Relying on the large chemical industry platform of upstream "refining + ethylene + coal", the synergy of the whole industry chain model of "Petrochemical aircraft carrier" Hengli Petrochemical Co.Ltd(600346) ( Hengli Petrochemical Co.Ltd(600346) . SH) began to become more and more significant.
On the evening of April 6, Hengli Petrochemical Co.Ltd(600346) released the annual report for 2021. During the reporting period, the operating revenue reached 19.97 billion yuan, an increase of 30% year-on-year; The net profit attributable to the parent company was 15.531 billion yuan, a year-on-year increase of 15%.
Everbright Securities Company Limited(601788) research report believes that benefiting from the sharp rise in crude oil prices in 2021, Hengli Petrochemical Co.Ltd(600346) the outlook of the "refining chemical fiber" industrial chain continues to rise. The company's downstream functional films, biodegradable new materials and other products maintained a higher price difference and profitability, and the profitability of differentiated fiber varieties such as civil and industrial polyester yarn accelerated the repair, contributing to the steady growth of performance in 2021.
It is worth noting that the layout of Hengli Petrochemical Co.Ltd(600346) to the lithium battery field is regarded by the market as its strategy to create a "quadratic growth curve".
the performance in the fourth quarter of last year decreased month on month
Statistics show that Hengli Petrochemical Co.Ltd(600346) is a backdoor large rubber and plastic that landed in the A-share market in March 2016. The company's main business has covered a wide range of production and consumption needs such as refining and chemical, coal chemical, petrochemical, aromatics, olefins, PTA, ethylene glycol, methanol, polyolefins, differentiated fibers, green engineering plastics, functional films, degradable new materials and the application of various high-end chemical new materials, It has realized the "double cycle" pattern of coordinated development of "big chemical" platform and "new materials" business.
Since the backdoor listing, Hengli Petrochemical Co.Ltd(600346) 's performance has shown a continuous upward trend.
According to the data, from 2016 to 2021, Hengli Petrochemical Co.Ltd(600346) the operating revenue increased from 19.240 billion yuan to 19.970 billion yuan, with a compound annual growth rate (CAGR) of 59.4%; The net profit attributable to the parent company increased from RMB 1.180 billion to RMB 15.531 billion, with a CAGR of 67.44%.
Although the performance in 2021 was good, the financial data of Hengli Petrochemical Co.Ltd(600346) last year's fourth quarter was not so. In the first three quarters, especially when the revenue was almost the same, the net profit attributable to the parent company in the fourth quarter was significantly lower than that in the third quarter.
In the fourth quarter of 2021, Hengli Petrochemical Co.Ltd(600346) achieved a revenue of 46.482 billion yuan, a year-on-year decrease of 5% and a month on month decrease of 1%; The net profit attributable to the parent company was 2.819 billion yuan, a year-on-year decrease of 21% and a month on month decrease of 31%.
On April 7, the person in charge of Hengli Petrochemical Co.Ltd(600346) said in an interview with 21st Century Business Herald, There are three main reasons: "First, the company's revenue includes not only self-produced and self sold products, but also trade volume, and the trade volume of each quarter is quite different, and the gross profit margin of self-sold products and trade products is quite different. Therefore, the operating revenue of a single quarter can not directly correspond to the profit data of a single quarter; second, the cost pressure in the fourth quarter is greater than that in the third quarter, and the costs of coal and crude oil have increased, while China's economic cycle is in the fourth quarter In the downward stage, the overall demand of the market is weak, which forms a certain phased suppression on the price and price difference of some products; Third, in the fourth quarter, the company carried out routine maintenance of some units in the refinery, and the operating load rate decreased, resulting in product output lower than that in the third quarter. "
In fact, the fluctuation of their crude oil price and crude oil price will directly affect the company's crude oil price.
