\u3000\u3 China Vanke Co.Ltd(000002) 539 Chengdu Wintrue Holding Co.Ltd(002539) )
Event: the company issued the annual report for 2021. During the reporting period, the operating revenue was 14.898 billion yuan, a year-on-year increase of + 62.74%, and the total net profit attributable to the parent company was 1.232 billion yuan, a year-on-year increase of + 147.06%, deducting non net profit of 1.145 billion yuan, a year-on-year increase of + 165.38%; Among them, Q4 achieved an operating revenue of 4.806 billion yuan in a single quarter, a year-on-year increase of + 104.47%, and a net profit attributable to the parent company of 451 million yuan, a year-on-year increase of + 252.36%. At the same time, it is predicted that the net profit attributable to the parent company in Q1 of 22 will be 450480 million, with a year-on-year increase of + 149% to 165%.
The volume and price rose together, the boom soared, the performance increased greatly and reached a new high. Thanks to the rising prices and sales volume of the company's compound fertilizer products and combined alkali products, the company's performance in 2021 reached a new high. During the reporting period, the sales volume of compound fertilizer was 2.8739 million tons, a year-on-year increase of 10.41%, and the sales revenue was 6.227 billion yuan, a year-on-year increase of 29.87%; The sales volume of Lianhe alkali products was 769000 tons, with a year-on-year increase of 64.03%, and the sales revenue was 1.144 billion yuan, with a year-on-year increase of 42.28%. While the prices of main products are rising, the integration of the company's phosphorus chemical industry chain is deepening, the cost control ability is enhanced, the gross profit margin of each product has increased significantly during the reporting period, and the profitability will continue to improve in the future.
The establishment of an integrated industrial chain has further highlighted the cost advantage and industry pricing power. At present, the company has established an integrated industrial chain, with a complete industrial chain of nitrogen fertilizer and phosphorus fertilizer except urea. The main raw materials and packaging materials are basically self-sufficient. Under the condition of continuous rise of raw materials and tight supply, the company's cost advantage and industrial pricing power are further highlighted. The company has rich and high-quality phosphate rock, salt mine and other resources, which provides a strong support for resource supply and cost control, and the extension and development of the industrial chain. According to the company's industrial layout, the phosphate rock required by the company's production will be mainly self-produced after the exploration and mining in niuniuzhai North Mine Area of Leibo is realized and the mine construction is completed. With the deepening of industrial chain integration, the company's self-sufficiency rate of raw materials will continue to improve, coupled with the continuous optimization of product structure, cost control and synergy benefits, and the company's anti risk ability, market competitiveness and profitability will continue to improve.
Continuously expand production capacity and actively enter the new energy market relying on the advantages of industrial chain. The company has a production capacity of 5.2 million tons of compound fertilizer and 1.2 million tons of new compound fertilizer under construction. It is expected to be completed and put into operation in the next two years. Seizing the development opportunity of new energy, relying on the rich reserves of phosphate rock resources, integrated industrial supporting facilities and the accumulation of chemical fertilizer for many years, the company has arranged the production capacity of iron phosphate and related upstream raw materials to enter the new energy material track; The planned production capacity of iron phosphate is 450000 tons (350000 tons in Songzi, Hubei and 100000 tons in Yicheng, Hubei), the supporting production capacity of phosphoric acid with different purity is 900000 tons, and the linkage production of compound fertilizer with by-product low-grade phosphoric acid is 1.4 million tons, of which 350000 tons in Songzi, Hubei and supporting projects will be completed and put into operation in 2023. Under the strong demand in the field of new energy, the active layout of iron phosphate will open up the future growth space of the company.
"Buy" rating for the first time. The company is deeply engaged in compound fertilizer, combined alkali and phosphorus chemical industry. At present, the prosperity of phosphate fertilizer, soda ash and other products is high and the profitability is strong. In the long run, the company has established an integrated industrial chain. In the case of continuous rise in raw materials and tight supply, the company's cost advantage and industry pricing power have been further highlighted, forging long-term market competitiveness and actively entering the new energy track. It is estimated that the company will realize the net profit attributable to the parent company of 1.51 billion / 1.8 billion / 2.11 billion in 22-24 years, eps1.2 billion 50 / 1.78/2.09 yuan, corresponding to pe10 0 / 8.4 / 7.2x, with "buy" rating for the first time.
Risk warning: the product price drops, the urea price fluctuates, and the demand does not meet expectations
