\u3000\u30003 Eternal Asia Supply Chain Management Ltd(002183) 00218)
22q1 net profit attributable to the parent company increased by 497.84% ~ 534.07%, and the revenue of main products increased by about 7.2% year-on-year
The company released the performance forecast of 22q1 and realized the net profit attributable to the parent company of 165 ~ 175 million yuan, with a year-on-year increase of 497.84% ~ 534.07%. Among them, the company completed the collection and storage handover of Jinzhai Road plant, confirmed the net income from asset disposal of 159 million yuan, and the government subsidy included in the current profit and loss was about 6.7138 million yuan, with a year-on-year increase of 3.872 million yuan.
The net profit attributable to the parent company after deducting non profits was 11-16 million yuan, a year-on-year decrease of 60.14% ~ 42.03%, mainly due to the high price rise of raw and auxiliary materials and energy, in which the price of chemical raw materials increased by about 20-40% year-on-year and the price of natural gas increased by about 28% year-on-year. At the same time, the supply of some materials was tight. Although the sales price of the company’s products showed an upward trend, the price adjustment range of some customers was lower than that of raw and auxiliary materials, or there was a certain lag, Profits are affected to some extent.
Affected by the stage of the epidemic, the short-term growth rate slowed down, and the production and operation were generally stable. Recently, affected by the epidemic, China’s logistics and transportation were blocked, and the sales volume decreased slightly, but the output of the company’s main products increased by about 1.6% over the same period of last year. If the 22q2 epidemic situation gradually improves, the shortage of logistics and transportation will be alleviated. We believe that the production and sales volume of the company may increase rapidly.
Increase the development of new materials, new processes and new products to enhance the potential for development. The company continues to increase R & D investment, promote product optimization and upgrading, and consolidate its leading edge. The R & D cost of 22q1 is about 372967 million yuan, with an increase of about 100714 million yuan at the same time. It actively arranges the process technology of ecological functional, waterborne and solvent-free polyurethane synthetic leather and composite materials, and actively develops and applies new materials and processes such as TPU, recycled fiber, biological base, silicon base, recyclable and degradable.
Maintain profit forecast and buy rating. Over the years, the company has maintained high R & D investment, driven product innovation and upgrading, and arranged advantageous categories in advance to seize the opportunity; The expansion of downstream application scenarios drives long-term growth, and ecological functional materials have become new highlights under the background of environmental protection; We will continue to allocate global production capacity and work with international brands to open up room for growth.
We predict that the EPS of 202224 will be 0.83, 1.11 and 1.38 yuan / share respectively, and the corresponding PE will be 16.67, 12.49 and 10.00 times respectively.
Risk tips: the risk of repeated epidemic and complex and changeable macro environment, the risk of insufficient utilization of production capacity, the risk of fluctuation and rise of raw material prices, etc. The performance forecast is only the preliminary accounting results. Please refer to the annual performance announcement.
