\u3000\u3 Shengda Resources Co.Ltd(000603) 055 Zhe Jiang Taihua New Material Co.Ltd(603055) )
In the 21st year, the revenue was 4.265 billion yuan, an increase of 70.52% and the net profit attributable to the parent company was 465 million yuan, an increase of 287.95%
Among them, the total revenue and growth rate of 21q1-4 were 739 million (+ 57.89%), 1.1 billion (+ 84.27%), 1229 million (+ 103.1%) and 1.197 billion (+ 44%) respectively; The revenue growth is mainly due to the company’s giving full play to the advantages of the whole nylon industrial chain and differentiated competitive advantages, and the gradual emergence of scale and brand effect. The “intelligent 120000 ton high-performance environmental friendly nylon fiber project” is gradually put into operation.
21q1-4 net profit attributable to parent company and growth rate were 98 million (+ 458.1%), 163 million (+ 393.49%), 116 million (+ 177.09%) and 87 million (+ 220.48%) respectively. The performance growth is mainly due to the company’s two wheel drive initiatives of “increasing revenue through innovative products” and “reducing cost of conventional products”, giving full play to the advantages of the whole industrial chain, actively promoting the research and development of green, functional, differentiated and personalized products, constantly optimizing product structure, strengthening market development and strengthening cost control, At the same time, the scale and brand effect can gradually appear, further superimpose the capacity release of new projects, drive the growth of main business income and gross profit margin, and further boost the high growth of the company’s operating performance.
Continue to break through differentiated high value-added products, and work in both depth and breadth with high-quality customers
The company took the lead in launching differentiated nylon 66 silk, gave full play to its advantages in technology and equipment, continued to break through the development of differentiated fibers and improve the yield. With its advantages of vertical integration, the company has precipitated deep and high-quality brand customer resources, with both depth and breadth. The company has excavated the depth of existing customer orders and strengthened the development of new brand customers, Optimize customer structure; In the future, the price of raw materials may decline, and the consumption upgrading of functional clothing will open up the nylon market space and accelerate the penetration.
Launch of renewable technology and take the lead in the market
With the upgrading of consumption and the change of concept, fashion, environmental protection and functional textiles have gradually become the mainstream of consumption. The company joins hands with Beijing Sanlian Hope Shin-Gosentechnical Service Co.Ltd(300384) to layout a high-end renewable nylon track, fill the technical gap of China National Chemical Engineering Co.Ltd(601117) recycling nylon, and realize the closed-loop reuse of nylon fiber.
Maintain profit forecast and buy rating. The company’s production capacity, technical level and R & D capacity are ahead of its peers, and has successfully grasped the opportunity of nylon industry to significantly expand production, gradually release new production capacity, further strengthen the depth of cooperation with brands and help expand new customers. We expect the company’s operating revenue in 22-23 years to be 5.168 billion and 6.380 billion respectively, with a year-on-year increase of 21.17% and 23.46%, and the net profit attributable to the parent company to be 610 million and 822 million respectively, The year-on-year growth was 31.35% and 34.66%, EPS was 0.70 and 0.95 yuan respectively, and PE was 17.06 and 12.67x respectively.
Risk tips: repeated outbreaks, less than expected demand, fluctuations in raw material prices, changes in management and other risks. The performance express is only the preliminary accounting result, and the specific financial data shall be subject to the annual report.
