According to the annual report recently released by Hengguang (301118. SZ), in 2021, the company achieved an operating revenue of 933 million yuan, a year-on-year increase of 46.57%; The net profit attributable to the shareholders of the listed company was 242 million yuan, a year-on-year increase of 127.56%; The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was 230 million yuan, an increase of 141.59% over the previous year. It is planned to distribute a cash dividend of 7.50 yuan (including tax) for every 10 shares to all shareholders.
Hengguang Co., Ltd. is a high-tech enterprise focusing on the development mode of circular economy and integrating the R & D, production and sales of sulfur chemical industry and chlorination industrial product chain. Relying on the advantages of platform, resources and technology, driven by technological innovation and giving full play to the advantages of the development mode of circular economy, the company has formed a characteristic circular chemical industry with sulfur chemical industry and chlorine chemical product chain as the main line, scientific combination and efficient linkage of basic chemical industry and fine chemical industry.
At present, Hengguang has two application platforms and related product chains of sulfur chemical industry and chlorine chemical industry. The chlorine chemical product chain mainly includes chlor alkali, sodium chlorate, hydrogen, aluminum trichloride, phosphorus trichloride and germanium products; Sulfur chemical product chain mainly includes sulfuric acid, iron concentrate, roasting slag, steam, sulfamic acid, cysteamine hydrochloride, etc.
From the perspective of revenue structure, the operating revenue of the chemical industry is the main source of revenue of the company. The company achieved an operating revenue of 890 million yuan in the chemical industry, accounting for 95.35% of the operating revenue, and the revenue increased by 51.74% year-on-year.
Specifically, from the perspective of products, the products that account for a large proportion of operating revenue have achieved the growth of operating revenue. Sodium chlorate accounted for 24.66% of the operating revenue, realizing an operating revenue of 230 million yuan, a year-on-year increase of 23.39%; Sulfuric acid accounted for 19.35% of the operating revenue, realizing an operating revenue of 181 million yuan, a year-on-year increase of 244.96%; Concentrate powder accounted for 11.59% of the operating revenue, realizing an operating revenue of 108 million yuan, a year-on-year increase of 39.57%.
Hengguang said that the change in revenue was due to the increase in sales revenue driven by the rise in sales unit price. Based on industrial parks and industrial clusters, the company adopts the business model of “developing circular economy, realizing comprehensive utilization, relying on technological innovation and transforming traditional industries”, mainly relying on sodium chlorate, chlor alkali, sulfuric acid and corresponding joint products, and taking the extension of industrial chain as the direction of product development, carries out product structure adjustment, optimizes resource allocation and develops circular economy to the greatest extent.
The production line configuration of chlorine and sulfur chemical industry of the company has strong “flexible production” characteristics, which can flexibly adjust the output of different products according to the market demand, optimize the types of chemical products in the industrial chain, timely meet the market demand, avoid the performance risk caused by the demand fluctuation of downstream industries, and ensure that the company has sustainable profitability.
During the reporting period, the operating cost of the company was 547 million yuan, with a year-on-year increase of 31.69%, and the gross profit margin of sales was 41.37%, with a year-on-year increase of 6.63 percentage points. In terms of products, the operating cost of sodium chlorate was 154 million yuan, a year-on-year increase of 19.08%, and the gross profit margin increased by 2.43 percentage points; The operating cost of sulfuric acid was 101 million yuan, a year-on-year increase of 80.14%, and the gross profit margin increased by 51.37 percentage points; The operating cost of concentrate powder was 28 million yuan, a year-on-year increase of 63.70%, and the gross profit margin decreased by 3.77 percentage points.
In terms of comprehensive cost advantage, the company relies on Shanghai Chlor-Alkali Chemical Co.Ltd(600618) and sulfur chemical and other basic chemical products, and makes full use of the company’s self-produced caustic soda, sulfuric acid, hydrochloric acid, chlorine and other products as well as the by-products of other enterprises in the park as raw materials to produce aluminum trichloride, phosphorus trichloride, aminosulfonic acid, cysteamine hydrochloride and other fine chemical products. Based on its own concept of circular development, combined with the layout of chemical enterprises around the region, it uses its own invention patents and joint products of various production links to carry out secondary processing and manufacturing, which not only makes the pollutant emission of the company almost zero, but also increases the income of other products of the company, so that the main products of the company have greater comprehensive advantages in terms of cost.
In terms of period expenses, during the reporting period, the sales expenses were 3.6791 million yuan, a year-on-year decrease of 89.74%. The company said that it was mainly due to the impact of transportation expenses of 320907 million yuan reported in operating costs in the current period; The management fee was 747132 million yuan, with a year-on-year increase of 58.82%. The company said that it was mainly due to the increase of maintenance fee, environmental protection fee, employee salary and enterprise listing fee; The R & D expenditure was 373266 million yuan, a year-on-year increase of 37.66%, mainly due to the increase of R & D investment.
In terms of cash flow, the net cash flow from operating activities was 263 million yuan, a year-on-year increase of 152.91%, mainly due to the increase of operating income and the increase of cash received from the sale of goods and the provision of labor services over the same period of the previous year.
Hengguang Co., Ltd. said that the company will take the national industrial layout, double carbon and energy transformation as an opportunity, take the existing basic chemical industry as the platform, rely on resource advantages and industrial foundation, speed up the industrial layout around the direction of sulfur chemical industry and chlorine chemical industry and the goal of “Specialty, precision, specialty and innovation”, and build a modern circular economy characteristic high-quality industrial system with green, low-carbon and environmental protection.
