The scale of revenue increased by 28.71% month-on-month, while the net profit of return to the mother decreased slightly. According to the company announcement, in the first quarter of 22, the company realized operating income of 9.444 billion yuan, an increase of 28.70% over the same period last year, a decrease of-7.18% compared with the same period last year, and a net profit of 114 million yuan attributed to the parent company, down-5.23% from the same period last year and-28.75% from the previous year. The net profit was deducted from 78 million yuan, down-13.86% from the same period last year and-21.75% from the previous year.
Raising and putting into production can boost revenue growth, and impairment preparation is a drag on the company's performance. At present, the first phase of the Skybird high-tech investment project has been completed and put into production, and the production capacity has increased from 400 million to 600 million, significantly increasing the company's revenue scale. However, due to the increase in the provision for impairment of accounts receivable, the company's credit impairment loss reached 18.0041 million yuan in the first quarter, an increase of 2812.78% over the same period last year, which had a great impact on the performance; and due to the epidemic blocking logistics and transportation, the transportation cost of copper products rose, and the company's overall gross profit decreased slightly to 5.67%.
Copper-based materials continue to expand production capacity, sub-areas to maintain a leading position. The company's annual sales of copper-based materials has reached 650700 tons, of which high-precision copper alloy plate and strip output of about 300000 tons (market share of 13.16%), firmly occupies a leading position in the subdivision industry. The 50, 000-ton high-precision copper alloy strip and foil project, the second and third phase of the high-precision copper alloy calender belt reconstruction and expansion project (20, 000 tons) and the 300000-ton copper wire project are expected to be completed and put into production in 2022 and 2023, with a target sales volume of 875000 tons of copper-based materials in 22 years. The company's product structure has been continuously optimized and its leading position is stable.
The fund-raising project will be gradually released, and Wuhu Skybird will be put into production soon. Skybird Hi-Tech is the only military carbon fiber preform manufacturer in China, with leading technology and exclusive patents. The first phase of the 480t / an aircraft carbon brake preform and 650t / a carbon fiber thermal field preform project raised by the company has been completed, effectively alleviating the shortage of production capacity of the company; the photovoltaic thermal field carbon / carbon composite material phase I project built by Wuhu Skybird project is expected to be put into production in the second half of the year, with a long-term planned production capacity of 1500 tons, which is expected to become a new performance flashpoint of the company.
Dingli technology management is on the right track, the value is expected to usher in a revaluation. Dingli Technology has completed the relocation, the operation has got rid of the impact of relocation, production is gradually on the right track, and the order on hand is in good condition, and the performance is expected to reach a new level. In 2022, the company will continue to promote the independent listing of Dingli Technology and strive to complete the pre-listing tutoring and declaration work as soon as possible, and the company is expected to usher in a revaluation.
Investment suggestion: the company's copper plate and strip output is the first in China, and it is also the only military carbon fiber preform manufacturer in China and expands to the field of photovoltaic thermal field materials, with the release of new production capacity and the adjustment of product structure, the company's performance may enter a stage of rapid growth. The company's revenue is expected to reach 520.41 yuan, 727.87 yuan and 83.411 billion yuan in 2022-2024, the net profit of returning to the mother is 7.11,9.15 and 1.02 billion yuan respectively, and the EPS is 0.53,0.69,0.76 respectively. Maintain a "buy" rating.
Risk hint: copper processing fee decline capacity release is less than expected downstream market development hindered
