\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 426 Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) )
Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) released the annual report of 2021: the annual operating revenue was 26.636 billion yuan, yoy + 103.10%, and the net profit attributable to the parent company was 7.254 billion yuan, yoy + 303.37%.
Relying on clean coal gasification technology, the company continued to improve the comprehensive utilization capacity of resources, gave full play to the flexible polygeneration business model of circular economy of "one head and multiple lines", timely switched the production and operation mode according to the market conditions of various products, realized the long-term full load and efficient operation of production devices, led the full production and sales of products, and significantly improved the profitability of the company.
From the income side, the price of main products rose, driving the company's performance to rise sharply. Benefiting from the general rise in the price of chemical products and the incremental contribution of new production capacity of some products, the sales revenue of the company's new material related products, organic amines, fertilizers, acetic acid and derivatives in 2021 was 11.556 billion yuan, 5.918 billion yuan, 4.141 billion yuan and 3.463 billion yuan respectively, with a year-on-year increase of 149.41%, 142.38%, 23.65% and 143.08% respectively.
From the profit side, the company's comprehensive gross profit margin increased significantly by 14.12 percentage points to 35.49%, driving a significant increase in net profit. Among them, the gross profit margin of new material related products increased by 21.62 percentage points to 25.56%, that of organic amines increased by 11.47 percentage points to 53.73%, that of acetic acid and derivatives increased by 30.29 percentage points to 53.57%, and that of fertilizers increased by 2.20 percentage points to 28.86%. In terms of profit margin, the company's profitability remained at a high level. In 2021, the net interest rate was 27.23%, with a year-on-year increase of 13.52 percentage points, and the roe was 32.59%, with a year-on-year increase of 20.96 percentage points, which proved the company's ability of "one head and multiple lines" to reduce costs and increase efficiency.
The company also announced the pre increase of performance in the first quarter of 2022: the expected net profit attributable to the parent company is 2.25 ~ 2.45 billion yuan, with a year-on-year increase of 43 ~ 55%. The substantial increase in performance was mainly due to the year-on-year increase in the price of leading products. In addition, a series of technical transformation projects for increasing production and improving quality of dimethyl carbonate, caprolactam and supporting devices were completed and put into operation, providing an increment for the company's operation.
The "double base" layout defines the growth path of the company in the 14th five year plan. The company's core competitiveness - production cost control ability has not changed significantly, and has maintained strong profitability under the background of the overall prosperity of the chemical industry. At present, the company has entered a new round of growth cycle. According to the strategic positioning of "local high-end, seeking new chapters in different places", on the one hand, the company continues to implement new project construction and technical transformation and upgrading of old projects in Dezhou base, and reserves follow-up projects such as new energy and degradable plastics to extend the industrial chain; On the other hand, the company has seized the opportunity to lay out the second base in Jingzhou. At present, it has entered the stage of comprehensive construction. The project construction of the new base is of great significance to the medium and long-term development of the company and opens up the growth space of the company.
Profit forecast and investment rating of the company: the company gives full play to the advantages of flexible polygeneration of "one head and multiple lines" circular economy, and continuously improves the ability to reduce costs and increase efficiency. At the same time, new products will be launched one after another in the future to improve the profitability of the company. Based on the company's 2021 annual report, we adjusted the company's profit forecast from 2022 to 2024 accordingly. We predict that the net profit of the company from 2022 to 2024 will be 7.726 billion yuan, 8.492 billion yuan and 9.569 billion yuan respectively, corresponding to EPS of 3.66, 4.02 and 4.53 yuan respectively, and the corresponding P / E value of the current stock price will be 9, 8 and 7 times respectively. Maintain a "strongly recommended" rating.
Risk warning: the construction progress of the project is less than expected; The prices of raw materials and products fluctuated sharply.
