\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 989 Ningxia Baofeng Energy Group Co.Ltd(600989) )
The event company released its annual report for 2021, and achieved an operating revenue of 23.3 billion yuan, a year-on-year increase of 46.29%; The net profit attributable to the parent company was 7.095 billion yuan, a year-on-year increase of 7.095 billion yuan; The basic earnings per share is 0.97 yuan.
The volume and price of main products increased together, resulting in a significant increase in revenue. The high profit of coke is the main reason for the increase in net profit. In 2021, the production, sales and price of the company’s main products polyolefin and coke increased, resulting in a significant increase in revenue. The sales volume of polyolefin increased by 42100 tons year-on-year, an increase of 3.2%, and the price increased by 13.72% year-on-year; Coke sales increased by 117100 tons year-on-year, an increase of 2.6%, and the price increased by 69.70% year-on-year. Due to the sharp rise in the price of raw coal, the profitability of olefins has narrowed; However, the coke business of the company maintained a high boom, especially the self-sufficiency rate of clean coal increased, which brought a decline in the cost side and a significant increase in the net profit of the company.
The company’s production control and new product development have reached a new level. The unit consumption of methanol raw coal of the company’s methanol plant 1 (5400 kcal coal) is 1.41 tons / ton, and the unit consumption of raw coal of methanol plant 2 (5400 kcal coal) is 1.37 tons / ton, which is 0.07 tons / ton lower than that of the previous year, and continues to maintain the low level of the industry. The second olefin plant continuously optimized the operating parameters, and the unit consumption of methanol (refined methanol) was 2.852 tons / ton, a decrease of 0.033 tons / ton over the same period last year, creating the best level in the industry. At the same time, we have steadily developed high-end products and formed a product cascade structure. We have successfully developed polypropylene high melt index, thin-wall injection molding and high-end polyethylene products, and developed 7 new varieties of coke according to the special needs of customers.
The project layout is about to usher in the harvest period. In terms of coal to olefin in the future, the company’s Ningdong phase III 500000 T / a coal to olefin and 500000 T / a C2-C5 comprehensive utilization to olefin project (including 250000 T / a EVA unit) are progressing steadily. The methanol and olefin project is planned to be completed by the end of 2022 and the EVA unit is planned to be completed and put into operation in 2023; Ningdong phase IV coal to olefin project has been publicized before EIA; The approval of the 4 million T / a coal to olefin project in Inner Mongolia has entered the final stage. In terms of coke, the company’s 3 million T / a coking polygeneration project will be completed in the first half of 2022, and the coke production capacity will reach 7 million T / A. The continuous expansion of the company’s main business will help the company achieve high growth.
The investment proposal predicts that the company’s revenue from 2022 to 2024 will be 30.1 billion yuan, 42 billion yuan and 47.3 billion yuan respectively; The net profit attributable to the parent company was 8.5 billion yuan, 10.9 billion yuan and 12.5 billion yuan respectively, with a year-on-year change of 20.2%, 28.3% and 14.7%; EPS is 1.16, 1.49 and 1.70 yuan respectively, and the corresponding PE is 14.8, 11.6 and 10.1 times respectively, maintaining the “recommended” rating
Risk tips: the risk of sharp rise in coal price, the risk of sharp decline in oil price, the risk that the output of new projects is less than expected, etc.
