\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 141 Hubei Xingfa Chemicals Group Co.Ltd(600141) )
Conclusions and suggestions:
The company released that in the first quarter of 22 years, the revenue in Q1 of 22 years was 8.575 billion yuan, yoy + 90.65%, and the net profit attributable to the parent company was about 1.723 billion yuan, yoy + 384.07%, which was in line with the previous notice.
The company is the leader of China’s phosphorus silicon chemical industry. With the rapid growth of new energy and electronic grade chemicals, the performance is expected to continue to grow. It is rated as “buy”.
With the concerted efforts of multiple sectors, the company’s performance has increased significantly: the growth of the company’s performance has benefited from the maintenance of the prosperity of chemical products. In the past 22 years, the sales prices of the company’s main products glyphosate, yellow phosphorus and phosphate fertilizer have continued to maintain a high level. The average price of phosphorus ore / yellow phosphorus / diammonium phosphate / DMC / 107 gum / glyphosate in Q1 in 22 years was 0.65/3.30/0.35/3.30/3.3673300 yuan / ton, yoy respectively + 71% / + 99% / + 29% / + 41% / + 41% / + 149%. In addition, the 400000 T / a synthetic ammonia project of Yichang xingxinglantian Technology Co., Ltd., a joint-stock enterprise of the company, and the 3 million T / a low-grade collophanite beneficiation and deep processing project of Yidu Xingfa Chemical Co., Ltd., a wholly-owned subsidiary of the company, were successively completed and put into operation in Q2 and Q3 in 2021. In 2012, the production and sales of phosphate fertilizer of Q1 company increased significantly compared with the same period of the previous year. Third, benefiting from the rapid development of downstream carbon fiber and integrated circuit industries, the company has strong demand for new chemical materials such as dimethyl sulfoxide and wet electronic chemicals, significantly improved its profitability over the same period of last year, and significantly increased its product benefits.
The gross profit margin increased significantly and the cost control was reasonable: the rise of product prices thickened the company’s profits, and the company’s gross profit margin increased by 16.97 PCT year-on-year to 35.91%. In terms of expenses, the company’s cost control was effective. The three expense rates decreased year-on-year, the sales expense rate decreased by 0.04 PCT to 0.98%, the management expense rate decreased by 0.57 PCT to 0.78%, and the financial expense rate decreased by 1.64 PCT to 1.15%.
There are abundant new projects, phosphorus chemical industry and wet electronic two wheel drive: at present, the ring ratio of Q2 glyphosate, DMC and 107 gum prices has declined slightly, and the ring ratio of phosphate rock, yellow phosphorus and diammonium phosphate prices has increased, but they are all at a high level, and the prosperity of phosphorus chemical industry is expected to continue. The company has a wealth of projects under construction, including Inner Mongolia Xingfa organic silicon new material integrated recycling project (400000 T / a organic silicon monomer Supporting 50000 T / a glyphosate and 300000 t / a caustic soda), Houping phosphate mine 2 million T / a mining project, Xinjiang Xingfa 50000 T / a dimethyl sulfoxide phase II project, Xingfu electronics 70000 T / a electronic grade sulfuric acid, 10000 t / a electronic grade hydrogen peroxide The 200000 t / a iron phosphate and the supporting 100000 t / a wet process phosphoric acid refining technical transformation project have been steadily promoted. After being put into operation, it will become a new profit growth point of the company.
Profit forecast: we maintain the profit forecast. It is expected that the company will realize a net profit of RMB 4.727/5.145 billion in 2022 / 2023, yoy + 11% / 9%, equivalent to EPS of RMB 4.25/4.63. At present, the PE corresponding to the share price of A-Shares is 8 times, maintaining the “buy” rating.
Risk tips: 1. The price of the company’s products is lower than expected; 2. The release of new production capacity is less than expected;
