\u3000\u3 China Vanke Co.Ltd(000002) 001 Zhejiang Nhu Company Ltd(002001) )
The annual performance was in line with expectations, the development and construction of new projects and products were carried out in an orderly manner, and the "buy" rating was maintained
On April 14, the company released its 2021 annual report, realizing an operating revenue of 14.798 billion yuan, a year-on-year increase of 43.47%; The net profit attributable to the parent company was 4.324 billion yuan, a year-on-year increase of 21.34%; In 2021q4, the net profit attributable to the parent company in a single quarter was 958 million yuan, with a year-on-year increase of 52.50%. The company's performance met expectations. We maintain the profit forecast for 20222023. It is estimated that the net profit attributable to the parent company in 20222024 will be 5.004 billion yuan, 5.516 billion yuan and 5.717 billion yuan respectively, and the corresponding EPS will be 1.94, 2.14 and 2.22 yuan / share respectively. The corresponding PE of the current stock price will be 16.1, 14.6 and 14.0 times respectively. We are optimistic that the company will continue to enrich its product line around the "chemical +" and "biological +" platforms, the development and construction of new projects such as methionine, PPS and menthol will be carried out in an orderly manner, the growth attribute will gradually appear, and the "buy" rating will be maintained.
The rise in the price of raw materials led to a decline in the gross profit margin of the main business, and the rise in both volume and price drove the year-on-year growth of performance
According to the company's announcement, the gross profit margins of nutriment, flavors and fragrances and new materials in 2021 were 47.04%, 42.13% and 32.22%, respectively, compared with the -10.74pcts, -13.34pcts, -6.07pcts and gross margin respectively in 2020. The implementation of the new revenue criteria will bring the premium into the business, and the price of raw materials will also increase. The operating costs will increase by 95.20%, 48.78% and 20.10%, respectively. According to the data of Baichuan Yingfu, the prices of raw materials such as natural gas, formaldehyde and isobutene increased by 48.99%, 39.65% and 34.96% respectively year-on-year in 2021. At the same time, the market demand for vitamin E, methionine and PPS products of the company increased, and the production and sales volume of pharmaceutical and chemical industry in 2021 increased by 127.43% and 132.21% respectively year-on-year; According to wind data, the average prices of domestic ve and methionine in 2021 were 80.4 and 20.5 yuan / kg respectively, with a year-on-year increase of + 24.00% and + 1.51% respectively. The improvement of the price and quantity of leading products promoted the growth of the company's performance.
New projects such as methionine, menthol and PPS were promoted in an orderly manner, and the growth of the company was gradually highlighted
According to the company's announcement, at present, the 100000 ton methionine plant in phase II operates smoothly, the cost and quality advantages continue to improve, and the 150000 ton plant is constructed according to the schedule; The phase III project with an annual output of 5000 tons of menthol and 7000 tons of PPS has been put into construction. Official account of Weifang high speed media in January 22nd, Zhejiang Nhu Company Ltd(002001) and BASF, the first new material project, invested 300 million euros, mainly producing special engineering plastics, high-end coatings and other products. It is mainly used in aerospace, high speed rail and other special industries. Now it has entered the contract negotiation stage and plans to start construction within the year.
Risk tips: the project is delayed, the demand is lower than expected, the industry competition intensifies, the product price drops sharply, etc.
