\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 96 Rianlon Corporation(300596) )
Events
On February 28, the company released its annual report for 2021. In 2021, the company realized an operating revenue of 3.445 billion yuan (year-on-year + 38.74%) and a net profit attributable to the parent company of 418 million yuan (year-on-year + 42.53%).
Business analysis
Anti aging leader, production capacity continues to expand. According to the announcement, the company currently has a production capacity of 34900 tons / year of antioxidants, 217 million tons / year of light stabilizers (excluding intermediates) and 16000 tons / year of u-pack products, with significant advantages in scale and product supporting. In terms of projects under construction, the company’s Zhuhai 60000 ton project was completed and put into operation in the first half of 2022. In addition, 3200 T / a light stabilizer (excluding intermediates) capacity and 51500 T / a u-pack product capacity are under construction and are expected to be put into operation in 2022. With the further expansion of anti-aging agent capacity, the company’s right to speak in the field of anti-aging agents has been increasing.
Promote the second and third growth curves, prepare the warehouse in the grain and plant the rice in the field. The company continued to promote the merger and acquisition of Kangtai shares, a lubricant additive enterprise, and continued to layout the lubricant additive industry. According to the announcement, the company started the project of 5000 tons of water dispersed antioxidant per year in Tianjin factory, developed different nano level hydrotalcite technologies in conjunction with Japan’s top technicians, and launched the construction approval process of 20000 tons of synthetic hydrotalcite per year with Rianlon Corporation(300596) Zhuhai as the carrier. In addition, the company began to layout in the field of life sciences. According to the announcement, the company and Suzhou Jima gene Co., Ltd. jointly funded and established Tianjin oref biomedical Co., Ltd., which is mainly engaged in nucleic acid drug monomer business, and opened the construction of pilot workshop in Tianjin Hangu base. In addition, the company also cooperates with Tianjin University to develop polyglutamic acid and other medical and American products, extending in the field of synthetic biology.
Profit forecast and investment suggestions
The main business of the company operates normally. Considering the release of Zhuhai project in the first half of 2022, we expect the net profit attributable to the parent company from 2022 to 2024 to be 536 million yuan, 645 million yuan and 761 million yuan respectively (the previous value predicts that the net profit attributable to the parent company from 2022 to 2023 will be 531 million yuan and 632 million yuan respectively); EPS is 2.61 yuan, 3.15 yuan and 3.71 yuan respectively. The current market value corresponding to PE is 18.2x, 15.13x and 12.82x, maintaining the “overweight” rating.
Risk tips
Market competition intensifies and product prices fall; The demand is less than expected; The pace of capacity construction and delivery was lower than expected.
