Events:
According to the company's annual report of 2021 and quarterly report of 2022, the company's operating income in 2021 was 5.202 billion yuan, an increase of 118.1% over the same period last year, with a net profit of 311 million yuan, an increase of 63.3% over the same period last year. In the first quarter of 2022, the company realized operating income of 1.553 billion yuan, an increase of 178.9% over the same period last year, and a net profit of 65 million yuan, an increase of 188.9% over the same period last year.
Comments:
1. The beneficiary industry continues to expand, and the company's newly signed orders have increased significantly! In 2021, the company fully benefited from the continued expansion of the industry, signing new orders of 10.6 billion yuan, an increase of 221% over the same period last year, ranking at the forefront of the same industry. At the same time, the front equipment of the company has a leading market share, accounting for more than 50% in some head battery enterprises. in the middle of the equipment, the company has realized the doubling of orders and output value by virtue of the advantages of customization and integration. The company is also one of the few domestic enterprises to achieve equipment export, directly access to overseas customers of domestic lithium equipment enterprises.
two。 Multiple factors lead to a rise in corporate costs and continued pressure on gross margins. The company's gross profit margin for lithium-ion equipment in 2021 was 21.04%, down 4.95 points from the same period last year. First, the price of raw materials rose, second, the company's orders increased rapidly, but the pace of production expansion in the supply chain was slightly slow, resulting in shipments falling short of expectations in the first half of the year. Third, the company added more staff for new orders, resulting in higher personnel costs. However, as the company's shipments continue to increase and economies of scale appear, earnings are expected to improve gradually.
3. Continue to expand production to meet the order demand. In the face of the growing industry demand, the company's subsidiaries responsible for roll separation, roll making, lamination and assembly line have achieved varying degrees of production expansion. It is expected that the annual output value of the company as a whole will exceed 13 billion in 2022, which will greatly improve the delivery capacity and efficiency.
Profit forecast: the company's 2022-2024 net profit is expected to be 680 million, 1.05 billion and 1.33 billion, PE is 17 times, 11 times and 9 times, given a "overweight" rating. The target price is 21.22 yuan per share.
Risk hint: downstream battery plant expansion does not meet expectations, global sales of new energy vehicles do not meet expectations.
