\u3000\u30 Jinzai Food Group Co.Ltd(003000) 37 Shenzhen Capchem Technology.Ltd(300037) )
The net profit attributable to the parent company in 2021 was 1.307 billion yuan, a year-on-year increase of + 152%, in line with market expectations. In 2021, the company’s revenue was 6.951 billion yuan, a year-on-year increase of 134.76%; The net profit attributable to the parent company was 1.307 billion yuan, a year-on-year increase of 152.36%; The net profit deducted from non parent company was 1.233 billion yuan, with a year-on-year increase of 156.17%. The net profit attributable to the parent company in Q4 in 2021 was 439 million yuan, a month on month increase of + 2%, in line with market expectations. In 2021, Q4 company achieved a revenue of 2.482 billion yuan, an increase of 159.81% year-on-year and 29.81% month on month; The net profit attributable to the parent company was 439 million yuan, with a year-on-year increase of 204.72% and a month on month increase of 1.79%.
The company predicts that the net profit attributable to the parent company in Q1 in 2022 will be 482513 million yuan, an increase of 9.9% – 16.9% month on month, exceeding market expectations. The company predicts that the net profit attributable to the parent company in Q1 in 2022 will be 482513 million yuan, with a year-on-year increase of 210% – 230% and a month on month increase of 9.9% – 16.9%, exceeding market expectations. The market demand of battery chemicals business is strong, and the production and sales volume has increased significantly year-on-year, driving the improvement of the company’s profitability. On the other hand, the sales scale of the company’s main products of organic fluorine chemicals business and new fluorine-containing products in semiconductor and other fields has expanded, promoting the improvement of the company’s operating performance.
In 2021, the downstream demand was strong, the revenue and shipment of battery chemicals increased year-on-year, and the high growth trend continued in 2022q1. The company estimates that the sales volume of battery chemicals is 92000 tons. After deducting part of the sales of ethylene glycol, we estimate that the company will ship about 78000 tons in 2021, more than doubling year-on-year, including about 21000 tons of electrolyte in 2021q4, which is the same month on month. Due to the continuous high outlook of the industry, we expect the company’s Q1 shipment to be about 230 Guangdong Advertising Group Co.Ltd(002400) 0 tons, an increase of 15% month on month. In 2022, we expect the company’s electrolyte shipment to further double to 140 Yihua Healthcare Co.Ltd(000150) 000 tons.
The profit of electrolyte business 2h2021 increased significantly and further increased month on month in 2022q1. We expect that the company’s profit per ton of electrolyte in 2021 will be nearly 10000 yuan / ton, with a year-on-year increase of nearly 150%. Among them, the net profit of electrolyte sales of Q4 company is about 300 million yuan, corresponding to a net profit of about 14000 yuan per ton, which is the same month on month. 2h2021 company’s single ton profit increased significantly month on month, mainly benefiting from the increase of self supply proportion and price rise of integrated raw materials. We expect the net profit per ton to further increase in 2022q1, which is expected to be 15000 yuan / ton +, with a month on month ratio of + 10%. The corresponding electrolyte contribution profit is about 350 million yuan, which is slightly higher than the supermarket expectation. Throughout the year, with the company’s solvent production of 65000 tons in 2022 and the smooth transmission of hexafluoride price fluctuations, we expect the profitability to maintain more than 10000 yuan / ton.
Profit forecast and investment rating: taking into account the continued high outlook of the industry, we adjusted the net profit attributable to the parent company from 2022 to 2024 to RMB 1.986/2.637/3.738 billion (originally expected to be RMB 2.005/2.721 billion), an increase of 52% / 33% / 42%, corresponding to PE of 18 / 13 / 9x. We gave 27xpe in 2022, target price of 130 yuan, and maintained the “buy” rating.
Risk tip: intensified competition, price fluctuation of raw materials and supermarket expectation
