Event
On August 25, the company released its 2022 semi-annual report. In 2022, H1 realized operating income of about 1.765 billion yuan, an increase of about 52% over the same period last year, and realized a net profit of 83 million yuan, an increase of about 174.66% over the same period last year. Both revenue and net profit reached record highs.
Comment
The lithium battery plate promotes the high performance of the company. During the reporting period, the company's new energy production line was put into production, with the gradual release of production capacity, the company's outstanding performance of lithium battery materials. In 2022, the lithium battery materials business of H1 Company generated 724 million yuan in revenue, an increase of 488.62% over the same period last year, accounting for 41.02% of the total revenue, and the plate gross profit margin reached 20.5%. The company's new energy production line capacity gradually released to help the company's revenue upward.
The coordinated development of the four major businesses and the deep layout of technology research and development. At present, the company's four main businesses of electronic chemicals, chemical reagents, lithium battery materials and comprehensive utilization of decommissioned batteries are developing synchronously, following the development trend of new energy industry, and accelerating the development of lithium battery materials and retired power battery recycling business.
In terms of R & D, the company invested 72 million yuan in R & D during the reporting period, an increase of 45.28% over the same period last year, and a total of 3 invention patents such as stannous fluoride preparation method were obtained.
Ranked in the high-prosperity track, the company has broad prospects for development. With the continuous development of the new energy vehicle industry, the power battery recycling industry may stand in the tuyere. In 2021, the installed capacity of global power battery will be 295.9GWh, which occupies a prominent position in the world total. From the perspective of power battery replacement, China has decommissioned a total of about 320000 tons of power batteries in 2021, an increase of 60% over the same period last year. It is estimated that China will need to recycle power battery capacity of 137.4GWh by 2025, and the power battery recovery track is about to break out. The company actively distributes the power battery recycling industry and breaks through a number of technical bottlenecks in this field. In the future, with the continuous expansion of the power battery and new energy vehicle market, the company's performance may meet the rapid growth.
Investment suggestion
With the expansion of production capacity, the company's future performance will continue to improve. We expect the net return profit of 2022Universe 2023 / 2024 to be 188,000,000 RMB, respectively, and the corresponding EPS to be 0.48Compare 1.13max 1.58 respectively. Taking the closing price of 21.91 yuan on August 26, 2022 as the benchmark, the corresponding PE is 45.95, 19.37 and 13.82 times, respectively. Combined with the prosperity of the industry, optimistic about the development of the company, maintain the "highly recommended" rating.
Risk hint
Sales of PCB chemicals fell short of expectations, capacity release fell short of expectations, and sales of new energy vehicles fell short of expectations.