\u3000\u3 China Vanke Co.Ltd(000002) 768 Qingdao Gon Technology Co.Ltd(002768) )
The event company released the 2021 annual report and the first quarterly report of 2022. In 2021, the company realized an operating revenue of 9.766 billion yuan, a year-on-year increase of 35.99%; The net profit attributable to the parent company was 643 million yuan, a year-on-year decrease of 12.03%; The basic earnings per share was 2.37 yuan, a year-on-year decrease of 11.9%. In the first quarter of 2022, the operating revenue was 2.732 billion yuan, a year-on-year increase of 80.03%; The net profit attributable to the parent company was 118 million yuan, a year-on-year increase of 7.20%; The basic earnings per share was 0.44 yuan, a year-on-year increase of 7.32%.
Relying on the vertical integration platform of new materials, the company’s main business performance increased steadily. The company gave full play to the advantages of the vertical integration platform of new materials, continuously enriched the product structure and continuously optimized the customer group. The company’s main business performance increased steadily in 2021. In terms of sales volume, the sales volume of modified plastics, composites, health materials and pharmaceutical capsules increased significantly, with a year-on-year growth rate of 32.2%, 54.5%, 78.7% and 21.7% respectively. In terms of revenue, the main industries such as modified plastics and composites increased by 19.3% and 63.1% year-on-year; The revenue of optical display materials increased slightly by 3.4%; At the same time, through the acquisition of Baotou Dongbao Bio-Tech Co.Ltd(300239) , the performance increment of medical and civil gelatin and series products is realized.
In terms of large chemical industry, the company completed the acquisition of Zhejiang Yisu and Jiangsu Guoheng, invested in the construction of 1 million T / a polystyrene and 200000 t / a polypropylene projects, and actively laid out the upstream industrial chain of modified materials. In the aspect of big health industry, the company completed the acquisition of Baotou Dongbao Bio-Tech Co.Ltd(300239) and acquired the controlling interest of subsidiary Yiqing biology through Baotou Dongbao Bio-Tech Co.Ltd(300239) to complete the integration of internal resources, open up the gelatin industry chain, realize the vertical integration extension from gelatin to hollow capsule industry, and preliminarily complete the strategic layout of gelatin, biomedicine, medical beauty, personal care and other subdivided industries in the big health industry.
Optimistic about the company’s comprehensive competitiveness and sustainable growth attributes, the company’s main businesses are still in the fast lane of development, and improve the comprehensive market competitiveness through the integrated layout of upstream and downstream industrial chains. We believe that the company has high growth attributes and medium and long-term investment value.
It is estimated that the company’s revenue from 2022 to 2024 will be 12.5 billion yuan, 15.7 billion yuan and 18.9 billion yuan respectively, with a year-on-year change of 28.2%, 25.7% and 19.9%; The net profit attributable to the parent company was 760 million yuan, 930 million yuan and 1.12 billion yuan respectively, with a year-on-year change of 17.8%, 22.5% and 20.7%; EPS is 2.79, 3.42 and 4.13 yuan respectively, and the corresponding PE is 7.2, 5.9 and 4.9 times respectively.
Risk tips: the risk of sharp rise in the price of raw materials, the risk that the business development is less than expected, the management risk caused by the expansion of business scale, etc.
