Anhui Jinhe Industrial Co.Ltd(002597) it is expected that the net profit in the first quarter will double year-on-year, and it is expected to hit a new high of single quarter profit since listing

On the evening of March 23, the leading sweetener Anhui Jinhe Industrial Co.Ltd(002597) ( Anhui Jinhe Industrial Co.Ltd(002597) ) released the performance forecast for the first quarter. The company expects to achieve a profit of 420470 million yuan in the first quarter of 2022, with a year-on-year increase of 99.81% - 123.59%; The net profit after deducting non-profit was 430480 million yuan, with a year-on-year increase of 117.10% - 142.34%. Also released along with the performance forecast is the company's repurchase report, which plans to spend 75 million yuan to 150 million yuan to repurchase shares for the later implementation of employee stock ownership plan or equity incentive.

Two days ago, Anhui Jinhe Industrial Co.Ltd(002597) just disclosed the 2021 annual report, which recorded revenue and net profit of 5.845 billion yuan and 1.177 billion yuan respectively, with a year-on-year increase of about 60%. Since the second half of last year, the growth of the company's performance has accelerated significantly. In the fourth quarter, the net profit in a single quarter was 464 million yuan, a year-on-year increase of more than 150% and a month on month increase of 69%, setting a new high of single quarter profit since listing. In the first quarter of this year, Anhui Jinhe Industrial Co.Ltd(002597) continued its high growth trend. If the net profit finally reached the upper limit of the performance forecast range of 470 million yuan, it will refresh the single quarter profit record again.

For the reasons for the performance growth, Anhui Jinhe Industrial Co.Ltd(002597) said that it was mainly due to the project reaching production capacity and the increase of the selling price of main products. Specifically, the project with an annual output of 5000 tons of sucralose in the first quarter of this year has reached full production, and the production, sales and selling price of sucralose have increased by varying degrees year-on-year; At the same time, in the context of rising prices of bulk raw materials and energy and increasing production costs, the company timely raised the prices of main products, raising the overall profit level.

Focusing on the R & D, production and sales of food additives, bulk chemicals, pharmaceutical intermediates and other products, Anhui Jinhe Industrial Co.Ltd(002597) has formed a strategic layout and product line layout for food and beverage, medicine and health and other industries. Bulk chemicals can provide sufficient raw material guarantee for sweeteners and industrial products, and they share auxiliary production systems. While reducing costs, the advantages of industrial chain integration are prominent. As a leading manufacturer of sweeteners, Anhui Jinhe Industrial Co.Ltd(002597) Acesulfame has an annual production capacity of 12000 tons, accounting for 60% of the global total production capacity, which is basically in an oligopoly position. After the project with an annual output of 5000 tons of sucralose is completed and put into operation in 2021, the sucralose production capacity will reach 8000 tons, accounting for 50% of the global total production capacity. The project with an annual output of 5000 tons of methyl ethyl maltol has been basically constructed and installed. After the subsequent gradual operation, it is expected that the maltol production capacity will account for 50% of China. In 2021, Anhui Jinhe Industrial Co.Ltd(002597) the food additives sector dominated by sweeteners contributed 3 billion yuan of revenue, accounting for 51.82% of the overall revenue.

Since the third quarter of last year, Anhui Jinhe Industrial Co.Ltd(002597) has adjusted the prices of main products, and the profit level has risen sharply. In the second half of last year, the company achieved a net profit of 738 million yuan, an increase of 68% over the first half of last year. In terms of product price, the price of sucralose in the rapid release of production capacity continued to rise, with the highest quotation in the market reaching 480000 / ton, and the average price in the second half of the year increased by 131000 yuan month on month; The overall average price of Acer honey, methyl maltol, ethyl maltol and other food additives increased by more than 10% year-on-year in 2021.

At the end of last year, Anhui Jinhe Industrial Co.Ltd(002597) once said on the interactive easy platform that the demand for beneficiary products continued to grow rapidly, the company's production capacity was basically in full capacity, and the market supply and demand were in a tight balance at this stage. According to the data, the designed capacity of the company's food manufacturing products is 31400 tons, and the capacity utilization rate in 2021 is 94.22%; The inventory of food manufacturing products also decreased significantly, specifically 316506 tons, with a year-on-year decrease of 34.14%.

In terms of industrial chain planning, Anhui Jinhe Industrial Co.Ltd(002597) while making horizontal layout to the fields of daily chemical spices and medical intermediates to create a new growth pole, Anhui Jinhe Industrial Co.Ltd(002597) extends vertically to the upstream raw materials to reduce costs. In 2021, the company's 4500 T / a Jiale musk solution project and 1000 t / a furan ammonium salt project were completed and put into operation; The 40000 ton plant under construction in the second phase of Acer chloride, the upstream material of sucralose, has started construction, and it is decided to build a 30000 ton DMF project in Shangma. At present, relevant administrative approval is being promoted.

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