\u3000\u3 China Vanke Co.Ltd(000002) 254 Yantai Tayho Advanced Materials Co.Ltd(002254) )
The performance in 2021 is in line with expectations, and the revenue and profit are the highest in history. In 2021, the annual revenue was 4.404 billion yuan (+ 80.4%), the net profit attributable to the parent company was 966 million yuan (+ 270.5%), and the net profit not attributable to the parent company was 851 million yuan (+ 332.4%). Among them, the single quarter revenue in the fourth quarter was 1.122 billion yuan (year-on-year + 48.4%, month on month - 2.9%), and the net profit attributable to the parent company was 234 million yuan (year-on-year + 199.4%, month on month - 19.4%), mainly due to the decline in the prosperity of the spandex industry in the fourth quarter. The annual gross profit margin of the company increased by 14.0pp to 37.2%, the net profit margin increased by 13.8pp to 25.6%, the annual three-year rate decreased by 1.38pp to 5.95%, the R & D cost was 193 million yuan (+ 65.8%), and the revenue accounted for 4.4%.
Benefiting from the high prosperity of spandex industry, aramid production capacity is released and grows rapidly. The annual revenue of the company's Spandex sector was 2.82 billion yuan (+ 88.5%), the gross profit margin increased by 19.5pp to 35.5%, the production and sales volume were 47577 / 45678 tons (- 2.1% / - 12.9%), and the average price was 61700 yuan / ton (+ 116.4%). Among them, the company's Ningxia base has a revenue of 1.58 billion yuan (+ 124.3%) and a net profit of 440 million yuan (+ 1374.6%). The annual revenue of aramid fiber segment of the company was 1.57 billion yuan (+ 68.2%), the gross profit margin increased by 5.4pp to 40.3%, the production and sales volume were 11181 / 11668 tons (+ 48.5% / + 71.0), and the average price was 134800 yuan / ton (- 1.6%). Among them, the revenue of aramid fiber in Ningxia base of the company was 440 million yuan (+ 413.8%), and the net profit was 83 million yuan (+ 302.4%).
Steady progress was made in projects under construction, and a new materials research institute was established to improve innovation ability. In 2021, the 4000 T / a production capacity of the company's high-performance meta aramid efficient integration industrialization project for protection was successfully put into operation and operated stably. In 2022, the company will add new production capacity of 45000 T / a spandex, 1500 T / a para aramid and 3000 t / a aramid paper; At the same time, it is planned to expand the capacity of 16000 T / a para aramid and 17000 T / a para aramid; In addition, the company jointly established Jingwei Company to produce the world's first lightmei intelligent fiber products, which have the functions of luminescence, energy storage, energy capture and sensing. The first phase of industrialization project was completed in January 2022; The company plans to invest 500 million yuan to set up Yantai Yantai Tayho Advanced Materials Co.Ltd(002254) polymer New Material Research Institute Co., Ltd. to build an industry-leading full chain innovation platform of basic research engineering technology industrial application, and constantly strive to leap to the first place in the world in terms of one-bit aramid production capacity and one-to-one aramid production capacity, and the second place in the world in terms of aramid paper production capacity in 2030, so as to become a leading enterprise in the international fiber industry.
Risk tip: the product price fluctuates sharply, and the launch progress of new capacity is less than expected.
Investment advice: maintain the profit forecast and maintain the "buy" rating.
Maintain 20222023 and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 1.06/13.2/1.61 billion, with a year-on-year growth rate of 7.6/27.3/21.7%; Diluted EPS = 1.52/1.93/2.35 yuan, the current share price corresponds to PE = 10.7/8.4/6.9x, maintaining the "buy" rating.
