The company's performance reached an all-time high, and the advantage of the platform layout was highlighted. On March 3, the company released KuaiBao's 2021 results. According to the preliminary calculation, the operating income is expected to reach 9.867 billion yuan in 2021, an increase of 87.56% over the same period last year. The net profit of returning to the mother was 3.023 billion yuan, an increase of 7284.28% over the same period last year, and the annual performance reached an all-time high. We increase the company's profit forecast for 2021 and maintain the profit forecast for 2022-2023. It is estimated that the net profit from 2021 to 2023 is 30.23,40.63 and 4.54 billion yuan respectively, and the corresponding EPS is 0.34,0.46,0.51 yuan per share respectively. The current stock price corresponds to 11.4,8.5,7.6 times of PE in 2021-2023. Benefiting from the high prosperity of double glyphosate, glyphosate and bialkali since 2021, as well as the company's advantages in cost control, the company's performance has increased significantly, as the liquid methionine project reaches the standard production and the future photovoltaic project has been put into production one after another. the company's platform layout advantage is highlighted, the growth space is broad, and the "buy" rating is maintained.
The performance of Q4 has improved significantly, and the prosperity of double glyphosate, glyphosate and co-alkali has not decreased since 2022. According to the company announcement, the company expects to achieve an operating income of 2.798 billion yuan, + 104.69% year-on-year, and a net profit of 1.01 billion yuan, + 320.96%, corresponding to Q4 in a single quarter. According to Baichuan Yingfu data, the average market prices of 2021Q4 soda ash, ammonium chloride, diglyphosate and glyphosate are 3322.9 yuan / ton, 1136.4 yuan / ton, 4.23 yuan / ton and 7.87 million yuan / ton, respectively, with a month-on-month ratio of + 37.05%, 5.62%, 62.25%, 50.19%. Since 2022, the company's main products double glyphosate, glyphosate, combined alkali products boom, we are still optimistic that the company with southwest soda ash giant and double glyphosate global leading position to usher in 2022 steady improvement.
The liquid methionine project reached the standard, and the photovoltaic industry chain extended smoothly. On January 21, the company's official platform announced that the 70,000 tons / year liquid methionine project reached the production standard, the product chromaticity was kept below 1 +, the product purity TOS was more than 88%, and some sales were achieved in 2021. At the same time, the company's Chongqing 8GW photovoltaic packaging materials and products project and 10GW ultra-efficient single crystal solar wafer project (start-up scale 1-2GW, which started construction at the end of 2021) are expected to be completed and put into production in 2022-2023. We believe that with the orderly progress of liquid methionine, photovoltaic glass and single crystal silicon wafer projects, the integration of the company's new energy materials industry line is deepening, and the upstream and downstream product chain is further extended.
Risk tips: product prices fall, production capacity is not as expected, policy implementation is not as expected, and so on.