\u3000\u3 China Vanke Co.Ltd(000002) 206 Zhejiang Hailide New Material Co.Ltd(002206) )
The company’s performance hit a record high, and a number of new projects driven the company’s growth and maintained the “buy” rating
On April 19, the company released its annual report for 2021. In 2021, the company achieved a revenue of 5.067 billion yuan, a year-on-year increase of + 44.27%; The net profit attributable to the parent company was 575 million yuan, a year-on-year increase of + 128.53%; Deduct the net profit not attributable to the parent company of 548 million yuan, a year-on-year increase of + 125.27%, and the company’s performance hit a record high. We maintain 20222023 and add a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 704, 811 and 895 million yuan respectively, corresponding to EPS of 0.58, 0.66 and 0.73 yuan / share respectively, and the current share price corresponding to PE of 9.8, 8.5 and 7.7 times respectively. We believe that the company’s Vietnam project, new cord fabric production line and new energy materials will become the growth points in the future. The company has sufficient growth and maintains the “buy” rating.
The net profit attributable to the parent company in Q4 was 129 million yuan, and the cost pressure made the ring ratio decline slightly
In 2021q4, the price of raw materials was high, the rise of cord fabric slowed down, and the company’s Q4 performance fell slightly month on month due to factors such as “dual control of energy consumption”. Q4 company achieved a revenue of 1.388 billion yuan, a month on month increase of + 6.61%; The net profit attributable to the parent company was 129 million yuan, a month on month increase of – 16.23%. From the perspective of operating cost / revenue, Q4 is 80.54%, which is + 1.07pcts month on month compared with Q3. The prices of raw materials PTA and MEG are high, and the cost item increases after “dual control of energy consumption”, which has a certain impact on the profitability of the company. In 2021, the gross profit margin of the company was 21.39%, the highest level since 2019; The net interest rate was 11.44%, with a significant increase, mainly due to the fact that the transportation expenses were included in the operating cost from the sales expenses and the synchronous optimization of other expenses of the company, resulting in a significant decrease in the expense rate. During the reporting period, the company’s asset liability ratio was 53.04%, which increased slightly, mainly due to the increase of short-term borrowings.
Industrial silk, cord fabric, stone plastic flooring and new energy materials help the company maintain high growth
According to the company’s announcement, at present, 79000 tons of airbag wire in Vietnam project has been put into operation, and the remaining 31000 tons of production capacity is expected to be gradually put into operation in 2022 according to the recovery of the global epidemic; At present, the company has a cord fabric production capacity of 45000 tons and is building a cord fabric production line. After the construction is completed, the cord fabric production capacity will reach 60000 tons. In addition, the annual output of 12 million flat stone plastic flooring is under construction. The company continues to invest in R & D and strategically layout photovoltaic reflective film products, which are mainly used to enhance the power generation efficiency of photovoltaic backplane. It has obtained its first order in June 2021. At present, the domestic and foreign markets continue to promote. We are optimistic that the company will have sufficient growth in the future, and the layout of new energy materials is worth looking forward to.
Risk tip: the downstream demand is sluggish, the production capacity is less than expected, and the trade friction is intensified.
