\u3000\u3 China Vanke Co.Ltd(000002) 254 Yantai Tayho Advanced Materials Co.Ltd(002254) )
The event company released its 2021 annual report and realized an operating revenue of 4.404 billion yuan in 2021, with a year-on-year increase of 80.41%; The net profit attributable to the parent company was 966 million yuan, a year-on-year increase of 270.45%; Deduct the net profit not attributable to the parent company of 851 million yuan, with a year-on-year increase of 332.38%; The basic earnings per share is 1.41 yuan / share.
The main products, especially the high boom of spandex and the large volume of aramid, helped the company achieve a new high performance in 2021. In 2021, the company sold 456.78 million tons of spandex, a year-on-year decrease of 12.9%, mainly due to the impact of relocation and other factors. However, due to the high boom market of spandex, the profitability of the company has been greatly improved; In terms of gross profit margin, the gross profit margin of spandex in 2021 was 35.50%, with a year-on-year increase of 19.51 percentage points. In terms of aramid fiber, the company achieved sales of 116.68 million tons, a year-on-year increase of 71.0%; The gross profit margin was 40.31%, with a year-on-year increase of 5.43 percentage points. Overall, the company’s gross profit margin reached 37.22%, an increase of 13.97 percentage points year-on-year; The prosperity of the industry combined with the large volume of aramid fiber has helped the company achieve a record high performance in 2021.
The company’s Spandex double base development maintained a certain industry voice. Under the epidemic situation, the demand for elastic fabrics such as sports / leisure clothing and spandex for health and epidemic prevention increased significantly, which led to a round of high prosperity in the spandex industry. In particular, the supply was in short supply in the first three quarters. In the fourth quarter, with the release of new production capacity and weak demand, the price gradually decreased. The company steadily promoted the dual base strategic layout of Yantai and Ningxia, improved the efficiency of new production capacity, dynamically adjusted the product structure, gave priority to ensuring the supply of high-profit products, and helped the annual performance to a new high. At the same time, focusing on the long-term development of the enterprise, we have orderly promoted the construction of new production capacity and the replacement of old production capacity, which has laid a foundation for maintaining the competitiveness of spandex business.
The aramid fiber of the company continues to increase its weight, and plans to build an international leading project with raised investment, benefiting from the growth of demand and domestic substitution. The aramid fiber business of the company will develop well in 2021. In terms of intermediate aramid fiber, the company focuses on ensuring the supply of high-end fields such as protection and appropriately reducing the sales volume of low-end fields; In the aspect of para aramid fiber, we focus on outdoor optical cables, composite materials and other fields, and continue to expand market share. Among the companies, aramid fiber was produced at full capacity, and the production and sales volume reached the best level in history; With the full release of the production capacity of Ningxia Park, the production unit is fully loaded and operates stably. At the same time, the demand of overseas market has been rapidly increased. Downstream protection and other fields will give birth to a new opportunity period for the development of aramid fiber. The company plans to vigorously implement the layout of aramid industry through new construction of raised investment projects and technical transformation of projects, so as to lay a production capacity foundation for enhancing international competitiveness. If the planned production capacity is put into operation as scheduled, the production capacity of bit aramid, para aramid and aramid paper among companies will reach 20000, 21500 and 3000 tons / year respectively by 2024, so as to realize the transition from China’s leader to international leader.
According to the investment proposal, the company’s revenue from 2022 to 2024 is expected to be 5.83 billion yuan, 7.24 billion yuan and 8.79 billion yuan respectively, with a year-on-year change of 32.3%, 24.2% and 21.5%; The net profit attributable to the parent company was 1.0 billion yuan, 1.08 billion yuan and 1.46 billion yuan respectively, with a year-on-year change of 3.6%, 7.6% and 35.4%; EPS (excluding dilution of share capital) is 1.46, 1.57 and 2.13 yuan respectively, and the corresponding PE is 11.1, 10.4 and 7.6 times respectively. Optimistic about the investment opportunities brought by the increase in Aramid demand and import substitution, and maintain the “recommended” rating.
The risk indicates that the downstream demand is less than expected, the price of raw materials rises sharply, and the output of new projects is less than expected.
