\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 378 Haohua Chemical Science & Technology Corp.Ltd(600378) )
Haohua Chemical Science & Technology Corp.Ltd(600378) released the annual report of 2021: the annual operating revenue was 7.424 billion yuan, yoy + 36.92%, and the net profit attributable to the parent company was 891 million yuan, yoy + 37.61%.
The rapid development of core business has driven the steady growth of performance. The company’s main business segments include aviation chemical materials, high-end fluorine materials, electronic chemicals, engineering and technical services, trade and others. Among them, in terms of aviation chemical materials, the sales volume of special tires and special coatings of the company increased, and the volume and price of new polyurethane materials increased simultaneously, driving the revenue of the sector to increase by 23.89% year-on-year to 2.953 billion yuan. In terms of high-end fluorine materials, the average price of the company’s PTFE resin products increased by 19.42% year-on-year, the sales volume increased by 10.42% year-on-year, and the average price of fluororubber products increased by 36.65% year-on-year, driving the revenue of this sector to increase by 66.08% year-on-year to 1.878 billion yuan. In addition, the company’s revenue from electronic chemicals and engineering technology services increased by 25.00% and 32.86% year-on-year to 519 million yuan and 1.026 billion yuan respectively.
The cost rises and the gross profit rate decreases slightly. Affected by the price rise of bulk raw materials, the gross profit margin of some products of the company decreased, but the gross profit margin of high-end fluorine materials increased significantly due to product price adjustment, and the comprehensive gross profit margin of the company decreased slightly by 1.15 percentage points to 27.18%. The expense control was good, and the company’s sales expense rate and management expense rate decreased slightly, driving the steady growth of the company’s net profit.
The ability of product research and development and achievement transformation has been continuously improved, and the income of new products has increased significantly. The company is a new material technology-based platform enterprise under China chemical industry group. It is a provider of advanced materials, special chemicals and innovative services. Its products serve the core industries of military and civil products in many countries, and continue to carry out independent innovation and global cooperative innovation in various business fields. In 2021, the company realized a new product revenue of 1.67 billion yuan, an increase of 17.6% year-on-year. Among them, Chenguang Institute developed high-quality fluoropolymer products for special purposes to meet the large-scale needs of semiconductor, high-frequency communication and other fields, and realized a new product revenue of 790 million yuan; The revenue of new products of Liming Institute, Southwest Institute and Shuguang Institute exceeds 180 million yuan; The revenue of new products of Beifang Institute, Haihua Institute, Northwest Institute and Shuguang Institute accounts for more than 50%.
The production capacity continues to expand and the product system continues to be enriched. Through the acquisition of 13 high-quality enterprises subordinate to China Haohua, the major shareholder, from 2018 to 2019, the company has successfully transformed into an advanced material, special chemicals and innovative service provider. The company actively integrates business resources, gives play to synergy, highlights the main business, makes full use of military products and high-end civil products. The company is carrying out differentiated product layout around relatively high-end civil and military products. At present, it is promoting the capacity layout of a series of differentiated products. Among them, the 26000 T / a high-performance organic fluorine material project of Chenguang Institute has completed the preliminary design; The 2500 t / a PVDF project of Chenguang Institute has completed the equipment installation and is expected to be put into operation in the first quarter of 2022; Haohua gas 4600t / a special fluorine-containing electronic gas construction project phase I has been put into operation, and phase II will be put into operation in the third quarter of 2022; The project of clean energy catalytic material industrialization base of Southwest Institute has entered the substantive implementation stage; The advanced coating production base project with an annual output of 10000 tons of Haihua Institute has been completed and put into operation. The company has 66000 tons of high-performance organic materials and other follow-up projects every year. The continuous promotion of the above projects will help to improve the company’s layout in the field of high-end products such as high-end fluorine materials and electronic special gas, benefit from the synergy between the company’s major business segments, and ensure the downstream demand of products.
Profit forecast and investment rating of the company: the company is a new material technology platform enterprise under Sinochem. The construction of new projects helps the company enrich its product layout. Based on the company’s 2021 annual report, we adjusted the company’s profit forecast from 2022 to 2024 accordingly. We predict that the net profit of the company from 2022 to 2024 will be 1.064 billion yuan, 1.247 billion yuan and 1.475 billion yuan respectively, and the corresponding EPS will be 1.16, 1.36 and 1.60 yuan respectively. The corresponding P / E value of the current stock price will be 29, 25 and 21 times respectively. Maintain a “strongly recommended” rating.
Risk tip: product price decline; The new production capacity of the industry is put in too fast; The growth rate of downstream demand was lower than expected.
