\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 378 Haohua Chemical Science & Technology Corp.Ltd(600378) )
2021 deduction of non parent net profit + 43.49%, high certainty of unlimited growth prospects, maintaining the company’s “buy” rating
On April 19, the company released its annual report for 2021. The company achieved a revenue of 7.424 billion yuan in 2021, a year-on-year increase of + 36.92%; The net profit attributable to the parent company was 891 million yuan, a year-on-year increase of + 37.61%; The net profit deducted from non parent company was 884 million yuan, a year-on-year increase of + 43.49%. During the reporting period, the company achieved new product revenue of 1.67 billion yuan, a year-on-year increase of 17.6%, accounting for about 23% of the total revenue. In 2021, the company withstood multiple tests such as the complex and severe international environment, the spread of Chinese epidemic, the rise of raw material prices, dual control of energy consumption and so on, and its performance continued to maintain a high degree of fulfillment. We raised the company’s profit forecast for 2022 and 2023 and added a new profit forecast for 2024: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.149 (+ 2.07), 1.411 (+ 2.63) and 1.714 billion yuan, EPS will be 1.25 (+ 0.23), 1.53 (+ 0.28) and 1.86 yuan / share, and the current share price corresponds to 27.5, 22.4 and 18.4 times of PE. We are optimistic about the long-term high growth brought by the industry’s high boom + high R & D + high capital expenditure, and maintain the “buy” rating.
The rapid development of the company’s core business, based on R & D, gives the company a strong endogenous growth power
In 2021, the company’s aviation chemical materials, high-end fluorine materials, electronic chemicals, engineering and technical services, trade and other sectors achieved revenue of RMB 2.95 billion, 18.8 billion, 520 million, 1.03 billion and 570 million respectively, with a year-on-year increase of 23.89%, 66.08%, 25.00%, 32.86% and 81.31% respectively, and the gross profit margin was 34.44%, 28.38%, 21.47%, 21.88% and 4.48% respectively. The gross profit margin of fluorine materials sector increased greatly due to the adjustment of product structure. In 2021, the company’s net interest rate was 12.16%, with a year-on-year increase of 0.1pcts, thanks to the continuous optimization of expenses in various periods. Meanwhile, due to the growth of the company’s business scale and the increase of sales receipts, the company’s net operating cash flow reached 1.146 billion yuan, a year-on-year increase of + 190.07%. In addition, the company’s R & D investment remains high, with a total investment of 620 million yuan in 2021, accounting for 8.35% of revenue and 37.05% of R & D personnel. During the reporting period, the company carried out 248 scientific research projects, including national key projects; A total of 305 patents have been applied for, including 225 Chinese invention patents. Sustained high R & D will provide continuous endogenous power for the company’s long-term growth.
Many high-end products of the company have been launched and launched successively, which has supported the long-term high growth of the company’s performance
The company’s 4600 T / a electronic special gas has been partially put into operation, the PVDF for 2500 t / a lithium battery has been commissioned, and the 10000 t coating project has been put into operation; 26000 T / a fluorine materials, catalytic materials base, 46600 T / a special new materials and many other projects are under construction. Continuous capital expenditure is the guarantee for the company’s performance to maintain long-term and rapid growth.
Risk tips: the production capacity is less than expected, the product price drops sharply, and the safety production risk.