"The price of raw materials is a fundamental factor in the formation of product prices, but it does not directly determine the price difference and profitability of products. The profitability of related products mainly depends on the supply and demand fundamentals and market conditions of various products." The above-mentioned person in charge of Hengli Petrochemical Co.Ltd(600346) told the 21st Century Business Herald reporter that the price rise of crude oil and raw coal, as the company's main raw materials, will lead to an increase in costs and further spread to various downstream products. "At present, the prices of most products under the company's business system have increased by different ranges."
As for how to resolve the cost pressure caused by the rise in the price of raw materials, the above-mentioned person in charge of Hengli Petrochemical Co.Ltd(600346) said that from the specific business strategy, taking crude oil as an example, in the daily production and operation of the company, by increasing the flexibility of the refinery in the purchase of oil opportunity varieties and the space for the improvement of production capacity and product structure, "In terms of crude oil procurement mode, the company will adopt a flexible way based on long-term contract and combined with short-term cooperation to ensure the reliability of the company's raw material supply and optimize the cost structure of raw materials."
create a "quadratic growth curve"
However, while the performance has increased year by year, the R & D investment ratio of Hengli Petrochemical Co.Ltd(600346) has shown a downward trend in the past four years.
According to the data, from 2018 to 2021, Hengli Petrochemical Co.Ltd(600346) the "R & D expenses / operating revenue (%)" were 1.39, 0.95, 0.54 and 0.51 respectively.
According to the above-mentioned persons in charge of Hengli Petrochemical Co.Ltd(600346) project, the rapid increase in operating income of Hengli Petrochemical Co.Ltd(600346) in recent years is mainly due to the production of large-scale production capacity such as refining and chemical industry and ethylene, and the company's R & D expenses are also increasing year by year, but it is not necessarily directly consistent with the growth of the company's operating income, "It is expected that in the next few years, with the increasing importance of technology R & D and product innovation for the company's development, the company's R & D expenditure will show a relatively large growth trend."
\u3000\u3000 "One of the strategic development focuses of Listed Companies in the future is to continue to grow, deepen and refine the chain thickness of our downstream high-end new materials and fine chemical industry, and constantly improve the R & D attribute, scientific and technological content and technology proportion of the company's chemical business sector. The construction of internal R & D system, the construction and cultivation of industrial transformation mechanism, and the absorption and introduction of external key core technologies and high-end R & D talents are the highlights of our work Breach and starting point. " The above-mentioned person in charge of Hengli Petrochemical Co.Ltd(600346) told the 21st Century Business Herald that the chemical fiber business of the company began to recruit foreign experts in 2005 and established an efficient market R & D mechanism, which not only established Hengli's leading position in technology and innovative R & D ability in the chemical fiber industry, "It has also trained a lot of high-quality engineering and technical personnel and teams for us. In the field of fine chemicals and other new materials business, we will continue to copy this model."
It is undeniable that Hengli Petrochemical Co.Ltd(600346) is creating its own "new profit growth point" in the field of innovation.
Everbright Securities Company Limited(601788) research report pointed out that the 1.5 million ton / year green multifunctional textile new material project invested by Jiangsu Xuanda polymer materials Co., Ltd., a subsidiary of Hengli Petrochemical Co.Ltd(600346) will further enhance the comprehensive competitive strength of the company's polyester chemical fiber whole industry chain; Market layout of degradable plastics of the supporting company for the construction of adipic acid project with an annual output of 300000 tons; On December 26, 2021, the equipment procurement signing ceremony of Hengli Petrochemical Co.Ltd(600346) wet diaphragm production line was held in Hengli (Suzhou) Industrial Park. The subsidiary Kanghui new materials will introduce 12 wet lithium battery diaphragm production lines from Japan Zhipu Machinery Co., Ltd. and Qingdao Zhongke Hualian new materials Co., Ltd., with an annual capacity of 1.6 billion square meters, marking Hengli Petrochemical Co.Ltd(600346) entering the field of lithium diaphragm and increasing the market of chemical new energy materials.
