan, year-on-year + 98.63%, month-on-month ratio-12.4%, net profit of 190 million yuan, + 203.04%, month-on-month ratio-19.87%, deducted non-return net profit of 188 million yuan, year-on-year + 228.04%, month-on-month ratio-20.33%. The sharp increase in year-on-year growth is mainly due to the sharp increase in the price of the company's main products compared with the same period last year, and the quarter-on-quarter decline, which is mainly due to the decline in the price of the company's products.
The demand for functional silane is strong, and sales are growing month-on-month. The sales volume of the company's main products 22Q1 is 6837 tons, with a month-on-month ratio of + 1.8%. The average price of the main products is 44548 yuan per ton, with a month-on-month ratio of-20%. The price decline is mainly due to a sharp decline in the price of raw materials such as silicon powder. Among them, KH-550 sells 1361 tons, with an average price of 60372 yuan / ton; CG-202 sells 1402 tons, with an average price of 28052 yuan / ton; KH-560 sells 1165 tons, with an average price of 69214 yuan / ton; KH-560 sells 1165 tons, with an average price of 69214 yuan / ton; CG-171 sells 1967 tons, with an average price of 5.7%, with an average price of 37096 yuan / ton.
The fund-raising project is progressing steadily, and the landing of the aerogel is expected. The 300000-ton project in Tongling, Anhui Province is progressing steadily, and the "annual output of 23000 tons of special silicone material project" strives for some products to reach the conditions of trial production in 2022, and the landing of aerogel can be expected.
Risk hint: the construction progress of the project is not as expected and the product demand is not as expected.
