This report is read as follows:
The company issued a 2022 performance forecast, profits to achieve more than double growth, in the downstream boom, the company's large capital expenditure in the context of accelerated development.
Main points of investment:
The performance is in line with expectations. The company announced that the net profit for 2022 will be 4-428 million / + 170-189%; it is expected to deduct the non-return net profit of 3.28-356 million / + 136% muri 157%. In the fourth quarter, the net profit of returning to the mother is 1.8-208 million / year-on-year + 280% Mui 3.39% / month-on-month + 86.5% UV 116%; deducting the non-return net profit 1.16-144 million / year-on-year + 166% pay 230% / month-on-month + 27% color 57%. Taking into account the high prosperity downstream, the company increased capital expenditure, raised the EPS of 22-24 years to 1.03,2.12 (+ 0.47,3.14) yuan, gave 35 times PE for 23 years, raised the target price to 74.2yuan, and increased its holdings.
Benefit from optical storage, high performance of new energy vehicles, Q4 by policy concessions to achieve a higher non-recurrent profit and loss.
In the past 22 years, the company has benefited from the high downstream demand, and its orders, production capacity and performance have all increased substantially. In the same period, under the background of the decline in raw material prices and the depreciation of RMB, the overall profit margin has improved. At the same time, subsidiaries Jiangsu Minglidake and Guangdong Minglida belong to national high-tech enterprises and enjoy the preferential policy of "announcement on increasing pre-tax deduction in support of scientific and technological innovation". 22Q4 meets the requirements of full deduction for newly purchased equipment and appliances, realizing higher non-recurrent profits and losses.
Entering the stage of substantial capital expenditure, the visibility of performance growth is high. Since the company went public in April 22, the new and old factories have expanded production at the same time, and the IPO fund-raising amount of 1 billion yuan is expected to only meet the investment progress of about 22 years. In August and November 22, it was announced to invest in Anhui, Jiangxi, Guangdong and Chongqing respectively. With reference to the company's historical investment, it is expected to increase production capacity by 50-6 billion. The company has Solaredge, Enphase, BYD, Sunshine Power and other head customers, and are major suppliers, the rapid release of production capacity will enhance its main supply status, strong performance guarantee in the future.
Catalyst: optical storage, automobile major customer breakthrough, sharp decline in raw material prices risk hint: raw material prices increased significantly, macroeconomic downturn