\u3000\u3 China Vanke Co.Ltd(000002) 254 Yantai Tayho Advanced Materials Co.Ltd(002254) )
The event company announced the annual performance express of 2021, which realized an operating revenue of 4.406 billion yuan in 2021, a year-on-year increase of 80.48%; The net profit attributable to the parent company was 975 million yuan, a year-on-year increase of 274.16%; The basic earnings per share is 1.43 yuan.
Driven by the recovery of downstream demand, the demand for elastic fabrics such as sports / leisure clothes and spandex for health and epidemic prevention increased significantly in 2021, which led to a round of high boom in the spandex industry. In 2021, the price of spandex once rose to 80000 yuan / ton, and the annual average price was 67400 yuan / ton, a year-on-year increase of 118.2%; The price difference was 32100 yuan / ton, a year-on-year increase of 125.7%. The company steadily promoted the dual base strategic layout of Yantai and Ningxia, improved the efficiency of new production capacity, dynamically adjusted the product structure, gave priority to ensuring the supply of high-profit products, and helped the annual performance to a new high.
The production and sales volume of aramid fiber increased significantly, driving the steady improvement of profits. In terms of intermediate aramid fiber, the first phase of the company’s high-performance intermediate aramid fiber efficient integration industrialization project with an annual capacity of 4000 tons was successfully put into operation and operated stably in August 2021, providing support for the company’s large-scale production of aramid fiber; Affected by the growth of downstream demand and other factors, the aramid market demand was strong in 2021, the production and sales volume of the company increased significantly, and the product profitability increased significantly year-on-year. In terms of para aramid fiber, q1-q3 in 2021 was in short supply in the field of optical communication due to the economic recovery in the post epidemic era, the early preparation of goods downstream of the EU tariff increase, the rise in the price of bulk materials and other factors; The heat of Q4 optical communication field gradually subsided, but the rubber and civil products field continued to flourish; According to the market situation, the company optimizes the product structure to meet the market demand to the greatest extent. At the same time, through the standardized production mode, the company improves the quantity and quality of products, reduces costs and increases efficiency, and greatly improves the profit space of products.
The company continues to increase the aramid business and realize the leap from Chinese leader to international leader. Downstream protection and other fields will give birth to new opportunities for aramid development. The company plans to vigorously implement the layout of aramid fiber industry through new construction of raised investment projects and technical transformation of projects. If the planned production capacity is put into operation as scheduled, the production capacity of bit aramid, para aramid and aramid paper among companies will reach 20000, 21500 and 3000 tons / year respectively by 2024, so as to realize the transition from China’s leader to international leader.
According to the investment proposal, the company’s revenue from 2021 to 2023 is expected to be 4.40 billion yuan, 6.35 billion yuan and 7.27 billion yuan respectively, with a year-on-year change of 80.2%, 44.4% and 14.4%; The net profit attributable to the parent company was 980 million yuan, 1.0 billion yuan and 1.08 billion yuan respectively, with a year-on-year change of 274.3%, 2.5% and 7.6%; EPS (excluding equity dilution) is 1.43, 1.46 and 1.57 yuan respectively, and the corresponding PE is 13.5, 13.2 and 12.3 times respectively, maintaining the “recommended” rating.
The risk indicates that the downstream demand is less than expected, the price of raw materials rises sharply, and the output of new projects is less than expected.