The above Hengli Petrochemical Co.Ltd(600346) relevant person in charge believes that the company will make full use of the continuous empowerment of the upstream "big chemical" platform and the accumulation of years of downstream "new material" development, "top-down" development of new markets for downstream chemical new materials will become the historical mission and core driving force of the company's development in the next five or even ten years, and is expected to promote the building of the enterprise's industrial chain based on new chemical materials and the improvement of scarce production capacity, Serve the national advanced manufacturing and consumption upgrading, and realize the "secondary growth curve" of subversive breakthrough and long-term development under the advantages of core technology, manufacturing process and scale. "These projects, including" high-performance resin and new material project, high-performance polyester project and lithium diaphragm project ", are the specific projects of the company's downstream new chemical material business sector that continues to grow, deepen and refine."
"Petrochemical aircraft carrier" future positioning
In addition to creating a "secondary growth curve", Hengli Petrochemical Co.Ltd(600346) for its future strategic positioning, it is worth paying more attention to.
The above-mentioned person in charge of Hengli Petrochemical Co.Ltd(600346) told the 21st Century Business Herald that the company is making efforts to promote the "deep integration of Internet, big data, artificial intelligence and real economy", develop advanced manufacturing capacity, cultivate new growth points and recreate new kinetic energy for enterprise development. "The company takes' intelligent interconnection 'as another entry point for industrial upgrading and transformation other than the construction of advanced production capacity, and changes the development mode of the enterprise from' demographic dividend 'to' technical dividend 'by means of' machine replacement ',' automatic replacement of machinery ',' complete set replacement of single unit 'and' intelligent replacement of digital '."
The above-mentioned person in charge of Hengli Petrochemical Co.Ltd(600346) told the 21st Century Business Herald that in the 14th five year plan, the company is making full use of the "big chemical" platform integrating upstream "oil, coal and chemical" and the R & D accumulation of "new materials" combining downstream "silk, film and plastic" to "improve the upstream and strengthen the downstream", continue to promote the building of the whole industrial chain based on new chemical materials and the improvement of scarce production capacity, and dig deep into technology, management, cost The dynamic moat built by efficiency and innovation continues to extend to the blue ocean market in the depth of the industrial chain. "The company will make full use of the continuous empowerment of the upstream and the accumulation of the downstream for many years to develop the whole industry chain and new market of downstream chemical new materials from top to bottom, and continue to move forward towards the development direction of a world-class platform based R & D and manufacturing enterprise of new chemical materials."
Everbright Securities Company Limited(601788) research report believes that Hengli Petrochemical Co.Ltd(600346) as the leader of large-scale private refining and chemical industry, the performance of its original business is expected to continue to shine. At the same time, the perfect layout of downstream industrial chain will also bring considerable performance increment and reduce performance volatility, and it will still have high growth in the future. "From the perspective of valuation, as of April 6, 2022, the company's 22-year dynamic PE was only 9 times, and the valuation was at the bottom of history. We believe that at the current time point, the company has the characteristics of 'undervalued value + high growth', and has high investment value."
However, considering the rise of oil price and the increase of cost of Hengli Petrochemical Co.Ltd(600346) as a refining and chemical enterprise, Everbright Securities Company Limited(601788) lowered the profit forecast of Hengli Petrochemical Co.Ltd(600346) from 2022 to 2023 and added the profit forecast of 2024, "It is estimated that the net profit of the company from 2022 to 2024 will be 166.77 (down 21%) / 181.6 (down 23%) / 20.7 billion yuan respectively, and the corresponding EPS will be 2.37/2.58/2.94 yuan / share respectively. The company continues to strengthen the basic support of the upstream" big chemical "platform and gradually improve the layout of the downstream new chemical materials sector. With significant advantages in the whole industrial chain and broad growth prospects, it maintains the" buy "rating."
On April 7, Hengli Petrochemical Co.Ltd(600346) rose 2.34% to close at 21.47 yuan, with a market value of 151129 billion yuan.
