In 2021, the phosphorus chemical sector rose sharply, and individual stocks performed well. Plate Market: the basic chemical industry (Shenwan class I) increased by 48% in 2021. In terms of sub sectors, among the 33 sub sectors of CITIC chemical in 2021, phosphate fertilizer and phosphate chemical industry ranked third with an annual increase of 158%. Stock market. In the end of 2021, at the end of 2021, the index of the phosphorus chemical industry of the phosphorus chemical industry that we focus on tracking, among the 17 phosphorus chemical enterprises that we focus on tracking, eight of the 17 phosphorus chemical enterprises that have been the focus of our focus, eight of the eight companies that have seen their annual growth exceed the index of phosphorus chemical industry. Among the 17 phosphorus chemical enterprises that we focus on tracking, eight companies that have exceeded the index of phosphorus chemical industry in the past year. Among the 17 phosphorus chemical enterprises that we focus on tracking, eight companies that have seen their annual growth exceed the index of the phosphorus chemical index, respectively Hubei Yihua Chemical Industry Co.Ltd(000422) Hubei Yihua Chemical Industry Co.Ltd(000422) \ \ Yibin Tianyuan Group Co.Ltd(002386) , with annual increases of 565.9%, 247.0%, 223.2%, 185.9%, 140.1%, 128.3%, 123.8% and 115.4% respectively, Among them, the increase in Hubei Yihua Chemical Industry Co.Ltd(000422) year was the highest.
In 2021, the performance of phosphorus chemical enterprises was outstanding and the industry boom was upward. In terms of operating revenue, the overall operating revenue of phosphorus chemical industry sector increased significantly in 2021, realizing a total operating revenue of 365175 billion yuan, a year-on-year increase of 36.55%. In terms of net profit attributable to parent company, the net profit attributable to parent company of phosphorus chemical industry reached a record high in 2021, realizing a total net profit attributable to parent company of 24.091 billion yuan, with a year-on-year increase of 427.04%. Among the 17 key phosphorus chemical enterprises, 16 returned to the parent company and achieved an increase in net profit. In terms of profitability, the gross profit margin and net profit margin of phosphorus chemical industry sector maintained growth in 2021, and the overall profitability was improved. Among them, the gross profit margin was 15.14%, with a year-on-year increase of 4.27pct; The net interest rate was 6.6%, with a year-on-year increase of 4.89pct.
The boom of agrochemical industry is rising, and the product price center is moving up. Since 2020, the global prices of major agricultural products such as corn, wheat and soybeans have shown an upward trend. From the beginning of 2020 to May 12, 2022, the CBOT futures settlement prices of corn, wheat and soybean increased by 68.8%, 110.4% and 102.2% respectively Shenzhen Agricultural Products Group Co.Ltd(000061) prices rose sharply, driving the boom of the agrochemical industry upward. Benefiting from the strong demand for phosphate fertilizer and agriculture, the prices of upstream and downstream products in the phosphorus chemical industry have increased to varying degrees, and the business cycle of the industry has risen. Taking the phosphate fertilizer industry chain as an example, as of May 12, 2022, the prices of phosphate rock, yellow phosphorus, phosphoric acid, monoammonium phosphate and diammonium phosphate in China increased by 116.84%, 140.17%, 126.23%, 103.57% and 60.94% respectively compared with the beginning of 2021.
Layout the lithium iron phosphate business and open up new space for performance growth. On the one hand, many phosphorus chemical enterprises actively layout lithium iron phosphate or iron phosphate production lines and integrate into the new energy industry chain. Among the 17 phosphorus chemical enterprises we focus on tracking, 11 enterprises have been involved in the development of new energy material products such as iron phosphate and lithium iron phosphate. Among them, Hubei Yihua Chemical Industry Co.Ltd(000422) cooperates with Contemporary Amperex Technology Co.Limited(300750) to arrange 300000 t / a iron phosphate and related supporting facilities Hubei Xingfa Chemicals Group Co.Ltd(600141) build 300000 t / a battery key material production plant, 500000 T / a iron phosphate, 500000 T / a lithium iron phosphate and related supporting projects Yunnan Yuntianhua Co.Ltd(600096) invest in the construction of 500000 T / a iron phosphate battery new material precursor and supporting projects. On the other hand, benefiting from the substantial increase in the output of new energy vehicles, the lithium iron phosphate industry has ushered in a rise in both volume and price. In 2021, the annual loading volume of lithium iron phosphate increased by 227.4% year-on-year. In April 2022, the loading capacity of lithium iron phosphate was 8888 MWh / month, with a year-on-year increase of 177.2%. As of May 13, 2022, the average market price of lithium iron phosphate in China has increased by 310.5% compared with the beginning of 2021.
At present, traditional phosphorus chemical businesses such as phosphate fertilizer are booming. With the gradual launch of new energy projects, phosphorus chemical enterprises will obtain new business increment. It is expected that the “phosphorus industry” will usher in a new growth cycle, and the “phosphorus industry” is expected to reduce the volatility of the traditional energy and chemical industry.
Investment advice
The industry boom is rising. It is suggested to pay attention to the enterprises with integrated layout, rapid performance growth and leading layout in the field of new energy in the phosphorus chemical industry, such as Hubei Yihua Chemical Industry Co.Ltd(000422) , Hubei Xingfa Chemicals Group Co.Ltd(600141) , Yunnan Yuntianhua Co.Ltd(600096) , etc.
Risk tips
The epidemic situation in China has been repeated, the safety and environmental protection policies have been upgraded, and the demand for new energy vehicles is lower than expected.
