Event: the company released its semi-annual report of 2022, with revenue of 916 million yuan in the first half of the year, an increase of 48.46% over the same period last year, a net profit of 94 million yuan, an increase of 70.40%, and a non-net profit of 92 million yuan, an increase of 136.55% over the same period last year.
The aluminum-plastic film of lithium battery can accelerate production expansion and seize the opportunity of soft package permeability improvement + domestic substitution. 1) in terms of shipments, 22H1 sold 347.7 million square meters of aluminum-plastic film, an increase of 46 percent, of which 73.77 percent were sold in the field of power / energy storage, mainly benefiting from the completion and production of the 1000 million-square-meter aluminum-plastic film project. The company expects production and sales of more than 1000 square meters in 2022, an increase of more than 70 percent over 2021. 2) looking to the future, due to the high energy density and safety of the soft package, the permeability of the soft package of power battery may continue to increase, while the expansion of production in Japan and South Korea is relatively conservative, local enterprises are expected to realize domestic substitution by virtue of capacity advantage and cost advantage. The company's aluminum-plastic film basically achieves domestic / self-supply of raw materials, at present in the head customer A, B company is in the testing stage and normal promotion.
The proportion of shipments of BO backplane increased, and the volume of photovoltaic backplane business increased. 1) in terms of shipments, thanks to the full production of the company's IPO fundraising project 3000 million square meters of photovoltaic backplane expansion project, the company's 22H1 backplane sales of 5884.77 square meters, an increase of 33%, of which BO backplane sales of 4140.19 square meters, an increase of 227.57%, the proportion of sales increased to 70.35%. 2) in terms of profitability, thanks to the increase in the proportion of BO backplane sales, the gross profit margin of the company's backplane business increased by 4.72pct to 23.66% compared with 2021. 3) looking forward to the whole year, the company's BO backplane products are currently accelerating the introduction of domestic leading products. 22H1 has realized the batch order of Longji shares in the head customer, and will start to supply large quantities in 22H2, and the proportion of BO backplane sales in the whole year is expected to increase to more than 80%.
Rapid expansion of film production capacity, continue to promote customer introduction. 1) in terms of shipments, 22H1 achieved sales of 9.22 million square meters of adhesive film for solar cell packaging, an increase of 171% over the same period last year. 2) in terms of production capacity, the construction of the company's 120 million square meter POE film project continues to advance, with a total of 12 production lines planned, four lines completed at the beginning of the year to form a theoretical production capacity of 4000 million square meters, and two lines have been installed.
3) in terms of customer introduction, the company's current solar cell packaging film customers mainly include Jingao Technology, Oriental Risheng, China Energy Saving, etc., and will focus on promoting the introduction of core customers Longji shares in the later stage to complete the certification and testing of Trina Solar Energy, Hanhua Energy and other customers, while speeding up the introduction of overseas customers.
Profit forecast and investment advice: aluminum-plastic film volume + photovoltaic business is expected to expand steadily. It is estimated that the 2024 net profit of 2022, 2023, and 2024 will be 2.4 million, 50 million, and 750 million yuan, giving the "overweight" rating for the first time.
Risk tips: downstream demand is lower than expected, product prices fluctuate, and projects under construction are not as expected.