\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 117 China National Chemical Engineering Co.Ltd(601117) )
The company announced 22q1 operation data. The newly signed contract amount of 22q1 company is 103.9 billion, yoy + 90% (22m1-2yoy is 88%, compared with 19q1cagr + 40%); 22q1 company’s revenue is 35.5 billion, yoy + 41% (22m1-2yoy is 58%, CAGR + 26% compared with the same period in 19 years). Both new signings and income continued the trend of high growth.
At the same time, the company recently announced the progress of the implementation of nylon new material project. Tianchen Qixiang, a holding subsidiary, successfully started the hexanediamine unit of the project (phase I) at the end of March 22. The unit successfully produced the first batch of qualified products, and the product quality reached the excellent product level. The nylon new material project is one step closer to full production, and the pace of project promotion is generally smooth.
22q1 new signing and high income growth are expected to have good sustainability
The chemical industry chain continues its high boom, and the company takes an active role. In the 22q1 newly signed order structure, project contracting is 99 billion / accounting for 95%, of which chemical engineering is 69.4 billion / accounting for 67%; Other engineering orders include infrastructure engineering and environmental treatment (accounting for 26% and 3% respectively). Among the non engineering orders, 21q1 survey and design supervision consulting, industrial and new material sales and modern service industry signed 1.3 billion, 2.3 billion and 1.1 billion respectively. 22q1’s revenue is 35.5 billion, yoy + 41%, continuing the trend of high growth in recent years, which is expected to have good sustainability due to sufficient support of orders on hand (the newly signed scale of 22q1 is about 2.9x of the revenue in the same period) and high downstream prosperity. In March alone, the newly signed and revenue of the company were 27.2 billion and 11.6 billion respectively, yoy respectively + 98% and + 16%.
The nylon new material project will be put into full operation soon, which is a big step in the transformation of the chemical industry
The company has cultivated the technology of direct synthesis of adiponitrile by butadiene method and has been industrialized for decades. The new nylon material project (phase I) will be fully put into operation soon. According to the company’s early announcement, the 22 / 03 project has entered the staggered period of medium delivery and commissioning, and the supporting acrylonitrile cogeneration unit has been successfully started at one time (one of the core units of the project); Recently, it was also announced that the hexanediamine unit (also one of the core units of the project) was successfully started at one time, and the first batch of qualified products with excellent product quality were produced. Nylon new material project will be put into full operation soon. Combined with our previous calculation, under the neutral scenario, the net profit attributable to the company in the full production year of the project is 2.3 billion, accounting for 60% of the company’s 20fy net profit. The production rhythm and product sales of the project deserve special attention. The project is an important milestone in the transformation and layout of new materials in the chemical industry in the 14th five year plan, and the prospect is worth looking forward to.
The prospect of butterfly Transformation Driven by the transformation of new materials in the chemical industry is worth looking forward to. Maintaining the “buy” rating, the company has a long accumulation of work in the chemical industry, has obvious advantages in chemical construction experience, has accumulated rich chemical production processes, and has strength and reserves in technology research and development. The company has experience in investment and operation of large scale chemical industry projects in the early stage. Besides the adiponectin project, more industrial projects are also worth further attention in the future (gel, garbage hydrogen / hydrogen storage, PBAT, etc.). The company in 14th Five-Year is expected to change. Maintain the company’s 21-23 year profit forecast of 4 / 6 / 7.9 billion, corresponding to 10% / 49% / 31% YoY respectively, maintain the company’s target price of 16.22 yuan, corresponding to the company’s 22-year PE of about 16x, and maintain the “buy” rating.
Risk warning: the adiponitrile project is put into operation and the product sales price falls sharply; The execution and effect of new materials in the layout industry are lower than expected, the price of engineering raw materials fluctuates sharply, and the risk of impairment; The performance report is the preliminary calculation result, and the specific financial data shall be subject to the first quarterly report disclosed by the company
