\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 426 Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) )
Performance
On April 29, the company released its first quarterly report, realizing an operating revenue of 8.115 billion yuan, a year-on-year increase of 62.2%, and a net profit attributable to the parent company of 2.429 billion yuan, a year-on-year increase of 54.13%.
Analysis
In the first quarter, the company operated smoothly and its performance was released steadily. In the first quarter, the company’s single quarter performance hit a record high, with a month on month increase of about 48%. The DMC project and caprolactam project put into operation last year were all operated in the first quarter. Affected by the Spring Festival and other factors, the sales of acetic acid and organic amine decreased to a certain extent in the first quarter, except for chemical fertilizer, but the price of raw material coal decreased month on month, so the profit space of the company’s main products was high, and the gross profit margin in the first quarter was about 39%, It has increased by about 13 points month on month. At this stage, the company’s product operation still maintains high load operation, and the product sales volume is expected to increase compared with the first quarter.
Dezhou base continues to carry out cost optimization and project development, and improve the layout chain of the existing production line. Dezhou base, the headquarters of the company, on the one hand, continues to optimize and rectify the existing production line, build high-efficiency and large-capacity coal-fired boilers, replace the original old devices, continue to improve the existing production cost, and further optimize and improve the projects gradually put into operation, so as to continuously improve the competitiveness of products; On the other hand, based on the existing products, the company continues to expand to the new material end. In the planning and construction of high-end solvent project and nylon 66 high-end new material project, through the project layout, on the one hand, it can further stabilize the multi product co production process, disperse the periodic profit pressure of some products, and extend to the field of new energy and new materials on the basis of traditional product layout, According to the company’s calculation, after the two projects are put into operation, it will bring the company a revenue of 7.9 billion yuan and a profit space of 1.235 billion yuan, so as to further improve the central profit of the existing base.
The phase I project of Jingzhou base was accelerated, and the project of green new energy and new materials continued to be promoted. The company’s Jingzhou base phase I project is still in full swing. The overall project construction is mainly based on the company’s niche products. On the basis of phase I project construction, the company further extends the green new energy and new materials project, arranges NMP, BDO devices, PBAT, acetic anhydride and other products, further extends products on the basis of phase I project, and extends the industrial chain to new energy materials, degradable plastics and other fields, Constantly enrich the product types and industrial chain foundation of the company in Jingzhou base.
Investment advice
The company maintained a good profitability in the first quarter, and its overall profitability control ability was relatively strong. At the same time, the continuous operation of projects driven the development of the company. It is predicted that the net profit attributable to the parent company from 2022 to 2024 will be 7.554 billion yuan, 8.319 billion yuan and 9.972 billion yuan respectively, EPS will be 3.58, 3.94 and 4.72 yuan respectively, and the corresponding PE will be 8.4, 7.7 and 6.4 times respectively, maintaining the “buy” rating.
Risk tips
Risk of sharp fluctuations in the prices of raw materials and products; The construction progress of the project is not up to expectations.
