This report is read as follows:
The company's Q2 performance increased sharply in 2022 compared with the same period last year, and the company's functional silane products benefited from the strong demand for photovoltaic trichlorosilane, rising in volume and price, and the layout of the industrial chain was further promoted. Maintain the overweight rating and maintain the target price of 57.30 yuan.
Main points of investment:
Maintain the "overweight" rating. The company's functional silane is booming with photovoltaic trichlorosilane. We predict that the EPS for 2022-2024 will be 3.37max 4.96pm 5.93, with a growth rate of 51%, 47% and 20%, respectively, with a target price of 57.30 yuan (corresponding to 17 times PE in 2022).
The performance is growing rapidly compared with the same period last year, and the leading position of functional silane industry continues to be strengthened. In 2022, the company's Q2 realized income of 563 million yuan, year-on-year + 50.10%, month-on-month ratio + 5.86%; realized return-to-mother net profit of 219 million yuan, year-on-year + 122.11%, month-on-month ratio + 15.44%; realized non-return net profit of 225 million yuan, year-on-year + 128.63%, month-on-month + 19.48%. The company's Q2 gross profit margin is 50.36%, year-on-year + 36.48%, month-on-month + 9.57% X-Q2 net profit rate 38.95%, year-on-year + 47.99%, month-on-month + 9.07%. The high performance increase is mainly due to the increase in sales unit price and sales volume.
Functional silane products are booming. Benefiting from the strong demand for trichlorosilane in the photovoltaic industry, functional silane continues the boom trend, product prices and sales have increased, due to the increase in polysilicon production pull photovoltaic trichlorosilane demand development, functional silane boom is expected to be sustainable. The company's Q2 main product income of 305 million yuan, sales of 6426 tons, month-on-month are flat, the average sales price is 47404 yuan / ton, month-on-month ratio + 6%.
The construction of production capacity has been steadily advanced, and the layout of the industrial chain has been further improved. In the first half of 2022, the company's 23000 tons of special silicone material project has passed the examination and approval procedures such as safety assessment, energy assessment, environmental assessment and so on.
The company plans to build 210000 tons of new silicon-based materials and 5000 tons of cobalt-based new materials project, and is going through the preliminary procedures such as project establishment in accordance with the established plan. In May 2022, the company signed a project of 300000 tons of silicon-based and aerogel new materials with the management committee of Ningxia Zhongwei Industrial Park.
Risk hint: the construction progress of the project is not as expected and the product demand is not as expected.