\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 210 Shanghai Zijiang Enterprise Group Co.Ltd(600210) )
The company issued 21 annual reports. In the 21st year, the company realized a revenue of 9.529 billion yuan, an increase of 13.2% at the same time; The net profit attributable to the parent company was 553 million yuan, with a decrease of 2.13%; The net profit attributable to the parent company after deducting non profits was 533 million yuan, with a decrease of 0.51%. The company’s main gross profit margin is stable and its toughness is obvious. The land value-added tax of the company was 56.53 million yuan in 21 years and only 3.64 million yuan in 20 years. Seven villas were sold, and some of them were liquidated for land value-added tax, and short-term factors suppressed profits.
Aluminum plastic film business: revenue increased by 58.1% with both volume and price, and the net interest rate of 21h2 increased to 18.9% month on month.
In 2021, the revenue of aluminum plastic film was 365 million yuan, an increase of 58.1% at the same time; The sales volume was 22.168 million square meters, an increase of 48.8% in the same period, of which the sales volume of aluminum-plastic film for power energy storage accounted for 55%; The average price is 16.4 yuan / flat, with an increase of 0.9 yuan / flat; The gross profit margin of aluminum plastic film is 32.44%, with a decrease of 2.75 PCTs;
21h2, the income of aluminum plastic film was 197 million yuan, an increase of 18.0% month on month; The sales volume was 117119 million square meters, an increase of 12.0% month on month; The average price was 16.9 yuan / square, an increase of 0.9 yuan / square month on month; The net interest rate of aluminum plastic film business was 18.9%, with a month on month increase of 1.6pcts; The single average profit was 3.2 yuan / square meter, with a month on month increase of 0.4 yuan / square meter;
Looking at 21q4 alone, the revenue of aluminum-plastic film is 115 million yuan, the sales volume is 6.7807 million square meters, and the average price is 16.9 yuan / square meter;
At the beginning of the 21st century, Zijiang new materials entered the supply chain of Byd Company Limited(002594) DMI blade batteries and opened the application of Chinese soft pack lithium battery materials in square lithium batteries. 21h2 introduced ATL and Byd Company Limited(002594) as strategic investors of Zijiang new materials. At present, the company’s design capacity of aluminum-plastic film is 36.6 million square meters / year, with a capacity utilization rate of 70.9% in 21 years. It has established stable cooperative relations with well-known manufacturers such as ATL, Byd Company Limited(002594) , Guangzhou Great Power Energy&Technology Co.Ltd(300438) , Do-Fluoride New Materials Co.Ltd(002407) and so on. Traditional business: the revenue of various businesses has generally achieved high growth, and the price rise of products covers the rise of bulk raw materials.
In the 21st year, the company’s pet bottles and bottle blanks / crown caps and labels / plastic anti-theft caps / color paper packaging and printing / OEM beverages achieved a revenue of RMB 1.58/14.2/5.04/17.3/796 billion, an increase of 15.7% / 29.8% / 20.3% / 14.2% / 24.5% at the same time;
The comprehensive gross profit margin of the main business in 21 years was 21.06%, an increase of 0.15pct at the same time, and the increase of product prices offset the rise of bulk raw materials.
In terms of volume alone, in 21 years, the company sold 10.856199.74/12.457 billion PET bottle blanks / crown caps / plastic anti-theft caps respectively, with an increase of 23.5% / 13.5% / 15.0%. In addition, color paper packaging and printing and OEM beverages also achieved a year-on-year growth rate of 20% + year-on-year.
Business level: 1 Beverage packaging, consolidate the market share of strategic customers, develop new customers such as Yuanqi forest and happy tea, and establish strategic cooperative relations with Eastroc Beverage (Group) Co.Ltd(605499) ; 2. In the field of daily chemicals, expand the supply category with blue moon, and the bottle embryo of Unilever detergent was put into operation smoothly; 3. Seasoning bag, Qianhe phase III connection, Haitian connection and other projects are progressing smoothly; 4. Dairy products packaging and new cooperation projects with Guangming, cola, Mengniu, CASS and so on have been put into operation smoothly; 5. In the field of printing, strive to develop petrochemical, composite sanitary bag, bubble water and other customers; 6. In terms of paper bags, on the basis of the original exquisite packaging and printing, food packaging products and fine corrugated products, expand the categories of paper cups, paper bags, ordinary corrugated, medical daily chemicals and fast food boxes.
From the perspective of subsidiary companies: 1 Zijiang color printing has met the needs of major customers such as Nestle, and its market share and performance have increased steadily; 2. Zijiang spray aluminum, cigarette card and social card double wheel drive, develop high value-added laser products, consolidate the strategic customer share of cigarette packs, successfully enter the China tobacco market in Gansu, Henan and Hubei, and extend the social card products to a wider application field; 3. Zihua enterprise, for the first time, ranked first in the procurement share of UNIKA and Kimberly’s film suppliers in 21 years, focused on promoting differentiated products in the medical market such as antistatic breathable film, and actively explored new markets in daily chemicals and electronics; 4. For Zidong nylon, the overseas export volume of high-end customers increased by 13.7 times, and the sales volume of Japanese customers in China increased continuously, with the same increase of 47%; 5. Market share of Ziyan alloy, medical and PC sectors increased; 6. Gradually increase the proportion of scattered business in commercial business, and actively promote the construction of information system.
Profit forecast and Valuation: the company’s main business is growing steadily, and the effective transmission cost is rising. Zijiang new material is a leading enterprise in China’s aluminum plastic film industry. Based on the company’s land value-added tax liquidation in 21 years and the reason that short-term factors suppress profits, we reduced the net profit attributable to the parent company from 810 million and 990 million yuan to 660 million and 810 million yuan in 22-23 years. It is estimated that the operating revenue of 22-24 years is 10.92 billion yuan / 12.64 billion yuan / 14.42 billion yuan, an increase of 15% / 16% / 14%, and the net profit attributable to the parent company is 660 million yuan / 810 million yuan / 960 million yuan, an increase of 20% / 22% / 19%, corresponding to PE 14x / 12x / 10, maintaining the “buy” rating.
Risk warning: risk of raw material price change; The future expansion and sales of aluminum plastic film business are less than expected; The listing of Zijiang new materials was less than expected.
