On August 23, the company reported that 2022H1 realized operating income of 20.57 billion yuan, year-on-year + 19.2%, and net profit of 280 million yuan, + 8.7%, deducting 180 million yuan of non-return net profit, + 3.8% of the same period last year. 2022Q2 achieved operating income of 11.13 billion yuan, with year-on-year / month-on-month revenue of + 12.2% and 17.8% respectively. Realize the net profit of 170 million yuan, + 20.9% year-on-year, + 46.2% month-on-month, deducting 100 million yuan of non-return net profit, + 31.3% year-on-year, + 31.9% month-on-month.
Copper-based materials plate: copper prices rose year-on-year, copper-based materials gross profit margin fell slightly. Benefiting from the completion and commissioning of the "annual output of 120000 tons of high-end copper conductor materials project", the sales of copper-based materials increased slightly, with sales of 412700 tons of copper-based materials in the first half of the year, + 4.84 percent year on year. The operating income was 19.707 billion yuan, + 20.0% compared with the same period last year. The gross profit margin of copper-based materials was 4.43%, compared with 4.95% for the whole of last year, mainly due to a 7.7% year-on-year rise in copper prices in the first half of the year.
Carbon materials and equipment plate: the overall gross profit margin is 45.07%, basically stable.
Carbon materials: as the fund-raising projects were put into production and the production capacity was expanded, the operating income in the first half of the year was 299 million yuan, an increase of 31.3% over the same period last year, and the net profit was 71.74 million yuan, + 5.3% over the same period last year. The profit growth rate is lower than the income growth rate or the initial cost of the new project capacity climbing is higher, with the release of production capacity, the scale effect will gradually appear.
High-end equipment: Dingli Technology achieved revenue of 165 million yuan in the first half of the year, + 11.7% compared with the same period last year, the growth rate was lower than expected, mainly due to repeated domestic epidemics in the first quarter, order delivery and acceptance was temporarily affected to a certain extent. At present, the company has sufficient orders on hand. It is expected that the growth rate of performance will pick up in the second half of the year, and revenue for the whole year is expected to maintain more than 30% growth. The net profit in the first half of the year was 19.54 million yuan, compared with 76.71 million yuan in the same period last year,-74.5% compared with the same period last year. This is mainly due to the fact that in the same period last year, Dingli Technology completed the collection and storage of land, buildings and equipment in the old factory area of Twilight Street, and recognized the disposal income.
A number of projects have been steadily advanced: 1) Jiangsu Tianyao high-tech: "aircraft carbon brake preform expansion construction project"
And the "carbon fiber thermal field preform industrialization project" fund-raising project continues to release production capacity to drive performance growth; 2) Wuhu Skybird Hi-Tech: the first phase of carbon fiber composite material project is progressing steadily and will be completed and put into production in the second half of this year; 3) Top Science and Technology: there are sufficient orders on hand, the company's "Tantalum Carbide industrialization Project" has started construction, and the independent listing in the country has been carried out in an orderly manner.
Maintain the "highly recommended" investment rating. It is estimated that the return net profit in 2022-24 is 651 million RMB, corresponding to the price-to-earnings ratio of 21-16-13, and maintains the "highly recommended" investment rating.
Risk tips: large fluctuations in raw material prices, production project schedule is not up to expectations, downstream demand is lower than expected, and so on.