According to the company's semi-annual report for 2021, 2021H1 achieved revenue of 2.772 billion yuan, an increase of 135.32% over the same period last year; net profit of 262 million yuan, an increase of 939.44% over the same period last year; non-net profit of about 256 million yuan, an increase of 1431.87% over the same period last year; and basic earnings per share of 0.51 yuan. Maintain the "highly recommended-A" investment rating.
The revenue of lithium battery materials is 1.631 billion yuan, which is + 152.18% compared with the same period last year, and the gross profit margin is 21.72%. The subsidiary Jiana Energy has the ability to prepare high-nickel large single crystal cathode precursor materials, and the monthly production capacity of high-nickel products has exceeded 1000 tons. In the first half of the year, Jiana Energy continued to adjust its product structure by grasping the changes in market demand, giving full play to the advantages of the company's high-nickel products, with a significant increase in sales volume, and a significant increase in the sales structure of the three-yuan precursor, while maintaining a healthy and good development trend.
The revenue of carbon materials was 156 million yuan, + 195.49% compared with the same period last year, and the gross profit margin was 31.90%. With market-driven and customer-oriented as the core, the subsidiary Qingdao Haoxin continues to pay attention to R & D and innovation. The company extends from technology optimization to product development, makes breakthroughs step by step from powder to slurry, and develops single-walled carbon nanotube conductive agents with high aspect ratio and high conductivity. At present, laboratory sample preparation has been completed. At the same time, with its own technological advantages and product market competitiveness, it has successfully passed the supplier qualification examination of many well-known lithium power enterprises, and made a major breakthrough in market development.
The revenue of ceramic materials is 629 million yuan, which is + 107.05% compared with the same period last year, and the gross profit margin is 26.22%. The company continues to enrich the product layout of the rock slab material market, especially in the field of high-end products to achieve breakthroughs. The newly developed giant crystal ice grain series products are the company's re-innovation in dry grain products. Major breakthroughs have been made in key technologies, material formulations, process applications and so on.
Carry out collectivization management and strengthen fine management and control. Set up Lean Manufacturing Department, Project Development Center and Information Systems Department to improve the group management structure. By optimizing the functional positioning of the group headquarters and subsidiaries, strengthening the overall management ability of the group, focusing on the financial control and risk control of subsidiaries, through comprehensive budget management, major issues reporting and supervision and other mechanisms, improve the overall operation and management level of the group.
Investment advice: clear business layout, card position new energy core materials. Ternary precursors fully enjoy the development dividend of the industry, integrated layout, volume rise and price rise, and capacity expansion from this year will open the road of rapid growth.
Ceramic business will benefit from the technological upgrading of the industry to obtain new growth space, the leading position is more stable. By breaking up the business of different sectors of the branch, different valuations are given respectively. In 22, the corresponding valuation of the ternary precursor + cobalt salt + copper products / conductive agent / ceramic material plate is 100 million yuan in 200-78-20, and the corresponding target market value is 29.8 billion yuan. Corresponding to the reasonable target price of 52 yuan, 21 years will be the starting point for the rapid growth of the company's performance.
Continue to maintain the "highly recommended-A" rating.
Risk tips: 1, the industry growth rate is lower than expected; 2, the release of ternary precursor capacity is not as expected.