Core conclusion
Event: on August 24, 2021, the company released its semi-annual report for 2021. In 2021, H1 realized an operating income of 17.253 billion yuan, an increase of 83.66% over the same period last year, and a net profit of 258 million yuan, an increase of 322.44% over the same period last year. The company's business plan reveals that the estimated net profit of returning home in the first three quarters of 2021 is 3.58-408 million yuan, an increase of 80.67% 105.90% over the same period last year.
Copper alloy project reconstruction reached production, steel-based materials sales upward. Benefiting from the full production of the company's copper alloy plate and strip transformation project, the company achieved sales of 311300 tons of copper-based materials in 2021 and 82300 tons of YOY+31.29%; steel-based materials in 2021, YOY+11.44%.
In 2021, the operating income of H1 copper-based materials is 16.426 billion yuan, the gross profit of YOY+86.14%, is 6.62%, and the gross profit is 0.21pct. In 2021, the operating income of H1 steel strip pipe is 452 million yuan, and the gross profit of YOY+47.23%, is 9.98% 0.33pct.
The business of new materials continues to be booming, and the achievements of Dingli science and technology are outstanding. In 2021, the high-end equipment and carbon fiber business of H1 Company achieved an operating income of 375 million yuan, YOY+42.64%. In 2021, the operating income of H1 is 148 million yuan, and the net profit of YOY+73.65%; is 76.7111 million yuan, YOY+125.62%.
Skybird high-tech carbon fiber business orders are sufficient, the business scale continues to expand. In 2021, the operating income of H1 is 228 million yuan, and the net profit of YOY+27.60%, is 68 million yuan, YOY+1.53%.
The slow growth of Skybird net profit is mainly caused by the increase in depreciation after the "aircraft carbon brake preform expansion construction project" and "carbon fiber thermal field preform industrialization project" were put into production. H1 company plans to depreciate 82.4734 million yuan in 2021, YOY+103.44%, with the future Skybird new project capacity utilization gradually increases, the company's performance is expected to continue to grow.
Investment suggestion: it is predicted that the return net profit of the company from 2021 to 2023 is 6.43,7.92,961 million yuan, and the EPS is 0.48,0.59,0.72 yuan, maintaining the buying rating.
Risk hints: economic growth slows, raw material prices fluctuate, and the release of new capacity falls short of expectations.
