\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 141 Hubei Xingfa Chemicals Group Co.Ltd(600141) )
Core view
The performance in 2021 was in line with expectations, and the profit increased sharply. In 2021, the annual revenue was 23.607 billion yuan (+ 28.9%), the net profit attributable to the parent company was 4.247 billion yuan (+ 583.6%), and the net profit not attributable to the parent company was 4.487 billion yuan (+ 609.9%). In the fourth quarter, the single quarter revenue was 7.027 billion yuan (year-on-year + 126.9%, month on month + 4.5%), the net profit attributable to the parent was 1.759 billion yuan (year-on-year + 571.7%, month on month + 30.6%), and the net profit not attributable to the parent was 1.881 billion yuan (year-on-year + 617.9%, month on month + 26.3%). The company's annual revenue and net profit attributable to the parent increased quarter by quarter. The annual gross profit margin increased by 17.2pp to 33.4%, and the net profit margin increased by 14.6pp to 18.0%. The performance was in line with expectations.
Benefiting from the high prosperity of main products, the completion and operation of key projects, and the explosive growth of performance. The explosive growth of the company's performance is due to (1) the high boom of glyphosate products. The annual revenue of the sector is 7.55 billion yuan (+ 71.1%), the gross profit margin is 39.8% (+ 20.9pp), the output is 166000 tons (+ 3.1%), and the average price is 37380 yuan / ton (+ 95.9%, including preparations); The annual revenue of the subsidiary Taisheng chemical was 6.44 billion yuan (+ 41.3%), and the net profit was 1.33 billion yuan (+ 2664.6%). (2) Silicone products are booming. The annual revenue of the sector is 5.22 billion yuan (+ 98.1%), the gross profit margin is 33.7% (+ 7.6pp), the output is 168000 tons (+ 24.1%), and the average price is 26326 yuan / ton (+ 50.6%). The subsidiary Xingrui silicon materials had an annual revenue of 6.97 billion yuan (+ 82.1%) and a net profit of 1.63 billion yuan (+ 311.1%). (3) During the year, 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 company, was successfully started at one time at the end of the second quarter; The 10000 t / a electronic grade sulfuric acid project of Xingfu electronics and the 15000 T / a electronic grade hydrofluoric acid project of Xingli electronics, a joint-stock enterprise, were put into operation ahead of schedule in the first half of the year.
The company has arranged iron phosphate production capacity, and the operation of new projects is expected to contribute to performance growth. With 51% equity participation, the company has established a joint venture with Zhejiang Huayou Cobalt Co.Ltd(603799) to invest and build a 300000 t / a iron phosphate project in Yidu city. The phase I 100000 t / a iron phosphate project is expected to be put into operation by the end of 2022. 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, as well as Xingfu electronic 70000 T / a electronic sulfuric acid and 10000 t / a electronic hydrogen peroxide projects have been steadily promoted. After the project is put into operation, it will become a new profit growth point of the company.
Risk tip: the product price fluctuates sharply, and the launch progress of new capacity is less than expected.
Investment suggestion: raise the profit forecast and maintain the "buy" rating.
Raise the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 6 / 64 / 6.6 billion yuan (the original value is 4.9/5.2 billion yuan, and the profit forecast for 2024 will be added), with a year-on-year growth rate of 41 / 6 / 3%; Diluted EPS = 5.39/5.72/5.88 yuan, and the current share price corresponds to PE = 6.1/6.1/6.0x. The company is a leading enterprise in China's phosphorus chemical industry and organic silicon industry. It lays out new materials such as wet electronic chemicals and iron phosphate. It is optimistic about the long-term growth space of the company and maintains the "buy" rating.
