100 million yuan, + 23.14% compared with the same period last year, realizing the net profit of 22.125 million yuan,-69.64%, and deducting the non-return net profit of 21.739 million yuan,-70.41%. In the third quarter, the net profit was 19.3074 million yuan, with year-on-year / month-on-month profit of + 1.82% / month-on-month respectively + 1.82% / month-on-month 279.45%, deducting non-net profit of 19.6254 million yuan and + 0.23% / month-on-month respectively + 0.23% / month-on-month 306.31%.
Q3 performance has rebounded sharply, and the profitability per ton has improved significantly. Q3 revenue is + 73%. With reference to the three-yuan precursor price data in the third quarter, the company's Q3 shipment is about 0. 7-8000 tons, with a non-net profit of about 0. 25-2800 yuan per ton. In addition, in the third quarter, the company made provision for a decline in inventory prices of about 22 million yuan, mainly due to a drop in cobalt prices.
We believe that there are three reasons for the increase in profitability: 1) benefit from the increase in capacity utilization, 2) the proportion of back-end smelting self-supply increases due to the decline in Panasonic's sales ratio, and 3) the company is mainly for overseas customers. Under the quarterly pricing model, Q3 has a certain benefit on the material cost side. It is expected that in the future, with the development of the company's NCM and domestic customers, there is still room for improvement in per ton profitability.
During the period, the expense rate decreased month-on-month. The expense rate during the period is 3.6%, year-on-year-0.3pct, month-on-month-2.19pct. Where:
The sales expense rate is 0.22%, year-on-year + 0.1pct, month-on-month ratio-0.12pct; management expense rate is 2.39%, year-on-year-0.14pct, month-on-month ratio-1.52 pct; R & D expense rate is 4.34%, year-on-year-0.82pcts, month-on-month ratio-0.66pct; financial expense rate is 0.98%, year-on-year-0.27pct, month-on-month-0.56pct.
Capacity construction: at present, the company has an annual production capacity of 36000 tons, and the point production capacity is expected to reach 8.6,11.1 and 161000 tons respectively by the end of 2022-2024. Among them, the fund-raising project (50,000 tons of precursors and 10,000 tons of battery lithium hydroxide) is expected to be completed and put into production by the end of this year, and the Fangyuan lithium energy construction project (25000 tons of precursors and 6,000 tons of battery-grade lithium hydroxide monohydrate) is expected to be completed and put into production by the end of 2023. The guest 50,000-ton project is expected to be completed and put into production in 2024.
Investment advice: the company is expected to achieve net profit of 0.6,4.5 and 780 million yuan respectively from 2021 to 2023, with a price-to-earnings ratio of 118-16-9, maintaining a "highly recommended" investment rating.
Risk tips: new energy vehicle sales are not as expected, technical route changes, cobalt and nickel prices fluctuate sharply, new project construction is not as expected, single customer dependence and so on.