According to the 2021 annual performance express released by Sichuan Guoguang Agrochemical Co.Ltd(002749) (002749), the company achieved a revenue of 1.358 billion yuan last year, a year-on-year increase of 17.11%; The net profit attributable to the shareholders of the listed company was 206 million yuan, a year-on-year increase of 20.49%; The basic earnings per share is 0.48 yuan
figure / Sichuan Guoguang Agrochemical Co.Ltd(002749) 2021 annual performance express (partial)
It is worth noting that the company’s revenue and profitability in a single quarter showed an improvement trend. According to the calculation of the company’s revenue of 953 million yuan and operating profit of 221 million yuan in the first three quarters of last year, the company’s single quarter revenue of 405 million yuan and operating profit of more than 20 million yuan in the fourth quarter of last year; The revenue in the fourth quarter increased by more than 30% compared with 300 million yuan in a single quarter in the third quarter, and the year-on-year growth rate of the company’s annual operating profit also reversed the decline year-on-year in the first three quarters of last year, realizing a year-on-year positive growth of 16.47%.
In terms of non recurring profits and losses, the company accrued a large credit impairment loss of about 27.28 million yuan last year due to the significant increase of credit risk of Evergrande group; The expenses related to the recognition of equity incentive increased by about 14.14 million yuan year-on-year, and the expense of convertible bond interest increased by about 10.68 million yuan year-on-year.
Statistics show that Sichuan Guoguang Agrochemical Co.Ltd(002749) is committed to continuously improving the layout of the industrial chain, optimizing the product structure and the release of core production capacity. Chongqing Yier Shuangfeng Technology Co., Ltd. and Shanxi haozhida Biotechnology Co., Ltd., the previously acquired subsidiaries of the company, have been effectively integrated and achieved good expected results. The company’s convertible bond raising and investment project, the relocation and technical transformation project of the production line with an annual output of 22000 tons of efficient, safe and environment-friendly preparations, and the relocation and technical transformation project of the production line with an annual output of 50000 tons of water-soluble fertilizer (special fertilizer) are also progressing smoothly, which will lay a solid foundation for the continuous improvement of the company’s future performance. According to the performance evaluation indicators of the company’s previous equity incentive plan, the growth rate of the company’s revenue from 2021 to 2023 shall not be less than 17%, 37% and 60% respectively (based on 2020 revenue).
The company’s share price rose strongly today and closed at 9.66 yuan / share, up 5.46% from the previous trading day
Figure / Sichuan Guoguang Agrochemical Co.Ltd(002749) K-line chart of stock price as of February 17 (partial)
BOC International Securities previously issued a research report that Sichuan Guoguang Agrochemical Co.Ltd(002749) as a leading enterprise of China’s plant growth regulator will fully benefit from the growth dividend of the industry and is optimistic about the continuous improvement of the company’s revenue. It is expected that the basic earnings per share of the company will reach 0.63 yuan in 2022 and maintain its “buy” rating.
