\u3000\u3 China Vanke Co.Ltd(000002) 001 Zhejiang Nhu Company Ltd(002001) )
Performance meets expectations: Zhejiang Nhu Company Ltd(002001) released the annual report for 21 years, the company achieved annual revenue of 14.8 billion yuan, a year-on-year increase of + 43.5%, net profit attributable to parent company of 4.32 billion yuan, a year-on-year increase of + 21.3%, of which 21q4 achieved revenue of 4.28 billion yuan in a single quarter, a year-on-year increase of + 50.7%, and net profit attributable to parent company of 960 million yuan, a year-on-year increase of + 55.3%. Sub sector, the nutrition sector realized revenue of 11 billion 130 million yuan, up +55.6%, gross profit margin 47%, down 10.7 PCT compared with the same period, the flavor and fragrance sector realized 2 billion 240 million yuan, +14.5%, gross profit margin 42.1%, compared to the same period last year dropped 13.3 PCT. The decline in gross profit margin was mainly due to the year-on-year decline in the prices of VA, VD3, biotin and other products.
Covid-19 pharmaceutical intermediate project to enhance the capacity of API sector: the company's EIA announcement plans to build a construction project with an annual output of 500 tons of Kalon anhydride, 500 tons of azabicyclic acid and 800 tons of sodium sulfate. According to the company's investor Q & A, the project is planned to be put into operation in Q2. Caronic anhydride and azabicyclic are the key intermediates of Pfizer covid-19 special drug paxlovid. The production of the project will enhance the capacity of the company's API sector and increase profits.
Multi point flowering of new projects: the company actively promotes the 150000 ton methionine project, 5000 ton menthol project, 7000 ton PPS project and Daming life and health industry project. In addition, on December 27, 2021, the company announced that it had cooperated with Sinopec Zhenhai Refining and chemical to invest in a set of methionine production design, with a total investment of about 3 billion yuan. Butadiene process adiponitrile is also being promoted, which will enrich the layout of the company's new material sector after landing.
Profit forecast and investment suggestions
Combined with the current vitamin price and the company's project progress, we adjusted the company's EPS from 2022 to 2024 to 1.98, 2.24 and 2.57 yuan respectively (the original forecast was 1.88, 2.22 and - yuan), the average PE of the comparable company in 22 years was 18 times, and the corresponding target price was 35.64 yuan (the original target price was 32.04 yuan), maintaining the overweight rating. Risk statement
Decline in product demand; Vitamin prices fell; The progress of the new project is less than expected.
