Divine material (002709): rapid growth of shipments and acceleration of production capacity construction

長江證券 · Oct 31, 2022 00:00 · Researches

　　事件描述

　　天赐材料发布2022 年三季报，公司2022 年Q1-Q3 实现营业收入164 亿元，同比增长148%，实现归属母公司股东净利润43.6 亿元，同比增长180.65%，实现扣非后归属母公司股东净利润42.6 亿元，同比增长181.68%。

　　事件评论

　　收入方面，公司Q3 实现收入61 亿元，同比增长107%，环比增长16%，预计主要受益电解液出货量的快速增长。随着公司6F 新增产能的爬坡释放，预计7 月开始电解液排产逐月环比快速放量，根据鑫椤资讯数据，预计公司Q3 电解液出货约9-9.5 万吨，环比增长约50%，同比增长超150%。LiFSI 和磷酸铁前驱体受益于新产能投产，预计出货量同样实现增长。

　　盈利方面，拆分Q3 看，公司毛利率36%，环比Q2 下降6pct，预计主要由于公司电解液以批量供货，实际供货价格相比散单变化平稳，因此受到此前6F 价格下降的影响，Q3 电解液盈利能力环比有所下降；但考虑到电解液目前整体盈利能力仍处于较好水平并且公司电解液出货规模较大，预计电解液仍是公司利润的主要构成部分。期间费用率方面，公司Q3 实现期间费用率约8.4%，同比提升1.3pct，主要来自于研发费用率的同比提升。

　　最终，公司Q3 实现归属母公司股东净利润14.54 亿元，同比增长88.61%，实现扣非后归属母公司股东净利润13.68 亿元，同比增长83.8%。

　　其他财务方面，公司2022Q3 实现经营性现金流净流出0.84 亿；2022Q3 末应收账款余额约46.1 亿元，环比Q2 末增加10 亿元；2022Q3 末存货余额约19.0 亿元，环比Q2 末增加5.5 亿元；2022Q3 末应付账款余额约37.3 亿元，环比Q2 末增加6.7 亿元；2022Q3实现资本开支10.32 亿元，环比进一步增长，反映公司产能建设加快推进，公司目前规划电解液、LiFSI、磷酸铁、电池回收等多种产品产能，未来逐步落地有望加快公司大化工循环体系的构建，贡献成本下降空间。

　　展望Q4，在行业高景气支撑下，预计月度排产仍将持续环比增长，全年电解液出货有望延续快速增长，且LiFSI 等出货有望进一步提升。同时，公司积极推动产能建设，打造一体化化工循环体系，强化成本优势。预计公司2022、2023 年归属母公司股东净利润57、64 亿元，对应2022、2023 年估值分别为14、13 倍。维持“买入”评级。

　　风险提示

　　1、电动车行业风险；

　　2、六氟磷酸锂价格大幅下降。

Event description

According to the third quarterly report of 2022, the company's Q1-Q3 realized operating income of 16.4 billion yuan in 2022, an increase of 148% over the same period last year. The net profit of shareholders belonging to the parent company was 4.36 billion yuan, an increase of 180.65% over the same period last year. The net profit of shareholders of the parent company was 4.26 billion yuan after deduction, an increase of 181.68% over the same period last year.

Event comment

In terms of revenue, the company Q3 achieved revenue of 6.1 billion yuan, an increase of 107% over the same period last year and 16% month-on-month growth, which is expected to mainly benefit from the rapid growth of electrolyte shipments. With the climbing release of the company's 6F new production capacity, it is expected to start the monthly rapid release of electrolyte production in July. According to Xinhuo information data, the company's Q3 electrolyte shipments are expected to be about 9-95000 tons, a month-on-month increase of about 50%, an increase of more than 150% over the same period last year. LiFSI and iron phosphate precursors benefit from the new production capacity, and shipments are also expected to increase.

In terms of profit, from the perspective of splitting Q3, the company's gross profit margin is 36%, which is lower than that of Q2. It is expected that mainly because the company's electrolytes are supplied in batches, the actual supply price changes steadily compared with bulk orders, so it is affected by the previous decline in 6F prices. Q3 electrolyte profitability has declined compared with the previous month. However, considering that the overall profitability of the electrolyte is still at a good level and the scale of the company's electrolyte shipments is large, it is expected that the electrolyte is still the main component of the company's profits. In terms of the period expense rate, the company Q3 achieved an expense rate of about 8.4%, an increase in 1.3pct over the same period last year, mainly due to the increase in the R & D expense rate.

In the end, the company Q3 realized a net profit of 1.454 billion yuan belonging to the shareholders of the parent company, an increase of 88.61% over the same period last year, and a net profit of 1.368 billion yuan after deducting non-shareholders, an increase of 83.8% over the same period last year.

In other financial aspects, the company's 2022Q3 achieved a net operating cash flow of 84 million; the balance of accounts receivable at the end of 2022Q3 was about 4.61 billion yuan, an increase of 1 billion yuan over the end of Q2; the balance of inventory at the end of 2022Q3 was about 1.9 billion yuan, an increase of 550 million yuan over the end of Q2; and the balance of accounts payable at the end of 2022Q3 was about 3.73 billion yuan, an increase of 670 million yuan over the end of Q2. 2022Q3 achieved capital expenditure of 1.032 billion yuan, a further increase compared with the previous month, reflecting the acceleration of the company's production capacity construction. at present, the company plans the production capacity of various products such as electrolyte, LiFSI, iron phosphate, battery recovery, etc., and gradually landing in the future is expected to speed up the construction of the company's large chemical cycle system and contribute to the cost reduction space.

Looking forward to Q4, supported by the high prosperity of the industry, it is expected that monthly production will continue to grow month-on-month, electrolyte shipments for the whole year are expected to continue to grow rapidly, and LiFSI and other shipments are expected to further improve. At the same time, the company actively promotes production capacity construction, creates an integrated chemical cycle system, and strengthens the cost advantage. It is estimated that the net profit of the shareholders belonging to the parent company in 2022 and 2023 is 57 and 6.4 billion yuan, corresponding to a valuation of 14 and 13 times in 2022 and 2023, respectively. Maintain a "buy" rating.

Risk hint

1. The risk of electric vehicle industry

2. The price of lithium hexafluorophosphate decreased significantly.

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天赐材料(002709)：出货快速增长 产能建设提速

Divine material (002709): rapid growth of shipments and acceleration of production capacity construction

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Statement

天赐材料(002709)：出货快速增长产能建设提速