\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 141 Hubei Xingfa Chemicals Group Co.Ltd(600141) )
Conclusions and suggestions:
The company released its annual report for 21 years, which realized a revenue of 23.607 billion yuan, yoy + 28.88%, and a net profit attributable to the parent company of 4.247 billion yuan, yoy + 580.61%. Among them, Q4 achieved a revenue of 7.027 billion yuan in a single quarter, yoy + 126.87%, QoQ + 4.45%, and the net profit attributable to the parent company was 1.759 billion yuan, yoy + 572.29%, QoQ + 30.60%. The performance of a single quarter reached a new high. At the same time, the company announced the profit distribution plan and distributed a cash dividend of 5 yuan (including tax) for every 10 shares, with a dividend rate of 1.43%.
The company announced that it plans to issue convertible bonds to raise 2.8 billion yuan for the new 200000 t / a iron phosphate and supporting 100000 t / a wet process phosphoric acid refining technology transformation project.
The performance of China’s “purchasing phosphorus” and “importing silicon” is expected to continue to grow rapidly.
The phosphorus silicon industry is highly prosperous, and the company’s performance has increased significantly: in 2021, benefiting from the recovery after the global economic epidemic, China’s economy continued to recover, the chemical industry ushered in a strong boom cycle, the sales price of the company’s main products increased sharply year-on-year, and the profitability was significantly enhanced. The average price of phosphorus ore / yellow phosphorus / diammonium phosphate / DMC / 107 gum / glyphosate in 21 years is 0.05/2.7/0.3/3.1/3.251000 yuan / ton, yoy respectively + 29% / + 70% / + 39% / + 67% / + 66% / + 129%. In addition, the company’s project construction has achieved remarkable results, and a number of key projects have been started or completed and put into operation, adding strong impetus to the transformation and development. Yidu Xingfa phase II project (400000 T / a ammonium phosphate, 1.2 million T / a sulfuric acid and 400000 T / a phosphoric acid plant) was completed and put into operation. The 400000 T / a synthetic ammonia project of Xingxing Lantian, a joint-stock enterprise, was successfully started at one time. The 10000 t / A electronic grade sulfuric acid project of Xingfu electronics and 15000 T / a electronic grade hydrofluoric acid project of Xingli electronics, a joint-stock enterprise, were put into operation in the first half of the year. The company enjoys the dividend of both volume and price. Subsequently, under the upward trend of grain prices, the prosperity of phosphorus chemical industry is expected to continue, and the price of silicone is expected to remain high. With the superposition of the company’s layout in new energy and electronics, the company’s performance is expected to continue to grow.
The gross profit margin increased significantly and the cost control was reasonable: the rise in product prices led to the thickening of the company’s profits. The company’s gross profit margin in 21 years increased by 20.10pct year-on-year to 33.37%. In terms of expenses, the company increased its R & D investment, the R & D expense rate increased by 1.61pct to 3.65% year-on-year, and the sales expense rate increased by 0.02 percentage points to 1.12% year-on-year; The rate of administrative expenses decreased by 0.11 percentage points year-on-year to 1.51%; Financial expenses decreased by 1.11 PCT year-on-year to 2.04%.
Vigorously invest in new materials and open up growth space: the company plans to issue convertible bonds to raise 2.8 billion yuan for the implementation of 200000 t / a iron phosphate and supporting 100000 t / a wet process phosphoric acid refining technology. After the construction is completed, 200000 t / a iron phosphate capacity will be added, and the original 100000 t / a wet process phosphoric acid capacity will be expanded to 150000 T / A. The company also has Inner Mongolia Xingfa organic silicon new material integrated recycling project (400000 T / a organic silicon monomer Supporting 50000 T / a glyphosate and 300000 t / a caustic soda), Houping phosphate mine 2 million T / a mining project, Xinjiang Xingfa 50000 T / a dimethyl sulfoxide phase II project, Xingfu electronics 70000 t / a electronic grade sulfuric acid and 10000 t / a electronic grade hydrogen peroxide project, which will become a new profit growth point of the company after being put into operation.
Profit forecast: it is estimated that the company will realize a net profit of RMB 4.727/5.145 billion in 2022 / 2023, yoy + 11% / 9%, equivalent to EPS of RMB 4.25/4.63. At present, the PE corresponding to the share price of A-Shares is 8 times and is rated as “buy”.
Risk tips: 1. The price of the company’s products is lower than expected; 2. The release of new production capacity is less than expected;
