\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 378 Haohua Chemical Science & Technology Corp.Ltd(600378) )
Key points
Event: on April 19, the company released its annual report for 2021. In 2021, the company achieved a revenue of 7.424 billion yuan, 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%. Among them, 2021q4 company achieved an operating revenue of 2.242 billion yuan, a month on month increase of + 16.00% and a year-on-year increase of + 20.97%; The net profit attributable to the parent company was 252 million yuan, a month on month increase of + 9.79% and a year-on-year increase of + 23.77%.
The three businesses grew rapidly and the company’s performance exceeded expectations. In high-end fluorine materials, aviation chemical materials and electronic special gas
Driven by the rapid growth of the three businesses, the company’s performance in 2021 exceeded expectations. In terms of high-end fluorine material business, in 2021, the average selling price of the company’s polytetrafluoroethylene resin products increased by 19.4% year-on-year, and the average selling price of fluorine rubber products increased by 36.7% year-on-year, driving the overall year-on-year growth of the company’s high-end fluorine material business revenue by 66.1%. In terms of aviation chemical materials business, in 2021, the sales volume of special tires of the company increased by 34.8% year-on-year, and the sales volume of special coatings increased by 39.7% year-on-year. While the average selling price of new polyurethane materials increased by 23.2%, the sales volume increased by 16.56% year-on-year, thus driving the revenue of aviation chemical materials business to increase by 23.9% year-on-year. Meanwhile, in 2021, the revenue of the company’s electronic special gas business and engineering consulting and technical service business increased by 25.0% and 32.9% respectively year-on-year.
In addition, in 2021, the company’s R & D expenses reached 543 million yuan, with a year-on-year increase of 28.2%. The increase of the company’s R & D investment and the improvement of achievement transformation ability will help to realize the incremental income brought by more new products and enhance the competitiveness of the company in subsequent development.
Continue to expand production capacity and enhance the comprehensive strength of the company. In order to better meet the needs of the Chinese market and enhance the company’s sustainable development capacity, liming Institute, a wholly-owned subsidiary of the company, plans to invest in the construction of 46600 T / a special new material project by the end of 2021. The construction period of the project is 36 months. The project is expected to achieve an average annual operating income of 935 million yuan and an average annual total profit of 119 million yuan, with strong profitability and economic benefits. In addition, other projects under construction of the company are also progressing steadily. The 26000 T / a high-performance organic fluorine material project of the subsidiary Chenguang Institute has completed the preliminary design in early 2022, and the 2500 t / a PVDF project has completed the equipment installation and put into operation in the first quarter of 2022. The first phase of the 4600t / a special fluorine-containing electronic gas construction project of Haohua gas, a subsidiary, has been put into operation, and the second phase will be put into operation in the third quarter of 2022. The subsidiary Haihua Institute advanced coating production base project with an annual output of 10000 tons has been completed and put into operation in 2021. The completion of the above projects will further strengthen the company’s comprehensive strength in the fields of high-end fluorine materials, military materials and electronic special gas, and help the company’s performance to a new level.
Profit forecast, valuation and rating: the company’s performance in 2021 exceeded expectations. With the continuous production of the company’s new capacity and the continuous growth of the company’s demand for high-end fluorine materials, aviation chemical materials and electronic special gas, the company’s performance will continue to develop well. We raised the company’s profit forecast for 20222023 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 10.78 (up 16.8%) / 12.04 (up 15.9%) / 1.363 billion yuan respectively, maintaining the “buy” rating of the company.
Risk warning: the price of products and raw materials fluctuates, the capacity construction is less than expected, the product R & D risk, and the downstream demand is less than expected
