\u3000\u3 China Vanke Co.Ltd(000002) 643 Valiant Co.Ltd(002643) )
The performance is in line with expectations. In 2021, the company achieved an operating revenue of 4.359 billion yuan, a year-on-year increase of 49.36%; The net profit attributable to the parent company is 627 million yuan, with a year-on-year increase of 24.16%. It is expected to distribute a cash dividend of 2.55 yuan (including tax) for every 10 shares to all shareholders. In the first quarter of 2022, the company is expected to realize a net profit attributable to the parent company of 210250 million yuan, with a year-on-year increase of 59.38% - 89.74%. The company plans to invest 1.805 billion yuan to expand the production capacity of electronic information materials, special engineering materials and new energy materials, including 1150 tons / year of electronic information materials, 6500 tons / year of special engineering materials and 250 tons / year of new energy materials.
Key points supporting rating
MP biomedicals, LLC covid-19 antigen rapid detection kit product sales increased rapidly, making the growth rate of revenue significantly higher than that of profit. In terms of products, the company's functional material products achieved an operating revenue of 2.75 billion yuan in 2021, a year-on-year increase of 20.5%; The gross profit margin was 42.12%, a year-on-year decrease of 2.8pcts. The company's big health products achieved an operating revenue of 1.57 billion yuan in 2021, a year-on-year increase of 156.17%; The gross profit margin was 26.5%, a year-on-year decrease of 18.7pcts. During the reporting period, covid-19 antigen rapid detection kit products of MP company, an overseas subsidiary of the company, were registered and sold in Europe, Australia and other regions and countries, contributing to the global fight against the epidemic. MP company achieved an operating revenue of 1.395 billion yuan in 2021, a year-on-year increase of 181%; The net profit was 143 million yuan, a year-on-year increase of 107%. During the reporting period, the price of raw materials rose sharply, and the gross profit margin of MP covid-19 antigen rapid detection kit was lower than that of other products of the company, which was the main reason for the decline of the gross profit margin of the company's major health business. The company's annual management expenses in 2021 were about 307 million yuan, up 33.5% year-on-year, mainly due to the amortization of the implementation of restricted stock incentive plan, and the increase of employee compensation, depreciation and other expenses during the reporting period.
Multiple projects were promoted, and the production capacity was steadily improved. During the reporting period, the two ZB series vehicle zeolite production workshops of the zeolite series environmental protection material construction project launched by the company in 2018 have reached the predetermined usable state in the first half and the second half of 2021 respectively, and the theoretical capacity of the two workshops is about 4000 tons / year in total. The company's new functional material workshop (B01 workshop) located in phase I of Wanrun Industrial Park was put into use in the second half of 2021, which alleviated the problem of insufficient capacity of electronic information materials to a certain extent. The company's B02 workshop completed GMP certification within the reporting period and will be put into use in the future, which will effectively alleviate the problem of insufficient production capacity of the company's pharmaceutical products. At the same time, the company's "65 ton annual photoresist resin series product project" and "Wanrun Industrial Park Phase II C01 project" obtained the EIA approval, and the "Wanrun Industrial Park Phase I project" passed the environmental protection completion acceptance. The company's production and sales of environmentally friendly zeolite materials and liquid crystal materials have increased steadily, OLED materials, photoresist and PI materials, pharmaceutical intermediates and so on have continuously achieved breakthroughs, and the performance is expected to continue to increase.
It is proposed to invest in new material projects and actively layout in many fields. The company plans to invest 1.805 billion yuan in the phase I construction project of cecep Wanrun (Penglai) new materials, mainly including polyimide monomer materials for electronics and display, cleaning agent additive materials in semiconductor manufacturing process, thermoplastic polyimide materials, electrolyte additives for new energy batteries, etc. The construction of the project is expected to be completed within 24 months. After the completion of the construction, it is expected to reach the production capacity in the fourth year and later years. In the year when the project reaches the production capacity, the operating revenue and net profit of the project will be about 1.75 billion yuan and 310 million yuan. Relying on the rich technical experience accumulated in the field of organic synthesis, the company continues to actively layout and empower cross fields in the fields of electronics, environmental protection, medicine and other materials.
Valuation
The performance is in line with expectations, and multiple projects are advancing steadily. It is expected that the earnings per share in 20222024 will be 0.94 yuan, 1.10 yuan and 1.22 yuan respectively, and the corresponding PE will be 20.2 times, 17.2 times and 15.4 times respectively. Maintain buy rating.
Main risks of rating
The project is not put into operation as expected; Large fluctuations in product prices and exchange rate risks.
