Event: on April 27, 2022, the company released its annual report of 2021 and quarterly report of 2022. The net profit attributed to the owner of the parent company in 2021 was 2.567 billion yuan, an increase of 269.16% over the same period last year, and operating revenue was 21.288 billion yuan, an increase of 65.71% over the same period last year. In the first quarter of 2022, the net profit attributed to the owner of the parent company was 676 million yuan, an increase of 6.07% over the same period last year, and the operating income was 6.182 billion yuan, an increase of 63.95% over the same period last year.
The volume and price of coke rose in 2021, which led to the growth of performance. In 2021, the company's coke output was 5.62 million tons, an increase of 3.37 percent over the same period last year, and sales volume was 5.7512 million tons, an increase of 2.62 percent over the same period last year. The price of per ton coke was 3656.15 yuan / ton, an increase of 66% over the same period last year, and the unit sales cost of coke was 2542.52 yuan / ton, an increase of 47% over the same period last year. The gross profit margin of the coking business was 30.47%, an increase of 9 percentage points over the same period last year.
22Q1 costs depress profit margins and profit growth slows. According to Wind data, the price of Taiyuan primary metallurgical coke rose 19.94% to 2876.67 yuan / ton in the first quarter of 2022 compared with the same period last year. In the same period, the average price of Gujiao No. 2 coking coal was 1309 yuan / ton, an increase of 33.33% over the same period last year. The price increase of raw coal is higher than that of coke. Due to the rapid rise in costs, the company's profit growth slowed down in the first quarter of 2022.
With the increase in orders, the production of new energy vehicles has increased greatly. In 2021, the company produced 601 new energy vehicles, an increase of 85.49% over the same period last year. Sales of 323 new energy vehicles were basically the same as in 2020. In addition, the company kept 225 vehicles in stock, mainly to ensure timely delivery of customer orders in the North China market in 2022.
Hydrogen energy business has entered the fast lane of development, and the company has realized the layout of the whole industry chain. On March 23, 2022, the "medium-and long-term Plan for the Development of hydrogen Energy Industry (2021-2035)" jointly issued by the National Development and Reform Commission and the National Energy Administration clearly stated that it is necessary to support the development of hydrogen energy industry. By 2025, the number of fuel cell vehicles will be about 50,000. A number of hydrogen refueling stations will be deployed and built, and the hydrogen production capacity of renewable energy will reach 100-200,000 tons per year, which has become an important part of the new hydrogen energy consumption. To reduce carbon dioxide emissions by 1-2 million tons per year. The company has completed the relatively complete industrial chain layout of hydrogen energy, setting up the hydrogen "manufacturing-storage-transportation-addition" industrial chain upstream; building the core equipment industrial chain from membrane electrode-fuel cell stack and system-vehicle manufacturing in the middle reaches; downstream to promote six regional development strategies, namely, Guangdong-Hong Kong-Macau Greater Bay Area, the Yangtze River Delta, Beijing-Tianjin-Hebei, the Bohai Sea, the Energy Golden Triangle, and the central region.
The company has explored the "hydrogen energy life cycle" innovation ecological chain from R & D-manufacturing-commercial application.
The cash dividend payment rate is 33% and the dividend yield is 1.95%. According to the announcement, the company plans to pay a cash dividend of 2.00 yuan (including tax) for every 10 shares, with a total cash dividend of 854 million yuan, accounting for 33.3% of the net profit of 2021. The dividend yield is 1.95% based on the stock price on April 27, 2022.
Investment suggestion: we estimate that the company's current return net profit from 2022 to 2024 is 21.56pm 23.49 / 2.511 billion yuan, corresponding to the PE of April 27, 2022, which is twice as much as that of 20-19-17. Taking into account the full layout of the company in the fuel cell field, basically covering the whole industry chain, maintaining the "recommended" rating.
Risk hints: the proportion of major shareholders pledged is high, the decline in coke prices affects profits, the rise in coking coal prices erodes profit margins, the construction of hydrogen energy projects is not as expected, and the policy of hydrogen industry is not as expected.
