\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 299 Bluestar Adisseo Company(600299) )
Event: the company released its annual report on March 30, 2022. In 2021, the operating revenue was RMB 12.869 billion, a year-on-year increase of 8.05%, the net profit attributable to the parent company was RMB 1.472 billion, a year-on-year increase of 8.88%, and the net profit not attributable to the parent company was RMB 1.482 billion, a year-on-year increase of 8.08%. The net profit attributable to the parent company was RMB 2024.4 billion, with a year-on-year increase of RMB 1.681 billion and a month on month decrease of 1.627%, with a net profit attributable to the parent company of RMB 2024.4 billion, a year-on-year decrease of 1.627% and a month on year decrease of 1.627%.
Comments:
The annual performance improved steadily, and Q4's revenue was the best in history. In 2021, the company realized a net profit attributable to the parent company of 1.472 billion yuan, an increase of 8.88% year-on-year,; Q4 achieved a revenue of 3.526 billion yuan in a single quarter, a year-on-year increase of 16.39% and a month on month increase of 4.81%. In terms of profitability, the gross profit margin of the company in 2021 was 34.15%, a year-on-year decrease of 3.8pct, the net profit margin was 11.93%, a year-on-year decrease of 0.47pct, and the roe was 10.44%, a year-on-year increase of 0.75pct; In 2021q4, the gross profit margin was 21.70%, a year-on-year decrease of 12.28pct, a month on month decrease of 16.09pct, the net profit margin was 7.21%, a year-on-year decrease of 2.19pct, a month on month decrease of 6.64pct, roe was 1.57%, a year-on-year decrease of 0.27pct and a month on month decrease of 1.54pct. In terms of period expenses, the total period expense rate of the company in 2021 was 17.09%, a year-on-year decrease of 3.07pct. Among them, the sales expense rate was 9.30%, a year-on-year decrease of 1.80pct, the management expense (including R & D expenses, comparable caliber) rate was 7.65%, a year-on-year decrease of 0.18pct, and the financial expense rate was 0.13%, a year-on-year decrease of 1.1pct.
Global operations improve efficiency and product prices ease pressure. The purchase cost of the company's main raw materials, including propylene (95%), methanol and sulfur, increased by 40%, 51% and 75% respectively during the reporting period. According to wind, the average prices of propylene, methanol and sulfur in the fourth quarter increased by 8.7%, 40.89% and 151.49% year-on-year respectively, and increased by 3.19%, 8.55% and 19.49% month on month. In this context, with its global sales network and balanced industrial layout, the company actively manages product prices and continuously improves its operation efficiency, which helps the company achieve year-on-year growth in annual revenue and profits. The improvement of operation efficiency helps the company reduce additional recurrent costs and expenditures by about RMB 165 million. In the first quarter of 2022, although propylene and sulfur still rose month on month, the market price of methanol fell, down 5.23% month on month. On the one hand, the company can flexibly adjust the product sales volume and price. On the other hand, we believe that the price of methionine is expected to rise and the pressure on the company's performance is expected to be alleviated in the future due to multiple factors such as the top-down transmission of price caused by the rise in the price of European natural gas and the increase in the demand for high methionine feed formula caused by the rise in the price of soybean meal.
The second phase of the project will be put into trial operation, and the position of methionine giant will be further consolidated. In 2021, the company's operating revenue increased by 8%, mainly due to the year-on-year increase of 23% in the sales of liquid methionine and 12% in the sales of special products. The company's methionine production capacity is 490000 tons / year, and its market share ranks second in the world, among which it ranks first in the field of liquid methionine. At present, the liquid methionine phase II project of Nanjing factory with an annual capacity of 180000 tons is progressing smoothly, 6 million hours have been achieved without accidents, the civil engineering of the project has been completed, and the completion rate of the construction project has exceeded 99%, entering the pre commissioning stage. It is expected to be put into trial operation in the second half of 2022. The completion of phase II project will help the company better meet the growing needs of customers and further improve cost-effectiveness. According to China feed industry information network, with the steady growth of methionine market demand, the reasonable penetration rate of global liquid methionine is about 50%, and the company's penetration rate and market share are expected to be further improved. Special products have developed rapidly, new projects have been promoted, and the growth space has been widened. The company has been actively implementing the "double pillar" strategy and accelerating the development of special business while continuously consolidating the leading position of methionine industry. 2021 company
The revenue of special products increased by 12% year-on-year, mainly due to: 1 Sales in China and Latin America increased significantly, with a year-on-year increase of 62% and 16% respectively; 2. Driven by the US and Chinese markets, the ruminant products business maintained double-digit sales growth of 15%; 3. Integration of selenium business and stable growth of health benefits of amelco 3; 4. The global palatable products business and aquatic products business increased by 11% and 13% respectively year-on-year; 5. The digestive performance products business benefited from the further improvement of market penetration and achieved double-digit sales growth in the fourth quarter. At the end of October 2021, the company launched enzyme preparation product luozhenbao phyplus, which will bring growth to the business of promoting digestive performance products in 2022. At the same time, the company has launched the capacity expansion and optimization project of European special products at the end of 2021 to support business growth, optimize production layout and improve customer service level. In addition, kaidisu, a joint venture established by Bluestar Adisseo Company(600299) and Kellers, is steadily advancing fikang as planned ® The first large-scale production unit project of innovative protein products is expected to start sales by the end of 2022. The accelerated development of the company's second pillar business will further broaden the company's growth space.
Profit forecast: considering that the company's methionine phase II project is about to run and the rapid development of special products will broaden the growth space, we adjust the company's profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.889 billion yuan (formerly 1.799 billion yuan), 2.196 billion yuan (2.058 billion yuan), 2.428 billion yuan (New), and EPS will be 0.70 yuan (formerly 0.67 yuan), 0.82 yuan (formerly 0.77 yuan) and 0.91 yuan (New), Give a "buy" rating.
Risk tips: risks of sharp fluctuations in raw material prices, decline in product prices, failure of capacity construction and release to meet expectations, less than expected development of special products, and untimely update of information and data used in the research report
