Event: the company released semi-annual report, achieving operating income of 2.804 billion yuan, year-on-year-39.25%; net profit of 24 million yuan, year-on-year-87.88%; and basic earnings per share of 0.03 yuan per share.
Comments: the new energy business has not been released yet, and the company's 2022H1 performance is under pressure for a short time. The company Q2 realized revenue / return net profit of 1.806 billion yuan, a decrease of 41.14% and 82.39% respectively over the same period last year. Affected by the epidemic situation, the volume and price of building materials business fell; the product structure of the comprehensive utilization of solid and dangerous waste resources was adjusted, and the revenue decreased greatly. 2022Q2 gross profit margin fell slightly to 10.29%, down 4.38pct from a year earlier and up 6.89pct from a month earlier. The comprehensive utilization of cement and clinker / commercial concrete / solid hazardous waste resources / solid hazardous waste disposal achieved revenue of 6.36 million yuan respectively, which decreased by-24.0% Maxime 35.7% Compal 40.1% Compal 32.2% respectively.
Divest the building materials business and continue to develop low-carbon environmental protection industry. The company's building materials industry started, and in 2015, the vertical extension of the building materials industry has been transformed into an environmental protection strategy. Affected by multiple factors, the company passed a motion in July 2022 to transfer 100% of the shares of wholly-owned subsidiaries, achieving the strategic goal of divesting the building materials business. in the future, the company will increase available funds to continuously develop low-carbon environmental protection and focus on the new energy industry. In terms of environmental protection business, the company intends to achieve resource integration, solid and hazardous waste resource disposal and comprehensive recovery and utilization of rare and precious metals go hand in hand, and form a synergistic effect with waste lithium battery recycling business. to achieve the organic integration of lithium resources industry chain and low-carbon environmental protection industry.
Actively transform the field of new energy and go deep into the layout of the industrial chain. In 2021, he will be involved in the field of new energy materials and actively expand the acquisition of salt lake projects. On the domestic side, it acquired a 51% stake in BABA Qiancuo Salt Lake Lithium Mine through acquisition in November 2021. According to the company's official account, the first batch of refined lithium carbonate was produced in July this year. The installation and commissioning of the production line equipment of 2000 tons of electrochemical de-intercalation device has been completed, and the company has signed a product pre-sale agreement with customers. In addition, the 8000T lithium carbonate plant will be fully operational by the end of December. Overseas, the company has acquired the Laguna Caro mining rights project in Argentina and made exclusive adjustments to Mina:Payo Salvacion. The rapid and efficient layout of overseas projects will help the company to enhance its competitiveness in lithium raw material resources. At the same time, the company has established a national recycling channel for waste lithium batteries, and realized the "upstream mining, downstream recycling and two-wheel drive strategy" in terms of new energy materials.
The mode of operation.
Maintain the company's "overweight" rating. It is estimated that the company's net profit from 2022 to 2024 will reach 4.5,17.0 and 1.95 billion yuan respectively, an increase of 423%, 276% and 15% over the same period last year, and the corresponding valuation will be 31, 8 and 7 times.
Risk hints: production capacity and downstream demand are lower than expected; performance forecasts and valuation judgments are not as expected.