\u3000\u3 Shengda Resources Co.Ltd(000603) 077 Sichuan Hebang Biotechnology Co.Ltd(603077) )
The company's performance has reached a record high and the advantages of platform layout are prominent. It maintains the "buy" rating. On March 3, the company released the 2021 annual performance express. According to preliminary accounting, it is expected to achieve an operating revenue of 9.867 billion yuan in 2021, a year-on-year increase of 87.56%; The net profit attributable to the parent company was 3.023 billion yuan, with a year-on-year increase of 728428%, and the annual performance hit a record high. At the same time, the net profit of PE in 20212023 is expected to be 3.4 billion yuan and 3.4 billion yuan respectively, corresponding to the original profit of 20212023 and 20212023 respectively, and the net profit of PE in 20232023 is expected to be 3.4 billion yuan and 3.4 billion yuan respectively. Benefiting from the high prosperity of glyphosate, glyphosate and LianJian since 2021 and the company's advantages in cost control, the company's performance has increased significantly. With the liquid methionine project reaching the standard and reaching the production capacity and the future photovoltaic projects being put into operation, the company's platform layout advantages are prominent, the growth space is broad, and the "buy" rating is maintained.
Q4's performance has improved significantly, and the boom of glyphosate, glyphosate and Lianhe alkali has not decreased since 2022
According to the company's announcement, corresponding to Q4 single quarter, the company is expected to realize an operating revenue of 2.798 billion yuan, a year-on-year increase of + 104.69%; The net profit attributable to the parent company was 1.010 billion yuan, a year-on-year increase of + 320.96%. According to the data of Baichuan Yingfu, the average market prices of soda ash, ammonium chloride, glyphosate and Glyphosate in 2021q4 were 33229, 1136.4 yuan / ton, 42300 and 78700 yuan / ton respectively, with a month on month ratio of + 37.05% / + 5.62% / + 62.25% / + 50.19% respectively. Southwest PMIDA and PMIDA are still optimistic about the global leading products since 2022. With the downturn of PMIDA and PMIDA, our main products have been steadily improved in 2022.
The liquid methionine project has reached the standard and reached the output, the photovoltaic industry chain has been successfully extended, and the company has broad growth space
In January 21st, the official account platform announced that the 70 thousand tons / year liquid methionine project reached the standard of production, the product chroma remained below 1+, and the purity of the product was TOS greater than 88%, and some sales were achieved in 2021. Meanwhile, Chongqing 8GW photovoltaic packaging materials and products project and 10GW ultra efficient single crystal Cecep Solar Energy Co.Ltd(000591) silicon wafer project (with a start-up scale of 1-2gw and started construction at the end of 2021) arranged by the company are expected to be completed and put into operation successively from 2022 to 2023. We believe that with the orderly promotion of liquid methionine, photovoltaic glass and monocrystalline silicon projects, the integration of the company's new energy materials industry line is deepened, the upstream and downstream product chain is further extended, and the development prospect is expected.
Risk tips: product prices fall, production capacity is less than expected, policy implementation is less than expected, etc.
