Event: on August 23, 2021, the company released a semi-annual report. During the reporting period, the company achieved operating income of 5.029 billion yuan, an increase of 61.38% over the same period last year, and a net profit of 1.375 billion yuan, an increase of 206.16% over the same period last year.
Comment
The investment income increased greatly in the second quarter compared with the same period last year: in the first half of the year, the company achieved a net profit of 1.375 billion yuan, an increase of 206.16% over the same period last year. During the period, it was confirmed that the net investment income was 1.089 billion yuan, an increase of 24.32% over the same period last year. According to the announcement, the company achieved a net profit of 924 million yuan in the second quarter, an increase of 104.88% over the same period last year and 164.76% over the same period last year, of which the net income from investment in the second quarter was 758 million yuan, up 34.64% from the same period last year and 129% from the same period last year. Regardless of the impact of investment income, the company's main business achieved a net profit of 160 million yuan in the second quarter, a year-on-year turnaround and a month-on-month increase of 32.23%.
The production and sales of coke increased in the first half of the year, and the cost rose significantly: in the first half of the year, the company's coke production increased by 13.73% to 1.7916 million tons, and sales increased by 14.51% to 1.7965 million tons. The price of ton coke was 2063.67 yuan per ton, an increase of 39.51% over the same period last year. The purchase volume of raw coal was 2.2843 million tons, an increase of 14.90 percent over the same period last year, and the unit purchase price was 1269.17 yuan per ton, up 21.56 percent over the same period last year. In a single quarter, the company produced 935500 tons of coke in the second quarter, an increase of 6.35 percent over the same period last year, an increase of 9.27 percent over the same period last year, and sales of 984800 tons of coke, an increase of 6.70 percent and 21.32 percent over the same period last year. The price of ton coke was 2040.23 yuan per ton, up 41.22% from the same period last year and down 2.48% from the previous month. In the second quarter, the purchase volume of raw coal was 1.1542 million tons, an increase of 4.41 percent over the same period last year, an increase of 2.13 percent from the previous month. The unit purchase price was 1425.18 yuan per ton, up 39.03 percent from the same period last year and 20.79 percent from the previous year.
Chemical prices rose year-on-year: the company's chemical prices rose comprehensively in the first half of the year compared with the same period last year. Among them, the price increase of carbon black was the highest, with the price of carbon black rising 78.25% to 5933.47 yuan / ton compared with the same period last year, followed by asphalt, which increased 69.83% to 3304.21 yuan / ton. In the first half of the year, the price of pure benzene was 5418.87 yuan / ton, up 55.00% over the same period last year; the price of methanol was 1862.53 yuan / ton, up 40.63% over the same period last year; and the price of industrial naphthalene was 3163.34 yuan / ton, an increase of 5.72% over the same period last year. In the second quarter, the price of carbon black increased by 92.96% over the same period last year to 5882.73 yuan / ton, down 1.68% from the previous year; the price of asphalt increased by 93.38% to 3738.78 yuan / ton, up 33.66% from the same period last year; the price of pure benzene was 6355.93 yuan / ton, up 129.49% from the same period last year and 52.04% from the same period last year; the price of methanol was 1969.98 yuan / ton, up 59.22% from the same period last year and 13.51% from the previous year The price of industrial naphthalene was 3171.16 yuan / ton, an increase of 10.83% over the same period last year and 0.54% higher than the previous month.
Investment advice: increase holdings-An investment rating, 6-month target price of 7.95 yuan. We estimate that the return net profit of the company from 2021 to 2023 will be 2.952 billion yuan, corresponding to 1.03 EPS 1.06 plus 1.15 yuan per share.
Risk tips: Coke prices fell sharply, chemical products prices fell sharply.