\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 746 Jiangsu Sopo Chemical Co.Ltd(600746) )
The performance is in line with expectations. It is planned to plan new material projects to open up growth space and maintain the "buy" rating
According to the company's annual report, in 2021, the company achieved an operating revenue of 8.004 billion yuan, a year-on-year increase of + 110.89%, and a net profit attributable to the parent company of 2.402 billion yuan, a year-on-year increase of + 938.45%; Corresponding to the Q4 single quarter of 2021, the company achieved an operating revenue of RMB 2.147 billion, a year-on-year increase of + 68.48%, and a net profit attributable to the parent company of RMB 251 million, a year-on-year increase of + 41.15%. At present, the price of acetic acid has fallen month on month. We slightly adjusted the company's profit forecast from 2022 to 2023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 2.045 (- 1.08), 1.981 (- 2.80) and 1.867 billion respectively, and the EPS will be RMB 1.75 (- 0.09), 1.70 (- 0.24) and 1.60 respectively. The current share price corresponds to PE of 7.8, 8.1 and 8.6 times. The company acquired Dongpu new materials to open up growth space, and established polyester technology. It plans to plan new material projects in the new material industrial park of Zhenjiang New Area and maintain the "buy" rating.
The sales price of acetic acid increased significantly year-on-year, and the performance of the company increased significantly year-on-year in 2021
According to the company's annual report, the average sales price excluding tax of acetic acid and derivatives in 2021 was 5879 yuan / ton, a year-on-year increase of 110.04%; The gross profit margin of acetic acid and derivatives was 49.94%, up 30.66% year-on-year. The sales price of acetic acid increased significantly year-on-year, driving the significant growth of the company's performance. In Q4 of 2021, the acetic acid plant of the company was overhauled for one month. At the same time, the company shut down some production units of ADC foaming agent raw powder from November 2021, terminated the implementation of ADC technology improvement and transformation project, and made provision for impairment of ADC foaming agent related assets, affecting the company's current profit and loss of 54.73 million yuan. The provision for impairment loss of acetic acid plant maintenance and foaming agent assets led to the decline of Q4 performance of the company in 2021.
The company has established polyester technology and plans to plan new material projects, which is expected to further open up growth space
In February 2022, Guangxi Chuangyi Information Technology Co., Ltd. added 700000 tons of acetic acid, and no additional capacity was added in other units. In the future, PTA, EVA and other downstream will still have new production capacity, and it is optimistic that acetic acid will maintain a high boom in 2022. The company's fixed raising and investment project is expected to be completed in 2022. In the future, it will help the company make up the capacity of syngas and methanol and further give play to the capacity of acetic acid. In 2021, the company registered polyester technology and plans to plan new material projects in the new material industrial park of Zhenjiang New Area in the future. At present, relevant projects are actively communicating with the government. If future projects are implemented, it is expected to further open the future growth space of the company.
Risk tips: the construction progress of the project is less than expected, the product price has fallen sharply, the macro-economy has declined, etc.
