\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 409 Tangshan Sanyou Chemical Industries Co.Ltd(600409) )
The company’s performance increased significantly in 2021. The “three chain group” plan opens up space for the future and maintains the buy rating
According to the company’s annual report, in 2021, the company realized an operating revenue of 23.182 billion yuan, a year-on-year increase of + 30.38%, and a net profit attributable to the parent company of 1.671 billion yuan, a year-on-year increase of + 133.04%. In the future, the company will invest about 57 billion yuan to develop the “three chain group” industrial plan, and the future growth space will be further opened. We increase 20222023 and add the profit forecast for 2024. It is expected that the net profit attributable to the parent company will be 24.52 (+ 1.35), 25.40 (+ 1.15) and 2.779 billion yuan respectively, and the corresponding EPS will be 1.19 (+ 0.07), 1.23 (+ 0.06) and 1.35 yuan respectively, The current share price corresponds to 6.9, 6.7 and 6.1 times of PE from 2022 to 2024 respectively, maintaining the “buy” rating.
Affected by the rising price of bulk raw and fuel materials, environmental protection, weak demand and other factors, the company’s Q4 performance is under pressure
Corresponding to Q4 single quarter, the company achieved an operating revenue of 5.918 billion yuan, a year-on-year increase of + 13.80%, and a net profit attributable to the parent company of 149 million yuan, a year-on-year increase of – 78.28%. In Q4 of 2021, regional environmental protection constraints, weak demand and other factors restricted the company’s production and sales, dragging down the company’s Q4 performance. The sales volume of viscose staple fiber of Q4 company was 148200 tons, down 17.30% month on month; Soda ash sales volume was 711300 tons, down 14.74% month on month. In Q4 of 2021, the average purchase price of raw materials excluding tax is as follows: raw coal 960.24 yuan / ton, month on month + 50.78%; Calcium carbide 529192 yuan / ton, a month on month increase of + 10.97%; Silicon block is 4232711 yuan / ton, with a month on month ratio of + 156.45%. The price of bulk raw and fuel materials rose rapidly, and the gross profit margin of the company’s products was under pressure.
The company plans to invest about 57 billion yuan in the future to build a “three chain group” industrial layout
The company plans to invest a total of about 57 billion yuan in the future to build a “three chain group” industrial layout of “two alkali and one chemical” circular economy industrial chain, silicone new material industrial chain, fine chemical industrial chain and new energy and new materials “double new” strategic industrial cluster. In terms of “two alkalis and one chemical”, focus on promoting 300000 tons of caustic soda and 300000 tons / year new solvent green cellulose projects. In terms of organic silicon, it focuses on planning the upstream silica base, monomer capacity expansion, developing the downstream silicone rubber and other new material industries, and planning the independent listing of organic silicon new material sector. In terms of fine chemicals, driven by ion-exchange membrane caustic soda, supporting projects of fine chemicals such as high-end new materials and functional resins in the downstream of chlorine. In terms of “double innovation”, focus on the development of photovoltaic, seawater desalination and other projects. By constructing the industrial layout of “three chain group”, the growth space of the company is further opened.
Risk tips: the construction progress of the project is less than expected, the product price has fallen sharply, the macro-economy has declined, etc.
