\u3000\u3 Shengda Resources Co.Ltd(000603) 225 Xinfengming Group Co.Ltd(603225) )
In 2021, the company achieved a net profit attributable to the parent company of 2.254 billion yuan, reaching a new high and maintaining the "buy" rating
On April 14, the company released its annual report for 2021. The company achieved an operating revenue of 44.770 billion yuan, a year-on-year increase of 21.05%, and a net profit attributable to the parent company of 2.254 billion yuan, a year-on-year increase of 273.77%, all reaching a record high. In mid March, there were frequent outbreaks in East China, and the high crude oil price had a certain impact on the company's product demand and profitability. In combination with the current raw material cost, product price and downstream demand, we lowered the company's profit forecast. It is estimated that the parent company's net profit from 2022 to 2024 will be RMB 2.186 (- 8.3), RMB 3.219 (- 3.92) and RMB 3.983 billion, corresponding to EPS of RMB 143 (- 0.54), RMB 2.10 (- 0.26) and RMB 2.60/share respectively, The current share price corresponding to PE is 7.9, 5.4 and 4.4 times respectively. We continue to be optimistic that the company will cross the cycle, usher in the bottom up, and be optimistic about the company's future growth, maintaining the "buy" rating.
Q4 realized a net profit attributable to the parent company of 320 million yuan. Affected by the "dual control of energy consumption", Q4's performance fell month on month
In 2021q4, the company realized net profit attributable to parent company of 320 million yuan, down 47.6% month on month, and deducted net profit not attributable to parent company of 315 million yuan, down 43.5% month on month. According to the calculation of wind data, the price difference of Q4 filament POY is 1625 yuan / ton, which is + 22.2% compared with Q3, and the price difference of q4pta is 450 yuan / ton, which is + 6.2% compared with Q3. Although the price difference has expanded, since the "dual control of energy consumption" at the end of September 2021, the company's operating load has been affected to a certain extent. At the same time, the rising cost of energy and electricity has increased the company's operating cost, affected the product profitability and production and sales volume, and caused the company's Q4 performance to decline month on month. Throughout 2021, the filament sales volume reached 5.3512 million tons, with a year-on-year increase of 18.13%. With the release of the company's production capacity, the company's sales volume reached a new level. In 2021, the company's gross profit margin was 10.51% and net profit margin was 5.03%, the highest level since 2018.
At present, affected by the epidemic, the demand and price difference are weak. The long-term capacity expansion plan of the company is clear and the growth is determined
At present, affected by the epidemic, the company's sales volume and price difference are under pressure. According to wind data, as of April 14, the price difference of POY has fallen to 823 yuan / ton. We are optimistic that after the epidemic, the company's fundamentals will usher in bottom-up. According to the announcement, at present, the company has 6.3 million tons of polyester filament and Shanghai Pudong Development Bank Co.Ltd(600000) tons of polyester staple fiber. We expect that the company will invest Shanghai Pudong Development Bank Co.Ltd(600000) tons of polyester filament and Shanghai Pudong Development Bank Co.Ltd(600000) tons of polyester staple fiber in 2022. We continue to be optimistic that in the future, the company's profit center will gradually rise with the release of production capacity, and the growth is worth looking forward to.
Risk tip: the oil price has decreased significantly; Weak downstream demand; The production capacity was lower than expected.
