\u3000\u3 China Vanke Co.Ltd(000002) 643 Valiant Co.Ltd(002643) )
Core conclusion
The company released the annual report of 2021. In 2021, the company achieved a revenue of 4.359 billion yuan, a year-on-year increase of 49.36%, a net profit attributable to the parent company of 627 million yuan, a year-on-year increase of 24.16%, a gross profit margin of 36.49%, a year-on-year increase of -8.39pct, a net profit margin of 15.83%, and a year-on-year increase of -3.06pct; Among them, 2021q4 achieved a revenue of 1.133 billion yuan, a month on month ratio of + 17.05% / – 19.93%, a net profit attributable to the parent company of 134 million yuan, a month on month ratio of – 14.1% / – 29.8%, a gross profit margin of 36.09%, a month on month ratio of -11.12pct / + 3.30pct, a net profit margin of 13.25%, and a month on month ratio of -3.59pct / – 1.26pct. In addition, the company expects to realize a net profit attributable to the parent company of 210250 million yuan in 2022q1.
The volume and price of all sectors rose simultaneously, and the gross profit margin fell slightly due to the rise in the price of raw materials. In 2021, the revenue of functional materials was 2.749 billion, a year-on-year increase of + 20.49%; The sales volume was 7129 tons, a year-on-year increase of + 11.8%; The average price of the product reached 385600 yuan / ton, a year-on-year increase of + 7.8%, and the gross profit margin was 42.12%, a year-on-year increase of -2.8pct. 4000 tons of zeolite series environmental protection materials were put into operation in 2021. With the superposition of the national six standards implemented in the second half of 2021, the performance of the company’s environmental protection materials was released one after another. In addition, electrolyte additive materials for lithium batteries have been supplied in 2021. In 2021, the revenue of the big health sector was 1.572 billion yuan, a year-on-year increase of + 156.17%; The sales volume was 199 tons, a year-on-year increase of + 86.0%; The average price of the product reached 7.8995 million yuan / ton, a year-on-year increase of + 37.7%, and the gross profit margin was 26.5%, a year-on-year increase of -18.7pct. MP, an overseas subsidiary, realized the sales of covid-19 antigen detection kit in Europe, Australia and other regions in 2021. Meanwhile, norfloxacin of Wanrun pharmaceutical entered the fourth batch of national centralized drug procurement catalogue, viagliptin tablets obtained registration approval according to the new requirements, and olmesartan axetil tablets obtained production approval. The big health business achieved multi-point flowering.
New products such as photoresist, polyimide and electrolyte additives have been gradually implemented, and the product matrix of electronic information materials, environmental protection materials and great health industry has been further improved. In addition, the company plans to invest 1.805 billion in Penglai to expand electronic information materials, special engineering materials and new energy materials.
Investment suggestion: the company is a leading enterprise in the field of liquid crystal materials and vehicle zeolites. At the same time, it has entered new high-speed growth tracks such as electrolyte additives and photoresists. The company is expected to realize a net profit attributable to the parent company of RMB 843 / 1065 / 1199 million from 2022 to 2024, maintaining the “buy” rating.
