\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 299 Bluestar Adisseo Company(600299) )
Bluestar Adisseo Company(600299) released the annual report of 2021: the annual operating revenue was 12.869 billion yuan, yoy + 8.05%, and the net profit attributable to the parent company was 1.472 billion yuan, yoy + 8.88%.
From the revenue side, the company’s revenue has achieved stable growth, mainly due to the good growth of the two businesses. ① The revenue of functional products increased by 6% year-on-year, mainly due to the increase of product prices. Among them, the promotion of liquid methionine achieved good results, and the sales increased significantly by 23%; ② The revenue of special products increased by 12% year-on-year, mainly due to the rapid growth of sales volume.
From the profit side, the operating efficiency of the company was improved. Under the condition of declining gross profit margin, the net profit achieved a growth rate slightly higher than that of revenue. Due to the sharp rise in raw material prices and energy costs, the company’s comprehensive gross profit margin fell by 4 percentage points to 34%. However, at the same time, the company’s continuous operation efficiency improvement plan helped the company to reduce additional recurrent costs by about 165 million yuan, partially offsetting the sharply rising freight costs, continuous investment in sales and marketing, and increased investment in R & D and innovation.
The methionine production capacity of the company continues to improve and is expected to remain in the first echelon in the world. Despite the situation of new entrants and new production capacity of original manufacturers, Bluestar Adisseo Company(600299) successfully increased the market share of methionine from 24% to 27% between 2012 and 2017, and continued to consolidate its existing market share in recent years. At present, the company has two production platforms, located in Europe and Nanjing, China. ① In terms of European factories, the European production platform expansion project has successfully increased the total annual production capacity of 80000 tons, and has achieved full capacity production; ② In terms of China’s Nanjing plant, the phase II project with a capacity of 180000 tons of liquid methionine is expected to be put into trial production in the second half of 2022. It is expected that the project will form a synergistic effect with the existing Nanjing plant, reflecting a stronger advantage of economies of scale. In addition, in order to meet the growing needs of customers, the company has launched a feasibility study on the next liquid methionine production platform. We expect that the company will further expand its production capacity through continuous industrial investment and continue to maintain its leading position in the world’s first echelon in the future.
Actively promote the “double pillar” strategy and open up long-term growth space. In recent years, the company has been actively implementing the “double pillar” strategy, that is, while continuously consolidating the leading position of methionine industry, accelerating the development of special business. As the second business pillar of the company, the company is actively developing special products business. In 2021, the proportion of special products business in total revenue has increased to about 24%. The new Aidi company acquired and integrated by the company is highly complementary to Bluestar Adisseo Company(600299) company in product portfolio, animal category and target market, which helps Bluestar Adisseo Company(600299) build an integrated solution. The joint venture kaidisu company helps the company enter the Asian aquaculture market. At present, the joint venture is steadily promoting Feikang as planned ® The first large-scale production unit project of innovative protein products. At present, the construction of the project has been completed by 87%, and the preparation for trial operation is proceeding as planned. The company will continue to actively take advantage of external M & A opportunities to accelerate growth in the future.
Profit forecast and investment rating of the company: the company actively implements the “double pillar” strategy, continuously consolidates the leading position of methionine industry and speeds up the development of special business. 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 1.709 billion yuan, 1.919 billion yuan and 2.165 billion yuan respectively, and the corresponding EPS will be 0.64, 0.72 and 0.81 yuan respectively. The corresponding P / E value of the current stock price will be 16, 14 and 12 times respectively. Maintain a “strongly recommended” rating.
Risk tip: product price decline; The new production capacity of the industry is put in too fast; The demand of feed industry declined.
