Xiongtao shares issued an announcement: the company expects to achieve a net profit of 150 million yuan to 225 million yuan in 2022, with a net profit of 11.5 billion yuan deducted from non-parent, and turn losses into profits for the whole year, in line with expectations.
Main points of investment
The annual performance is in line with expectations and is expected to make progress in the medium to long term.
According to the company's forecast, the company expects to return to its mother in 2022 with a net profit of 1.5 billion yuan, turning a loss into a profit, and deducting a non-return net profit of 150 million yuan.
2022Q4 expects to return to the mother of 0.46 million 121 million yuan / QoQ+59%~316%, is expected to deduct the non-performance of 0.26 million 0.76 million yuan, the central center is 51 million yuan, calculated on this basis, an increase of 26% over the previous month. We expect the company to ship about 1.5GWh in 2022, doubling its revenue.
On the whole, the company's performance in 2022 is in line with expectations, and the inflection point has been appeared. with the company's new lithium power production capacity and actively adding sodium power layout, the fuel cell has a large space for long-term growth and is expected to rise in the medium and long term.
Actively distribute sodium electricity and cultivate a new growth curve
The company is active in the field of sodium electricity, with "a kind of sodium ion battery anode material, electrode piece and sodium ion battery" and other sodium electricity related patents, the company actively layout sodium electricity, is expected to bring new growth pole. In addition, the company participates in Bai Sig, a leading hard carbon company, in the sodium negative electrode.
We believe that the production process of sodium electricity and lithium electricity is highly similar, and the company has ploughed lithium electricity and lead-acid batteries for a long time, and is currently actively cultivating sodium electricity, which is expected to bring new growth points in the future.
Abundant energy storage orders, increasing capacity to ensure continuous growth
Energy storage orders are abundant. In 2022, the company continued to receive orders from China Tower Corporation (86 million yuan), India ($90 million) and China (145 million yuan). In terms of production capacity, the company's current 2GWh capacity is full, and 2GWh will contribute capacity next year, and next year's effective capacity may reach 4GWh.
In addition, the company has a comprehensive layout in the fuel cell industry chain. in the membrane electrode, catalyst, stack, system and other links to achieve the vertical layout of the industrial chain through shareholding or holding. In 2022, the company has won 47 million yuan from Jingshan Public Transportation Company and 7.96 million yuan from Shenke Pengwo (a wholly-owned subsidiary of hydrogen Blue era).
Profit forecast
It is estimated that in 2024, the net profit of 2022Universe 2023Universe will be RMB 252.343 million, eps is 0.48pm, and the corresponding PE will be 33-24-18 times. The company increases the layout of sodium electricity to cultivate new growth points. in addition, the company continues to promote the lithium energy storage and fuel cell industry, and the long-term growth of the company is expected to maintain the company's "buy" rating.
Risk hint
Policy fluctuation risk; downstream demand is lower than expected; product price is lower than expected; competition pattern deterioration risk; capacity expansion and digestion is not as expected; sodium power, fuel cell and other risks are not as expected; raw material price fluctuation risk.
