\u3000\u3 China Vanke Co.Ltd(000002) 493 Rongsheng Petro Chemical Co.Ltd(002493) )
Event:
On April 28, Rongsheng Petro Chemical Co.Ltd(002493) released the first quarterly report of 2022: in the first quarter of 2022, the company achieved an operating revenue of 68.601 billion yuan, an increase of 98.38% year-on-year and 43.92% month on month; The net profit attributable to shareholders of listed companies was 3.116 billion yuan, up 18.85% year-on-year and 15.33% month on month; The gross profit margin reached 19.27%, down 4.07 percentage points year-on-year and 5.15 percentage points month on month; The net interest rate reached 8.43%, down 5.32 percentage points year-on-year and 1.89 percentage points month on month.
Key investment points:
Zhejiang Petrochemical phase II was fully put into operation, and Q1 performance increased steadily
In Q1 2022, the company achieved an operating revenue of 68.601 billion yuan, an increase of 98.38% year-on-year and 43.92% month on month. The company's revenue increased rapidly year-on-year and month on month, mainly benefiting from the full operation of Zhejiang Petrochemical phase II in January 2022, the steady increase of operating load and the steady growth of product production and sales. In terms of profitability, in Q1 2022, the company realized a net profit attributable to parent company of RMB 3.116 billion, with a year-on-year increase of 18.85% and a month on month increase of 15.33%. The year-on-year month growth rate of net profit attributable to parent company was lower than that of revenue. Mainly due to the significant increase in crude oil price due to geographical conflicts and other factors since 2022, according to wind, the average price of Brent crude oil in Q1 2022 reached US $97.11/barrel, with a year-on-year increase of + 58.73% and a month on month increase of + 22.12%. The rapid growth of oil prices has also compressed the company's profits. In Q1 2022, the gross profit margin reached 19.27%, down 4.07 percentage points year-on-year and 5.15 percentage points month on month.
In terms of period expense ratio, the company's sales / management / financial expense ratio in 2022 and Q1 was 0.08% / 1.55% / 1.24% respectively, with a year-on-year ratio of -0.02 / + 0.04 / - 2.00pct and a month on month ratio of + 0.04 / - 1.38 / + 1.33pct; Meanwhile, in 2022, the net cash flow generated from the operating activities of Q1 company reached 18.598 billion yuan, a year-on-year increase of 257.61%, mainly due to the increase in the net cash inflow of the purchase and sales business of the subsidiary Zhejiang Petrochemical in the current period.
The 40 million T / a refining and chemical project of Zhejiang Petrochemical was completed, and the industrial chain extended to new materials
The 40 million T / a refining and chemical project of Zhejiang Petrochemical has been officially completed from the first phase in May 2019 when it is ready for operation to the full production of the second phase in January 2022. It has also become the largest refining and chemical integration project in the world, with obvious scale advantages. In the future, the company will rely on the upstream refining and chemical industry to enrich the basic chemical warehouse and send new materials to the downstream. Among them, in Zhejiang Petrochemical phase I and phase II projects, 300000 t / a EVA, 520000 T / a PC and 400000 T / a ABS and other high value-added new material products have been deployed; Rongsheng new material (Zhoushan) has also been established and will build a number of projects with high technology content, high growth and high added value in the middle and lower reaches of petrochemical industry in the future; Meanwhile, Zhejiang Petrochemical α- At present, the olefin project has obtained the project record, and the relevant work is also being promoted. The continuous layout and implementation of downstream new material projects will make full use of Zhejiang Petrochemical's rich chemical output, promote the continuous improvement of product added value and profitability.
Polyester production capacity continues to expand, and products are developing towards high-end
The company is a leading polyester enterprise in China. By the end of 2021, the company has a production capacity of 1.1 million tons of polyester filament, 2.7 million tons of polyester bottle chips and 250000 tons of polyester film. At the same time, the company is committed to the high-end development of polyester products. Among them, Hainan Yisheng 50000 T / a food grade recycled polyester bottle chips were successfully put into operation in December 2021, and another 90000 T / a production capacity is being promoted. After all put into operation, Hainan Yisheng will become the largest food grade RPET supplier in China; The production capacity of Yongsheng technology's high-end film has also been continuously expanded. The first phase of 70000 T / a BOPET production capacity was successfully put into operation in December 2020, and the production of the first batch of photovoltaic backplane film orders was successfully completed in October 2021. At the same time, the second phase of 180000 t / a film production capacity of Yongsheng technology is also actively under construction, and it is expected that 70000 T / a production line will be put into operation in 2022; At the same time, Shengyuan phase II 500000 T / a differentiated fiber project is also actively promoted, and will mainly produce flame-retardant, functional and dye-free fiber products. With the continuous development of high-end polyester products, the company will get rid of the competition of traditional filaments and form differentiated advantages; At the same time, high-end differentiated products have higher product added value, and the profitability of the company's polyester products will be continuously improved in the future.
The profit forecast and investment rating predict that the net profit attributable to the parent company in 2022, 2023 and 2024 will be 16.516 billion yuan, 20.455 billion yuan and 24.051 billion yuan respectively, and the EPS will be 1.22, 1.52 and 1.78 yuan / share, corresponding to 11, 9 and 7 times of PE, maintaining the "buy" rating.
The implementation of risk warning policies, the construction progress of new production capacity is not up to expectations, the contribution performance of new production capacity is not up to expectations, the price of raw materials fluctuates, the change of environmental protection policies, the economy drops sharply, and the price of crude oil fluctuates sharply.
