\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 567 Shanying International Holdings Co.Ltd(600567) )
Core view:
Event: the company issued the annual report of 2021. During the reporting period, the company achieved revenue of 33.033 billion yuan, a year-on-year increase of 32.39%; The net profit attributable to the parent company was 1.516 billion yuan, a year-on-year increase of 9.74%; The basic earnings per share is 0.34 yuan / share. Among them, the company achieved a revenue of 8.979 billion yuan in a single quarter in the fourth quarter, a year-on-year increase of 13.19%; The net profit attributable to the parent company was 209 million yuan, a year-on-year decrease of 47.51%.
The pressure on the cost side is significant, and the gross profit margin of the company is under pressure. During the reporting period, the company’s comprehensive gross profit margin was 12.19%, a year-on-year decrease of 4.55%. Among them, the single quarter gross profit margin in the fourth quarter of 2021 was 11.42%, a year-on-year decrease of 4.99% and a month on month increase of 1.81%. The company’s gross profit margin declined, mainly due to the sharp rise in the price of pulp in the second half of the year, the rise in the costs of chemical auxiliary, energy and transportation, and the sharp increase in operating costs.
The effect of expense control was remarkable, and the net interest rate decreased slightly year-on-year. The company’s expense rate during the period was 9.94%, a year-on-year decrease of 1.16%. Among them, the sales expense ratio was 1.07%, with a year-on-year decrease of 0.3%; The rate of administrative expenses was 4.12%, a year-on-year decrease of 0.38%; The financial expense ratio was 2.11%, a year-on-year decrease of 1.01%; The R & D expense ratio was 2.63%, with a year-on-year increase of 0.52%. In terms of net interest rate, during the reporting period, the company’s net interest rate was 4.7%, down 0.86% year-on-year. Among them, the company’s net interest rate in 21q4 single quarter was 2.28%, down 2.86% year-on-year and 1.16% month on month.
Coordinated development between China and foreign countries and continuous layout of foreign recycled pulp. In the Chinese market, the company continued to improve its production capacity layout in China. At present, it has five major papermaking bases, with an annual output of 602.13 tons of base paper, a year-on-year increase of 18.03%; The layout of the packaging sector is close to the customer gathering place, with an annual output of more than 1.9 billion square meters, ranking second in China. In terms of foreign markets, the company actively deploys foreign raw materials and product markets: it has established raw material production bases in countries rich in fiber resources. At present, it has a resource supply capacity of 1.1 million tons of recycled pulp. It is expected that another 320000 tons of recycled pulp capacity will be put into operation in the first half of 2022. At the same time, during the reporting period, the company recovered 2.39 million tons of recycled fiber through overseas trade; Foreign products mainly focus on high-end paper. Nordic paper, a joint-stock company, has a high-end special pulp and paper production capacity of 500000 tons, and Phoenix paper, a holding company, has an annual production capacity of 300000 tons of multi category cultural paper.
Investment suggestion: the company focuses on the main papermaking industry, constructs the advantages of raw material channels through the dual layout at home and abroad, reduces costs and increases efficiency, and steadily improves the market value. It is expected that the company will achieve eps0 in 2022 / 23 / 24 47 / 0.58/0.68 yuan / share, corresponding to 7x / 5x / 4x PE, maintaining the “recommended” rating.
