\u3000\u3 China Vanke Co.Ltd(000002) 597 Anhui Jinhe Industrial Co.Ltd(002597) )
Anhui Jinhe Industrial Co.Ltd(002597) released the annual report of 2021. In 2021, the company achieved a revenue of 5.845 billion yuan, a year-on-year increase of + 59.44%, and a net profit attributable to the parent company of 1.177 billion yuan, a year-on-year increase of + 63.82%; Among them, Q4 achieved a revenue of 1.826 billion yuan, a year-on-year increase of + 91.40%, a month on month increase of + 18.19%, and a net profit attributable to the parent company of 464 million yuan, a year-on-year increase of + 150.06%, a month on month increase of + 69.18%; The annual and quarterly revenue and profit levels reached record highs.
The measurement prices rose in the four seasons, and the revenue and profit of a single quarter reached a new high
We believe that, on the one hand, the high increase in annual performance is related to the significant rise in the price of the company's products. On the other hand, the release of the company's 5000 tons of sucralose capacity and its high load also provided a volume increase. The measurement prices in the four seasons rose together, and the revenue and profit reached a record high.
Price: in 2021, the average tax inclusive prices of sucralose, acesulfame, methyl malt powder and ethyl maltol were 27.12/7.21/11.3105000 yuan / ton respectively, which was significantly higher than that in 2020; In the fourth quarter, the product price reached a new high in recent years. The highest price of sucralose, acesulfame, methyl malt powder and ethyl maltol in the fourth quarter was 48.0/9.5/15180000 yuan / ton, with an increase of 140% / 61% / 58% / 117% respectively compared with the low point in the year.
In terms of capacity and output: in the first quarter of 2021, the construction in progress of 5000 tons of sucralose capacity has been converted to fixed assets, completed and reached 80% load in the first half of the year. In addition, the original 3000 tons of capacity has been in full production, and the increment of single product in the whole year has more than doubled. In 2022, there were 5000 tons of methyl ethyl maltol to be put into production. By the end of 2021, the completion rate of construction projects had exceeded 90%.
Q4 Jinhe's profitability is in a good historical state, the expense rate is down, and the contribution of non recurring income is small Anhui Jinhe Industrial Co.Ltd(002597) in 2021, the profitability will recover rapidly, the weighted average roe level will increase from 15.5% in 2020 to 22.09% in 2021, and the ROIC level will increase from 13.08% to 18.44%, which are significantly higher than the level before the epidemic in 2019. In a single quarter, the gross profit margin, net profit margin, roe and ROA levels of Q4 in 2021 reached a new high in the past two years, and showed a quarterly upward trend in the whole year.
The company has completed the construction of chemical + biological dual platform, and only after receiving the fist can it attack hard
In its 2021 annual report, the company has guided the direction of key R & D work in 2021: on the one hand, it should give full play to the comprehensive advantages of the synthetic chemical industry, and on the other hand, it should actively seek breakthroughs in the fields of biological fermentation and synthesis. We believe that the chemical and biological dual platform built by the company has broadened the development direction and product field, and has set up a platform for long-term growth. From the perspective of patent, the company has a number of project reserves for biological fermentation. From the perspective of capital, the company's rich cash reserves and good cash flow provide the basis for capital expenditure. Profit forecast: due to the sharp rise in product prices, we raised the net profit attributable to the parent company in 2022 / 2023 to 1.59/1.9 billion yuan (the previous value was 1.37/1.56 billion yuan), and predicted that the net profit attributable to the parent company in 2024 would be 2.1 billion yuan, corresponding to EPS of 2.83/3.39/3.75 yuan. We maintained the target price of 48.50 yuan / share and maintained the "buy" rating.
Risk warning: the product price has fallen sharply; Safety and environmental protection issues; Product planning development is lower than expected
