\u3000\u3 China Vanke Co.Ltd(000002) 001 Zhejiang Nhu Company Ltd(002001) )
Net profit attributable to the parent company increased by 25.6% month on month, orderly promoted project construction and maintained the “buy” rating
On April 27, the company released the first quarterly report of 2022, realizing an operating revenue of 4.308 billion yuan, a year-on-year increase of 13.66% and a month on month increase of 0.61%; The net profit attributable to the parent company was 1.203 billion yuan, with a year-on-year increase of 5.18% and a month on month increase of 25.60%. The performance was in line with expectations. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 5.004, 5.516 and 5.717 billion yuan respectively, corresponding to EPS of 1.94, 2.14 and 2.22 yuan / share respectively, and the current share price corresponding to PE of 13.5, 12.3 and 11.8 times respectively. We are optimistic that the company will continue to enrich its product line around the “chemical +” and “biological +” platforms, orderly promote the construction of projects such as carbonic anhydride, menthol and PPS, gradually show its growth attribute and maintain the “buy” rating.
The price of main products fell, the price of raw materials rose, and the company’s gross profit margin fell year-on-year and month on month
According to wind data, the average market prices of VA (500000 IU / g), ve (50%), VD3 (500000 IU / g) and methionine in the first quarter were 237.83, 88.02, 92.32 and 2092800 yuan / ton respectively, with a month on month ratio of – 16.73%, – 1.13%, – 14.00% and + 0.22% respectively; According to the data of Baichuan Yingfu, the prices of raw materials natural gas and isobutene in 2022q1 increased by 43.51% and 36.84% year-on-year, 8.53% and 10.25% month on month respectively. The prices of leading products fell month on month and the prices of raw materials continued to rise. Coupled with the change of the company’s accounting policies in 2021, the gross profit margin of Q1 company decreased slightly to 41.55%, year-on-year -6.59pcts and month on month -2.95pcts; The net interest rate was 28.04%, year-on-year -2.44pcts and month on month -1.29pcts.
Projects such as carbonic anhydride, menthol and PPS were promoted in an orderly manner, and the growth of the company was gradually highlighted
As of the first quarter report, the company’s construction in progress reached 3.724 billion yuan, an increase of 24.75% over the end of 2021. The company expects the annual capital expenditure to be about 5 billion yuan. The projects under construction include 150000 T / a methionine, 30000 T / a bovine xanthic acid, 7000 T / a PPS phase III, 5000 t / a menthol, vb66000 T / A, vb123000 T / A, 500 t / a carbonic anhydride and 500 t / a azabicyclic acid. Among them, the pilot products of carbonic anhydride and azabicyclic acid project meet the expectations, have realized the revenue, and are expected to be put into operation in the second quarter; Niuhuang acid, PPS, menthol, VB6 and VB12 projects will be put into trial production within this year. We are optimistic that the company will make use of the existing industrial supporting advantages to increase the research and application of new products, new technologies and new equipment in the field of API.
Risk tips: the project is delayed, the demand is lower than expected, the industry competition intensifies, the product price drops sharply, etc.
