\u3000\u3 Guocheng Mining Co.Ltd(000688) 357 Luoyang Jalon Micro-Nano New Materials Co.Ltd(688357) )
Events
On March 10, the company released its annual report for 2021. In 2021, the company achieved an operating revenue of 878 million yuan, a year-on-year increase of 94.3%, and a net profit attributable to the parent company of 275 million yuan, a year-on-year increase of 116.2%. The performance was in line with expectations. Business analysis
Molecular sieve capacity expansion, the company’s revenue and profit continued to grow. From the supply side, on January 9, 2021, the company’s 9000 ton high-efficiency hydrogen and oxygen production molding molecular sieve project entered the production commissioning stage. After the second half of the year, the production capacity was gradually released and the product structure was actively optimized. In the third quarter of 2021, the 12000 ton molecular sieve raw powder project of phase III of the adsorption material industrial park was put into operation successively. In November 2021, the company put into operation 12000 ton formed molecular sieve in Thailand. The company’s existing capacity of molecular sieve raw powder and formed molecular sieve is 43000 tons / year and 41000 tons / year respectively. In terms of sales volume, the sales volume of molecular raw powder, molecular sieve molding powder, molecular sieve activation powder and activated alumina in 2021 were 13200 tons, 24800 tons, 2459 tons and 2908 tons respectively, with an increase of 49.24%, 46.69%, 54.68% and 68.46% respectively. In 2021, the gross profit margin and net profit margin of the company were 46.54% and 31.38%, with a year-on-year increase of 2.15 and 3.17 percentage points respectively.
Focus on the fields of energy, chemical industry and environmental protection, and lay out high value-added catalytic molecular sieves. The company has expanded new catalyst molecular sieve products such as coal chemical industry and national VI diesel vehicle exhaust treatment, including 500 tons of molecular sieve for automobile exhaust catalysis and 1000 tons of molecular sieve for flue desulfurization and denitration in the field of environmental protection; In the field of energy and chemical catalysis, 7100 tons of various chemical catalytic molecular sieves will be constructed; We believe that with the production of catalytic molecular sieves, the company will gradually open a new growth curve.
Profit forecast and investment suggestions
Since the second half of 2021, the price of lithium salt, the raw material of lithium low silicon molecular sieve of the company, has increased, and the raw material end has been under certain pressure. In terms of price, the company has made different adjustments in 22 years to conduct the price increase of raw materials. In addition, considering the commissioning of the company’s catalytic molecular sieve project, we expect the net profit attributable to the parent company from 2022 to 2024 to be 367 million yuan (down 6.1%), 478 million yuan (down 11.4%) and 593 million yuan (newly introduced), EPS to be 6.34, 8.24 and 10.22 yuan respectively, and the corresponding PE to be 22.4x, 17.2x and 13.89x respectively. Maintain the “buy” rating.
Risk tips
The construction progress of adsorption molecular sieve production capacity is less than expected; The R & D Progress of catalytic molecular sieves is less than expected; The sales volume of medical care molecular sieve was lower than expected; Exchange rate fluctuation
