\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 426 Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) )
Performance
On March 29, the company released its annual report, realizing an operating revenue of 26.636 billion yuan, a year-on-year increase of 103%, and a net profit attributable to the parent company of 7.254 billion yuan, a year-on-year increase of 303%.
Analysis
The company maintained steady development and steadily released its performance. The company has previously released a performance express. The company realized a net profit attributable to the parent company of 1.642 billion yuan in the fourth quarter of last year, and the company is expected to realize a net profit attributable to the parent company of 2.25-2.45 billion yuan in the first quarter, which remains at a high level. In the fourth quarter of last year, the company experienced the process of falling after the coal price soared sharply. The first in first out method and the rising cost reduced the overall profit space slightly. The overall gross profit margin in the fourth quarter was about 26.54%, down from the month on month. However, in the first quarter, the price of raw coal was stable, and the company’s products generally showed a stable and positive operation trend. In addition to the short-term impact of the Winter Olympic Games on the surrounding areas, the company maintained high load operation as a whole, Drive the company’s single quarter profit to a new high.
The overall range of product price fluctuation is relatively controllable, and multi product linkage production is expected to exert pressure on part of the cycle fluctuation. In the short term, some of the company’s products, such as acetic acid, have experienced the influence of factors such as the inventory of the industry during the Spring Festival, and the price has dropped. The price of some upstream materials of new energy has also been adjusted reasonably with the gradual release of supply. Although the price has fluctuated partially, the company’s overall self-regulation ability is relatively strong. The company has a linkage production line of ammonia and alcohol and a multi product configuration basis in the same industrial chain, Due to the drastic fluctuation of the situation at home and abroad and the disturbance of China’s epidemic, it is expected to switch to more rigid demand fields, and disperse the fluctuation risk of a single product by adjusting the production proportion, so as to drive the profit to be relatively stable.
The construction project has been steadily promoted, and a good foundation has been gradually built in the field of new materials. Based on the orderly production and operation of existing projects, the company continues to promote the extended layout of the field of new materials. This year, the company’s caprolactam, nylon 6 and DMC projects will contribute to the increment. Next year, the new phase of the new material project of the headquarters and the second base project in Hubei are expected to be put into operation successively. On the one hand, the company extends the product types and expands the development space, on the other hand, it continues to maintain the advantageous project foundation of the company and stabilize the cornerstone of development, Drive the company to achieve steady and sustainable development.
Investment advice
The company maintained good profitability in the first quarter. Although there is pressure to adjust the prices of some high priced products, the overall profitability control ability of the company is relatively strong. At the same time, the company continues to have projects put into operation to drive the development of the company. It is predicted that the net profit attributable to the parent company in 20222024 will be 7.307, 8.067 and 9.743 billion yuan respectively, EPS will be 3.46, 3.82 and 4.61 yuan respectively, and the corresponding PE will be 9.5, 8.1 and 6.7 times respectively, maintaining the “buy” rating.
Risk tips
Geopolitical changes and the risk of large fluctuations in crude oil prices; The construction progress of the second base is not up to expectations; Impact of policy changes; Risk of large fluctuations in raw materials and products.
