\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 160 Zhejiang Juhua Co.Ltd(600160) )
The company’s 2022q1 performance increased by 188003%, R & D expenses increased sharply, and maintained the “buy” rating
The company achieved an operating revenue of 4.608 billion yuan in 2022q1, a year-on-year increase of 28.07%; The net profit attributable to the parent company was 234 million yuan, a year-on-year increase of 188003%; The net profit deducted from non parent company was 222 million yuan, reversing the loss year-on-year. In addition, the company accrued a total of 510194 million yuan of asset impairment losses in the first quarter, which had a certain impact on profits. At the same time, the company’s Q1 single quarter R & D expenditure reached 360 million yuan, with a year-on-year increase of 220.52% and a month on month increase of 30.64%, reaching a record high after 2021q4. The company’s performance is excellent and in line with our expectations. We maintain the company’s profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1977 million, RMB 3669 million and RMB 3618 million, with EPS of RMB 0.73, 1.14 and 1.34 per share respectively. The current share price corresponds to PE of 14.9, 9.6 and 8.1 times, maintaining the “buy” rating.
The short-term disturbance does not change the long-term trend, and the pace of recovery is approaching
The average prices of refrigerants, fluoropolymers and fluorochemical raw materials of 2022q1 company were 23429, 69776 and 5514 yuan / ton respectively (excluding tax, the same below), with a year-on-year increase of + 52.38%, + 41.89% and + 46.49% respectively, and a month-on-month increase of – 2.25%, + 1.59% and + 1.76% respectively; The output was 11500 tons, 8800 tons and 203600 tons respectively, with a year-on-year increase of + 2.26%, + 50.94% and – 3.83% respectively. Among them, the output and external sales volume of HFCS refrigerant 2022q1 were 71800 tons and 36700 tons respectively, with a year-on-year increase of – 4.55% and – 22.99% respectively. The decline in the production and sales of HFCS refrigerant was due to the covid-19 epidemic in the company’s location in mid March. Although the company maintained safe production, the logistics was blocked, which had a certain adverse impact on the company’s production and operation. We believe that the short-term disturbance will not hinder the long-term development. As the benchmark period of HFCS refrigerant quota has entered the last year, the market’s bullish expectation is more and more clear, and the opening of the trend market may be approaching.
The planning and construction progress of PVDF is significantly advanced, and the use of lithium battery binder may account for a large proportion
According to the company’s announcement and investors’ public questions and answers, the 6500 tons of PVDF currently under construction by the company is expected to be completed in June 2022. At that time, the company will have a production capacity of 10000 tons of PVDF, of which about 5000 tons can be used as lithium battery binder. In addition, the company’s annual output of 23500 tons of PVDF technical transformation project is expected to be put into trial operation one year in advance to December 30, 2022, of which 16500 tons will be used as lithium battery binder. By the end of 2022, the company may have a production capacity of 33500 tons of PVDF, of which more than 60% may be used as lithium battery binder.
Risk tips: safety production risk, policy change risk, sluggish terminal consumption, etc.
