\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 96 Rianlon Corporation(300596) )
Rianlon Corporation(300596) released the annual report of 2021: the annual operating revenue was 3.445 billion yuan, yoy + 38.74%, the net profit attributable to the parent company was 418 million yuan, yoy + 42.53%, and the corresponding EPS was 2.04 yuan. The company's performance is in line with expectations.
From the revenue side, the company's main business of polymer materials anti-aging additives have achieved rapid growth. In 2021, driven by downstream market demand and policies, the anti-aging industry of polymer materials increased steadily, the sales volume of the company increased, the sales of antioxidant products increased by 36.07%, the sales of light stabilizer products increased by 31.26% compared to the same period, and the revenue of U-pack products increased by 70.63% compared with the same period last year. In terms of gross profit margin, the company's profitability remained stable. Under the background of shortage of raw material supply and sharp rise in raw material prices, the company's comprehensive gross profit margin fell only 0.4 percentage points to 26.8%.
Continue to strengthen and strengthen the anti-aging business of polymer materials. The prospect of polymer materials anti-aging additives industry is improving. At present, the global market scale is more than 100 billion yuan. As a supplementary agent for enhancing the performance of polymer materials, anti-aging additives will maintain stable growth for a long period of time when the downstream polymer materials grow better. At the same time, with the upgrading of consumption and industrial upgrading, anti-aging additives will further enhance the permeability of downstream polymer materials. The company has developed into a leading enterprise in China's anti-aging industry, and has formed a good competitive advantage in various fields such as management team, technology, product matching, quality, customer service and marketing, and is closely related to the operation capability, innovation ability and customer base of the global industry giants. In the future, the company will continue to make use of its advantageous resources in innovation ability, supply ability and sales network to further expand the market.
The company's project construction has been promoted in an orderly manner, and the product capacity has continued to expand, providing a driving force for sustainable growth in the future. At present, the company has built six production bases in the respective chemical parks of Tianjin, Ningxia Zhongwei, Hebei Hengshui, Guangdong Zhuhai, Zhejiang Changshan and Inner Mongolia Chifeng, consolidating the supply guarantee capacity of single product and double base production. By the end of 2021, the company has a production capacity of 34900 tons of antioxidants, 21700 tons of light stabilizers (excluding intermediates) and 16000 tons of u-pack. All the production lines of Zhongwei and Kerun bases have reached production capacity in 2020. Five new projects were added in 2021, which were in the construction and trial production stages respectively. Among them, the 60000 ton antioxidant construction of Zhuhai phase I has entered the trial production stage, which will make up for the company's short capacity of antioxidants after it is put into operation; The light stabilizer under construction has a capacity of 3200 tons and the u-pack under construction has a capacity of 51500 tons, which is expected to be put into operation in 2022. Subsequently, the company will formulate capacity planning to meet the objectives after 2024 this year, including China's capacity construction and capacity internationalization.
Actively expand the business of lubricating oil additives and create the second growth curve of the company. According to the data of Kline & Co, a global consulting and research company, and Shanghai lubricating oil industry association, the global lubricating oil additive Market in 2019 is about US $15.1 billion, which is expected to reach US $18.5 billion by 2023, of which the Chinese market is about US $3.8 billion. The entry barrier of lubricating oil additive industry is high and requires long-term accumulation. The company plans to acquire Jinzhou Kangtai Co., Ltd. the target company is the first tier enterprise in China's lubricating oil additive industry, with mature product line layout, leading human resources reserves and technical reserves. After the M & A is completed, the company will give full play to the synergy with Kangtai in technology R & D, operation management and sales layout, strengthen integration, promote endogenous growth, realize complementary advantages and promote common development.
The company's earnings forecast and investment rating: we are optimistic about the company as China's polymer materials anti-aging additives leading enterprises, with its advantages in innovation, products, technology, services and other aspects, further expand and strengthen the main business, while actively expanding the lubricant additives business, driving the future sustainable development. Based on the company's 2021 annual report, we adjusted the company's profit forecast from 2022 to 2024 accordingly. We predict that the net profit of the company from 2022 to 2024 will be 522 million yuan, 650 million yuan and 805 million yuan respectively, and the corresponding EPS will be 2.54 million yuan, 3.17 million yuan and 3.92 million yuan respectively. The corresponding P / E value of the current stock price will be 17, 14 and 11 times respectively. Maintain a "strongly recommended" rating.
Risk warning: the cost of raw materials fluctuates greatly; The construction progress of the project is less than expected; Market competition intensifies.
