\u3000\u3 China Vanke Co.Ltd(000002) 078 Shandong Sun Paper Co.Ltd(002078) )
Event: the company issued the annual report of 2021. During the reporting period, the company achieved a revenue of 31.997 billion yuan, a year-on-year increase of 48.21%; The net profit attributable to the parent company was 2.957 billion yuan, a year-on-year increase of 51.39%; The basic earnings per share is 1.12 yuan / share. Among them, the company achieved a revenue of 8.282 billion yuan in a single quarter in the fourth quarter, a year-on-year increase of 39.19%; The net profit attributable to the parent company was 189 million yuan, a year-on-year decrease of 66.98%.
The cost of raw materials is rising, and the company's gross profit margin is under pressure. During the reporting period, the company's comprehensive gross profit margin was 17.37%, a year-on-year decrease of 2.07%. Among them, the gross profit margin of 2021q1 / Q2 / Q3 / Q4 single quarter was 23.44% / 22.14% / 14.42% / 9.9% respectively. The gross profit margin of the company was outstanding in the first half of the year, but fell sharply in the second half of the year, mainly because: in the first half of the year, against the background of the sharp rise in the price of pulp and waste paper, the downstream demand of cultural paper and box board paper warmed up, the price increase was better than the cost increase, the profitability increased, and the gross profit margin of the company was at a high level; Since the second half of the year, the price of pulp has continued to rise, the demand for cultural paper is sluggish under the background of double reduction, and the profitability performance is poor. At the same time, the rise of energy prices is superimposed, and the gross profit margin of the company continues to deteriorate.
The effect of expense control was obvious, and the net interest rate increased slightly year-on-year. The company's expense rate during the period was 6.42%, a year-on-year decrease of 1.46%. Among them, the sales expense ratio was 0.43%, with a year-on-year decrease of 0.05%; The rate of administrative expenses was 2.54%, a year-on-year decrease of 0.48%; The financial expense ratio was 1.77%, a year-on-year decrease of 0.7%; The R & D expense ratio was 1.68%, a year-on-year decrease of 0.22%. In terms of net interest rate, during the reporting period, the company's net interest rate was 9.27%, up 0.16% year-on-year. Among them, the company's net interest rate in 21q4 single quarter was 2.29%, down 7.36% year-on-year and 4.54% month on month.
The integration of forestry, pulp and paper will continue to be enabled, and the cost advantage will be further expanded. The company has three major production bases in Shandong, Guangxi and Laos, continues to promote the integration strategy of Forest Pulp and paper, improves the self-sufficiency rate of raw materials and reduces production costs. Among them, Shandong Yanzhou district base operates 450000 tons of characteristic cultural paper project and 70000 tons of special paper project; Beihai Park of Guangxi base has started to implement the 150000 ton household paper project, and Nanning park will invest in the construction of the forest pulp paper integration and supporting project with an annual output of 5.25 million tons; The Laos base has formed an annual production capacity of 1.5 million tons of pulp and paper, and will realize the planting plan of about 10000 hectares per year in the future.
Investment suggestion: the company continues to promote the forest pulp paper integration strategy, continuously improve the production capacity layout, continuously expand the scale effect and cost advantage, and the market share is expected to continue to increase. It is optimistic about the future development of the company. It is expected that the company will achieve eps1 in 2022 / 23 / 24 18 / 1.3/1.49 yuan / share, corresponding to 10x / 9x / 8x PE, maintaining the "recommended" rating.
Risk warning: the risk that the economic growth is less than expected; The risk of intensified market competition.
