2022年公司主要业绩增量源自铜板块与新增业务，其中铜板带营收68.56亿元，同比+1.51%，新增业务中铜箔营收1.95亿元，电池托盘营收0.49亿元。2022年公司期间费用率为1.76%，同比-0.05pct，其中财务费用率为0.10%，同比-0.23pct，主要系汇率变动导致汇兑金额增加所致。Incidents:
On April 25, 2023, the company released its 2022 annual report and the first quarterly report of 2023. In 2022, the company achieved operating income of 7.129 billion yuan, +5.16% year on year, and achieved net profit of 140 million yuan, +2.08% year on year; in the first quarter of 2023, the company achieved revenue of 1,566 million yuan, -9.23% year on year, and net profit of 27 million yuan, +2.04% year on year.
Steady growth in results for the full year of '22
The company's main performance increase in 2022 stemmed from the copper sector and new business. Among them, copper strip revenue was 6.856 billion yuan, +1.51% year on year. In the new business, copper foil revenue was 195 million yuan, and battery tray revenue was 49 million yuan. The company's fee rate in 2022 was 1.76%, -0.05 pct year on year, of which the financial fee rate was 0.10% and -0.23pct year on year, mainly due to exchange rate changes resulting from exchange rate changes.
The NEV industry is developing rapidly, and the power battery tray industry is vast and the rapid development of the NEV industry is driving the continuous expansion of the power battery tray market. We expect the demand for power battery trays in 23-25 to be 936/1198/1.57 million sets respectively, and the demand CAGR in 22-25 is 31.26%. The prospects for the power battery tray industry are broad. Currently, the company's annual production capacity of power battery trays is 300,000 pieces. Production capacity is climbing and market development is ongoing. Q1 power battery trays sold 5,218 sets, and Q2 is expected as downstream demand picks up, and the company's power battery trays are expected to be sold.
Continuing to promote diversified business layout, the product structure is expected to be optimized, and the company is currently increasing the production capacity of power battery trays to provide battery tray support services for all models of Chery and Nacha. An additional 25,000 tons of battery foil will be raised in 2022, and production is expected to be completed and put into operation by the end of 2023. In addition to this, the company also set up Shenzhen Zhongyuan to develop energy storage business and acquired Harchuan New Materials to develop anti-corrosion materials and insulation material products. By promoting a diversified business layout, the company's product structure is expected to be optimized.
Profit Forecasts, Valuations, and Ratings
The company's multiple businesses are being promoted together. We expect the company's revenue in 2023-2025 to be 87.69/107.04/12.206 billion yuan respectively, up 22.99%/22.07%/14.03%, respectively; the net profit of the mother is 2.19/320/441 million yuan respectively, up 56.31%/45.67%/37.96%, respectively; EPS is 0.90/131/1.81 yuan/share, corresponding PE is 12.9/8.9/6.4 times, respectively. We give the company 20 for 23 years 20, respectively. Double PE, corresponding to the target price of 18.00 yuan, maintains the “buy” rating.
Risk warning: customer expansion falls short of expectations, risk of fluctuations in raw material prices, increased risk of industry competition
