On August 21, the company released the 2022 mid-term report: 2022H1 achieved operating income of 3.68 billion yuan, year-on-year + 18.7%, return to the mother net profit of 75.34 million yuan, year-on-year + 25.8%, deducted non-return net profit of 71.62 million yuan, + 25.4% year on year. Q2 realized operating income of 1.95 billion yuan, year-on-year / month-on-month ratio + 9.6% bonus 13.1%, return-to-mother net profit of 49.21 million yuan, year-on-year / month-on-month ratio + 28.1% / month-on-month net profit + 88.4%, deduction of non-return net profit 47.55 million yuan, year-on-year / month-on-month ratio + 29.5% / quarter-on-month respectively + 29.5% and 97.5% respectively.
Copper plate business to overcome the overall impact of the epidemic has increased steadily, Calendering copper foil profitability is beginning to appear. 1) the production and sales of copper plate and strip in the first half of the year were 53800 tons and 54100 tons respectively, an increase of 4.26% and 4.43% respectively over the same period last year. The gross profit per ton was 2600 yuan, slightly lower than the 2700 yuan for the whole of 2021. The company continues to carry out technological transformation and upgrading and build a new production line at the same time. Zigong Si Yongjie Copper Co., Ltd. is actively promoting the new production line with an annual output of 100000 tons of high-precision copper alloy strip and 50,000 tons of copper strip billet. 2) the production and sales volume of Calendering copper foil in the first half of the year are 1112 tons and 1172 tons respectively, and the gross profit per ton is 3000 yuan, which is higher than that of copper strip products. Considering that the current capacity utilization rate in the first half of the year is only about 23%, with the future production capacity climbing, Calendering copper foil is expected to make a considerable profit contribution to the company. At present, the processing thickness of Calendering copper foil products has reached 9 microns.
The battery tray business is in the process of capacity climbing and has not yet made a positive profit contribution. The subsidiary Zhongyuan New Energy made a net profit of-5.24 million yuan in the first half of the year, mainly due to low capacity utilization. The project began to be put into production in April 2022. The annual production capacity of the existing battery trays is 100000, and the company plans to expand to 500000. The company has now completed an increase in capital, and is actively carrying out capacity expansion. The main customers are Chery and Nezha, and undertake the battery package tray business of the whole series of Chery and Nezha new energy vehicles.
In other business, the new battery aluminum foil project with an annual production capacity of 50,000 tons, of which the first phase of the 25000-ton fund-raising project is being actively promoted. The subsidiary Harbin ship New Materials has invested in the construction of a thermal insulation and anticorrosion material production base with an annual production capacity of 50,000 tons, which is expected to be completed in the second half of 2022.
Maintain the "overweight" investment rating. It is estimated that the return net profit of the company from 2022 to 2024 is 1.7 billion yuan respectively, corresponding to the PE of 28-16-9, maintaining the "overweight" investment rating.
Risk tips: new energy vehicle sales are not as expected, new project construction is not expected, industry competition risk, raw material price fluctuations, tax preferential policy changes, the current proportion of new energy business is low, and so on.
