\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 160 Zhejiang Juhua Co.Ltd(600160) )
Event: in 2021, the company achieved a revenue of 17.99 billion yuan, a year-on-year increase of + 12.0%; The net profit attributable to the parent company was 1.109 billion yuan, a year-on-year increase of + 1063%. Among them, Q4 achieved an operating revenue of 5.36 billion yuan in a single quarter, a year-on-year increase of + 4.3% and a month on month increase of + 20.8%, and a net profit attributable to the parent company of 851 million yuan, a year-on-year increase of + 1396% and a month on month increase of + 451%.
Comments:
The refrigerant boom rose, and Q4 performance exceeded expectations. The recovery of the global economy in 2021 will drive the market demand of chemical products to increase, the price of the company’s main products will rise sharply, and the refrigerant sales volume will increase steadily. In 2021, the average sales price of fluorochemical raw materials, refrigerants, fluoropolymer materials, fluorofine chemicals, basic chemical products, food packaging materials and petrochemical materials of the company were + 80.9%, + 41.6%, + 48.0%, + 6.3%, + 25.2%, + 16.9%, + 3.0% year-on-year respectively, and the sales volume was – 19.7%, + 2.6%, – 2.6%, – 35.5%, + 2.9%, + 6.6%, + 31.5% year-on-year respectively; Affected by the dual control of energy consumption and the phased shortage of raw material supply in 21 years, the price of raw materials also increased significantly. The company gave full play to the advantages of the integration of industrial chain, explored potential, increased efficiency, saved energy and reduced consumption, better controlled the adverse impact of the sharp rise of operating costs caused by the rapid rise of raw material prices, and the performance increased significantly in 21 years. In 2021, the average sales prices of Q4 fluorine chemical raw materials, refrigerants, fluoropolymer materials, fluorine-containing fine chemicals, basic chemical products, food packaging materials and petrochemical materials were + 21.2%, + 18.9%, + 27.5%, + 15.5%, + 49.4%, + 29.3%, – 8.6% month on month respectively. The prosperity of the refrigerant industry was up, and the company’s Q4 performance exceeded expectations.
It is planned to expand PVDF production capacity and focus on high-end fluorine chemical industry. By the end of the 21st century, the company has a production capacity of 35 million tons of PVDF and a suspension method of 6500 tons / year. PVDF is expected to be completed in the first half of the year. Its products include PVDF resin varieties such as coating grade, Cecep Solar Energy Co.Ltd(000591) back sector membrane, water treatment membrane, wire and cable, lithium battery grade bonding and so on. In addition, the company announced in December 2021 that it plans to invest 979 million yuan and 693 million yuan respectively in the construction of “48000 T / a new VDF technical transformation and expansion project” and “35000 T / a new PVDF project for 30000 T / a PVDF technical transformation and expansion project (phase I)”. It is expected to be completed and put into operation in Q4, 23. The two technical transformation and expansion projects plan to increase high-end and specialized PVDF product varieties and expand lithium battery level High purity chemicals storage and transportation materials market. In addition, the company attaches importance to product innovation. During the reporting period, the company invested 654 million yuan in R & D, strengthened the R & D of new products such as advanced fluorochlorine chemical new materials, new green fluororefrigerant and foaming agent and fluorine-containing fine chemicals, implemented 133 R & D projects and completed 17 main achievements. In the 21 year, the company started to implement the giant core cooling liquid project, high-performance fluorine materials project, the lotion PVDF emulsion product developed by mass production, the performance of PTFE and FKM series products further improved, the PVDC waterborne coatings and MA resin application areas were further expanded, and the competitive advantage of the company’s fluorine chemical industry was enhanced.
Profit forecast, valuation and rating: the fluorine chemical industry and refrigerant industry are booming, and the company’s profitability has improved significantly. We raised the company’s profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit from 20222024 will be 13.74 (up 35%) / 18.69 (up 19%) / 2.171 billion yuan, equivalent to eps0 51 / 0.69/0.80 yuan, maintaining the “buy” rating.
Risk warning: price fluctuation of raw materials and products; The new production capacity was less than expected.
