\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 966 Shandong Bohui Paper Industry Co.Ltd(600966) )
Core view:
Event: the company issued the annual report of 2021. During the reporting period, the company achieved a revenue of 16.276 billion yuan, a year-on-year increase of 16.41%; The net profit attributable to the parent company was 1.706 billion yuan, a year-on-year increase of 104.5%; The basic earnings per share is 1.29 yuan / share. Among them, the company achieved a revenue of 4.34 billion yuan in the fourth quarter, a year-on-year decrease of 6.76%; The net profit attributable to the parent company lost 211 million yuan, a year-on-year decrease of 168.84%.
The gross profit margin increased year-on-year, showing the characteristics of high before and low after the whole year. During the reporting period, the company’s comprehensive gross profit margin was 22.93%, with a year-on-year increase of 5.87%. Among them, the gross profit margin of 2021q1 / Q2 / Q3 / Q4 single quarter was 33.42% / 34.63% / 21.81% / 3.5% respectively. In the first half of the year, the gross profit margin of the company reached an all-time high, while in the second half of the year, the gross profit margin deteriorated sharply, mainly because: the plastic restriction order and waste prohibition order promoted the substantial growth of the demand for white card paper, superimposed on the rise of pulp price, the gross profit margin of white card paper expanded rapidly, rising from 38.26% on January 4 to 49.73% on May 27; Since the second half of the year, the pulp price at the cost side of white cardboard has fallen rapidly. Superimposed on the factors of shrinking industry demand and increasing supply, the price of white cardboard has fallen rapidly, and the gross profit margin has decreased rapidly. In the fourth quarter of 2021, the pulp price rebounded sharply, the growth of white cardboard price was weak, and the gross profit margin has further deteriorated.
The improvement effect of expense rate was obvious, and the net interest rate increased significantly year-on-year. The company’s expense rate during the period was 8.16%, a year-on-year decrease of 0.83%. Among them, the sales expense ratio was 0.39%, with a year-on-year increase of 0.13%; The management expense ratio was 3.31%, with a year-on-year increase of 0.67%; The financial expense ratio was 1.04%, a year-on-year decrease of 3.04%; The R & D expense ratio was 3.42%, with a year-on-year increase of 1.42%. In terms of net interest rate, the net interest rate of the company during the reporting period was 10.48%, with a year-on-year increase of 4.51%. Among them, the net interest rate of 21q4 in a single quarter was – 4.86%, with a year-on-year decrease of 11.45% and a month on month decrease of 15.1%.
With the continuous promotion of multiple policies, the paper industry has ushered in green and low-carbon development opportunities. The waste prohibition order promotes the structural adjustment of papermaking raw materials, the plastic restriction order restricts the use of plastic shopping bags and tableware, and promotes the growth of white cardboard demand. The company is a leader in the white cardboard industry, with an annual production capacity of 2.7 million tons of white cardboard, accounting for 19.57%, and will fully benefit from the green and low-carbon development opportunity.
Investment suggestion: the company realizes the green upgrading of product structure and production mode, and proactively grasps the green and low-carbon opportunities of the paper industry. In the future, with the improvement of the supply and demand pattern of the industry, it is expected to continue to grow. It is expected that the company will realize eps1 in 2022 / 23 / 24 4 / 1.66/1.77 yuan / share, corresponding to PE of 6.23x/5.25x/4.93x, maintaining the “recommended” rating.
