Event: according to the company's annual report for 22 years, 22H1 realized revenue of 3.677 billion yuan, year-on-year + 18.72%, net profit of 75 million yuan, year-on-year + 25.77%, non-return net profit of 72 million yuan, revenue of 1.952 billion yuan, year-on-year + 9.59%, month-on-month + 13.08%, net profit of 49 million yuan, 28.09% and 88.37% respectively.
Both volume and price rose, and the company's performance increased compared with the same period last year. According to the company's half-year major operating data announcement, the company achieved copper strip sales of 54123.32 tons, year-on-year + 4.43%, copper foil sales of 1172.54 tons. According to the announcement of the company's main operating data in the first quarter, 22Q1 achieved copper strip sales of 26371.64 tons, so 22Q2 achieved sales of 27751.68 tons, a month-on-month ratio of + 5.23%. According to the company's semi-annual report, the Calendering copper foil production line was put into production in 2021 and is currently in the stage of capacity climbing. In the first half of 2022, 1112.23 tons of copper foil were produced. According to the Wind,22Q2 comprehensive gross profit margin of 4.44%, month-on-month + 0.92pp, with the copper price correction, the company's product structure is further optimized, and the gross profit margin shows a month-on-month improvement.
Expand the production capacity of battery trays and actively promote the aluminum foil project. According to the company's semi-annual report, in July 2022, it is proposed to expand the annual production capacity of new energy vehicle battery packs and energy storage battery packs to 500000 pieces. The construction of the first phase of the battery foil project with an annual output of 25000 tons is being actively promoted.
Profit forecast and investment advice: the company's revenue from 2022 to 2024 is expected to be 7.582 billion yuan, 9.359 billion yuan and 13.62 billion yuan respectively, and the net profit of returning mother is 186 million yuan, 350 million yuan and 627 million yuan respectively, and the corresponding EPS is 0.76,1.44 and 2.57 yuan per share respectively. Based on the comparable company valuation and the company's capacity expansion rate in the battery tray field, we believe that the company's 22-year reasonable PE valuation is 30 times, corresponding to the company's reasonable value of 22.88 yuan per share, giving the company a "buy" rating for the first time.
Risk tips: the expansion of copper plate, strip and foil project is not as expected; the expansion of battery tray project is not as expected or the downstream demand is weak; the gross profit of single battery tray is not as expected.
