\u3000\u3 China Vanke Co.Ltd(000002) 068 Jiangxi Black Cat Carbon Black Inc.Ltd(002068) )
Events. On April 21, Jiangxi Black Cat Carbon Black Inc.Ltd(002068) released the annual report of 2021 and the report of the first quarter of 2022. In 2021, the company achieved a revenue of 7.93 billion yuan, a year-on-year increase of 42.64%, and a net profit attributable to the parent company of 431 million yuan, a year-on-year increase of 344.71%; In 2022q1, the company achieved a revenue of 1.849 billion yuan, a year-on-year decrease of 0.51%, and a net profit attributable to the parent company of -104262 million yuan, a year-on-year decrease of 103.79%.
2021h1 carbon black boom peak, driving substantial growth in annual performance. In 2021, the company sold 937300 tons of carbon black in the whole year, with a year-on-year increase of 0.66%. The sales of carbon black remained basically stable. The sales of tar refined products and white carbon black decreased by 14.74% and 21.83% respectively, but the net profit attributable to the parent company increased by 344.71% year-on-year. The main reason is that in the first half of 2021, the global demand for carbon black was strong, the company’s carbon black volume and price rose together, coupled with the company’s cost control and optimization of product structure, the company’s profitability increased significantly, and the annual performance also increased significantly.
Layout carbon nanotube production capacity and continue to increase the weight of new energy materials. Since 2021, the company has continued to increase the scale of new energy track with lithium conductive carbon black and PVDF as the starting point. At present, the company is accelerating the research and development progress of carbon black after the completion of carbon black technology. In April 2022, the company plans to set up a wholly-owned subsidiary to build an annual output of 5000 tons of carbon nanotube powder and supporting industrial integration project, with a total investment of about 680 million yuan. The first phase of the construction has a capacity of 500 tons / year, which is expected to be completed and put into operation by the end of 2022. After the completion of the project, the company will have the capacity of lithium conductive carbon black and carbon nanotube, and is expected to provide one-stop procurement services of conductive agents for lithium battery enterprises.
The proposed phenolic resin project will continue to promote the extension of the industrial chain. The company plans to invest about 65 million yuan to build a 15000 ton phenolic resin project in Wuhai. After the project is completed, it is expected to contribute 400 million yuan in revenue. The main products of Wuhai Shilian, a joint-stock subsidiary of the company, include resorcinol and multi-component mixed phenol, which are the main raw materials for the production of phenolic resin. The phenolic resin project proposed by the company is the extension of the company’s industrial chain and has certain competitive advantages in raw material supply, transportation cost, energy consumption and so on. In addition, the tackifying series phenolic resin, reinforcing series phenolic resin and bonding series phenolic resin planned by the project are mainly used in tires. The company has the channel advantages of tire customers and can quickly open the downstream market.
Investment suggestion: it is estimated that the company’s earnings per share from 2022 to 2024 will be 0.52, 0.82 and 1.15 yuan respectively, and the corresponding PE will be 18, 11 and 8 times respectively. Considering the firm position of the company’s China carbon black dragon head, the company continued to overweight the new energy track, seek the second growth point and maintain the “buy” rating.
Risk warning: price fluctuation risk of carbon black and coal tar; Capacity release is less than expected; The promotion of projects related to new energy materials was less than expected.
