\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 96 Rianlon Corporation(300596) )
Non net profit deducted in the first quarter increased by 43.82% year-on-year, with continuous growth month on month, maintaining the “buy” rating
On April 26, the company released the first quarterly report of 2022, realizing an operating revenue of 1.011 billion yuan, a year-on-year increase of 23.04% and a month on month increase of 9.95%; Deduct non net profit of RMB 125 million, with a year-on-year increase of 43.82% and a month on month increase of 12.26%. The performance of a single quarter increased year on year and month on month. We keep the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 529, 658 and 817 million yuan respectively, and the EPS will be 258, 3.21 and 3.98 yuan / share respectively. The current share price corresponds to 15.1, 12.2 and 9.8 times of PE. At the beginning of 2022, Zhuhai’s 60000 ton antioxidant production capacity was gradually released, and the asset transfer of M & A Kangtai shares has been completed. We are optimistic that the company will take M & A integration, project construction and technological innovation as the three driving wheels to boost its development, build a world leading fine chemical platform company and maintain the “buy” rating.
The operating efficiency of the company has been continuously optimized, the cost of raw materials has been transferred smoothly, and the profitability has been steadily improved
The upstream products of the company’s anti-aging additives are mainly basic chemical raw materials such as phenol and methyl acrylate. According to the data of Baichuan Yingfu, the average market prices of phenol and methyl acrylate in 2022q1 were rmb1100 and 17400 / ton respectively, up 48.25% and 45.21% year-on-year respectively; In 2022q1, the company’s operating gross profit margin increased to 27.31%, a year-on-year increase of + 1.26pcts, reflecting a good cost transfer ability against the background of a sharp rise in the price of raw materials. The total cost rate of Q1 was 11.79%, year-on-year -0.73pct; The net interest rate was 12.39%, with a year-on-year increase of + 1.24pcts. With the rapid growth of the company’s business scale, the company continued to improve its operating efficiency, and its strong operating Foundation helped steadily improve its profitability.
Zhuhai’s phase I production capacity has been gradually released, the merger and acquisition of Kangtai shares is progressing smoothly, and the company has sufficient growth momentum
With Rianlon Corporation(300596) Zhuhai phase I 60000 tons of general antioxidants put into operation in early 2022, it will help to make up for the company’s short capacity of antioxidants; On April 25, the company announced that the acquisition of Kangtai shares and the transfer of assets had been completed, and the entry into the lubricating oil additive market was progressing smoothly; In addition, the company has set up a joint venture Tianjin oreff, which is mainly engaged in nucleic acid drug monomer business, and has cooperated with Tianjin University to carry out research and development in most medical and American products, including polyglutamic acid. We are optimistic that while steadily promoting the project construction and consolidating the main business of anti-aging agents, the company will anchor the broad development space in the field of lubricating oil additives, strive to promote the technical progress and talent accumulation in the field of synthetic biology, and make steady progress towards the goal of building a global leading fine chemical platform company, with broad development space in the future.
Risk tips: the project construction progress is less than expected, the downstream demand is less than expected, the industry competition is intensified, etc.
