Performance has improved steadily, and technological transformation has accelerated the release of production capacity.
The company's 22H1 realized revenue of 1.765 billion, an increase of 52.00%, and a net profit of 83 million, an increase of 174.66%. The company is a leading enterprise of PCB chemicals and lithium battery recycling. Considering that some of the company's newly built lithium iron phosphate recovery capacity is expected to reach production capacity of Q3, the accelerated release of lithium material production capacity, the increase of lithium iron phosphate market share and the tight supply of lithium resources, we increase the company's iron phosphate and lithium carbonate capacity utilization and production and marketing rate assumptions, the company's 22-24 year net profit is expected to reach 2.07 million 3.45max 3.81 (the previous value 1.95Uniple 3.11 billion). The comparable company has an average PE of 24 times in 22 years. Considering the high magnificent demeanor of waste battery recycling, the company is given 45 times PE in 22 years, with a target price of 23.85 yuan (corresponding to the previous value of 15.00 yuan) to maintain the "overweight" rating.
The leading position of PCB Chemicals is stable, and the revenue of Lithium Electric Materials is high.
The company's 22H1 realized revenue of 1.765 billion, an increase of 52.00%, and a net profit of 83 million, an increase of 174.66%. The company's 22H1PCB chemicals / chemical reagents / lithium battery materials business revenue is 750 million / 195 million / 724 million, respectively, revenue year-on-year-3.38% Universe 38.73% Universe 488.62%. The company's 22H1 gross profit margin is 17.53%, of which the gross profit margin of PCB chemicals / chemical reagents / lithium battery materials business is 12.32%, 29.38%, 20.50%, respectively, year-on-year-4.48pct/-2.09pct/+14.45pct. The slight decline in gross profit margin of PCB chemicals is due to the increase in the price of raw materials. The gross profit of lithium battery materials has greatly increased, which is due to the rapid development of new energy vehicles, the increase of market share of lithium iron phosphate and the prosperity of lithium battery recycling industry.
Vigorously develop new energy business and accelerate the expansion of lithium battery material recovery capacity the company has a clear investment plan for battery recovery, regeneration, expansion, technological transformation and deepening of the industrial chain. According to the company's existing plan, the high-efficiency comprehensive utilization of waste lithium batteries and the expansion project of high-tech battery materials are expected to be put into production in Q3, with an additional capacity of 5000 tons of lithium carbonate, 6000 tons of iron phosphate, 11000 tons of lithium iron phosphate, 13000 tons of lithium iron phosphate precursors, etc., and 40,000 tons of physical disassembly capacity is expected to be completed and put into production in the second half of the year. In addition, the company plans to plan a recovery line of 100000 tons of lithium iron phosphate in Zhuhai, with an additional recovery capacity of 50,000 tons expected to put into operation of 23Q2, and has passed a motion to build an annual production capacity of 36000 tons of lithium ferromanganese phosphate and iron phosphate cathode materials in the existing plant area. The company leads the recycling technology industry, with the further expansion of production capacity, the company's production scale advantage will be further enhanced.
Establish a multi-channel recycling system and strengthen the cooperation of industrial chain
At present, the biggest problem in the power battery recycling market is that the recycling channel is not perfect, and the continuous expansion of the channel is the most important cornerstone for the development of recycling enterprises. In February, the company signed strategic cooperation agreements with Aodong New Energy Automobile Technology Co., Ltd. and Panasonic (China) Co., Ltd. the three parties cooperate in technology, business and capital, and signed a "Strategic Cooperation Agreement" with ground Railway Rental car (Shenzhen) Co., Ltd in April, including the recycling of power batteries for decommissioned new energy vehicles. Coupled with the previous strategic cooperation agreements with Beiqi Penglong, Nanjing Jinlong, Chery Wanda and other automobile companies, the company has established certain battery recycling channels.
Risk tips: the sales of new energy vehicles are not as expected, the progress of the project is not as expected, and the competition in the industry is intensified.