\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 378 Haohua Chemical Science & Technology Corp.Ltd(600378) )
Event: the company released its annual report for 2021. In 2021, it realized an operating revenue of 7.424 billion yuan, a year-on-year increase of 36.92%, and a net profit attributable to the parent company of 891 million yuan, a year-on-year increase of 37.61%. The company plans to pay 2.91 yuan in 10.
Rapid growth of five business segments: the company’s main businesses can be divided into aviation chemical materials, high-end fluorine materials, electronic chemicals, engineering and technical services, trade and others. In 2021, the above areas achieved operating revenue of 29.5, 18.8, 5.2, 1.03 and 570 million yuan respectively, with an increase of 23.89%, 66.08%, 25.00%, 32.86% and 81.31% respectively. For fluorine materials, PTFE resin sold 29268 tons in 2021, with a year-on-year increase of 10.42%, and the average price was 4426270 yuan / ton, with a year-on-year increase of 19.42%. In the electronic chemicals sector, 456429 tons of fluorine-containing gas were sold in 2021, and the selling price was basically the same year-on-year. Aviation chemical materials include rubber sealing products, special tires, new polyurethane materials and special coatings. In 2021, 13.329 million pieces, 4597300 tons, 1090200 tons and 1286814 tons were sold respectively. In 2021, the company’s gross profit margin was 27.18%, a year-on-year decrease of 1.15 percentage points, which was mainly affected by the rise in the price of bulk raw materials in China. The net interest rate was 12.16%, with a year-on-year increase of 0.10%.
Projects under construction open up the company’s growth space: in 2021, the company’s projects under construction were 895 million yuan, with a year-on-year increase of 293 million, including 4600 T / a special fluorine-containing electronic gas construction project, 26000 T / a high-performance organic fluorine material project, etc. In addition, the company announced at the end of December 2021 that its subsidiary Liming Institute planned a 46600 T / a special new material project, with a construction period of 36 months. It is expected to realize a profit of 102 million yuan after tax after putting into operation, so as to further improve the company’s comprehensive competitiveness.
Profit forecast and investment rating: we are optimistic that driven by strong scientific research ability, the company will comply with the rapid development trend of downstream emerging industries and achieve sustainable growth. We expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 1.05 billion, RMB 1.28 billion and RMB 1.53 billion respectively, corresponding to 29.8, 24.6 and 20.5 times PE respectively, maintaining the “buy” investment rating.
Risk tips: the price of main products fell, the price of raw materials rose, the demand for raised products was less than expected, and the orders of military products business fluctuated.
