Ruitai Technology (002066) Annual report comments: ton gross profit increased by 21 years and performance improved significantly

華泰證券 · Mar 27, 2022 00:00 · Researches

　　21Q4 收入/归母净利同比-5.7%/-21.3%，维持“增持”

　　3 月25 日公司发布21 年年报：21 年实现收入/归母净利45.3/0.5 亿元，同比+7.6%/+72.3%；21Q4 收入/归母净利11.3/0.1 亿元，同比-5.7%/-21.3%。

　　21 年归母净利符合我们预期（0.5 亿元）。我们认为宝武入主公司事项仍在继续推进中，但考虑到原料价格上涨但传导受阻，下调22-23 年预测并引入24 年归母净利预测为0.61/0.77/0.98 亿元（22-23 年前值0.83/1.07 亿元）。

　　可比公司22 年Wind 一致预期均值1.1xPEG，公司为1.5x，考虑到公司成长性更优，故给予一定溢价，给予22 年1.6xPEG，目标价11.41 元（前值12.76 元），维持“增持”评级。

　　21 年耐材收入同比提升，耐材吨毛利同比显著改善21 年公司玻璃窑用/水泥窑用/钢铁用耐火材料分别实现收入4.7/10.6/27.3亿元，同比+18.9%/+1.2%/+8.2%，玻璃窑用耐火材料增速较高主要系加大开发光伏玻璃市场所致。21 年玻璃窑用耐火材料每吨售价/成本/毛利同比-12.7%/-18.4%/24.7%，公司水泥窑用耐火材料每吨售价/成本/毛利同比3.0%/-0.5%/14.1%，公司钢铁用耐火材料每吨售价/ 成本/ 毛利同比-2.3%/-3.6%/6.4%。21 年毛利率17.3%，同比+1.6pct，其中玻璃窑用/水泥窑用/钢铁用耐火材料毛利率为19.1%/26.5%/14.3%；21Q4 毛利率16.5%，同/环比+7.2/-1.4pct，环比下行系原料涨价且部分钢厂压价。

　　21 年费用率小幅上行，经营性净现金流同比下行21 年期间费用率13.6%，同比+0.8pct，其中销售/管理/研发/财务费用率为3.1%/5.2%/3.9%/1.4%，同比-0.1/+0.7/+0.6/-0.4pct，管理费用率上升主要系职工薪酬、中介机构费用增加。21 年归母净利率1.1%，同比+0.4pct；21Q4 为1.1%，同/环比-0.2pct/持平。21 年末公司资产负债率/有息负债率69.6%/33.3%，同比-1.2/-0.3pct。21 年经营净现金流2.5 亿元，同比-13.8%，其中21Q4 为1.5 亿元。

　　增长有望维持稳定，央企背景助力公司领先地位据公司年报，2022 年公司计划实现营收/利润总额47.5/1.56 亿元，同比+4.7%/+3.3%。据中国耐火材料协会，2021 年1-9 月全国耐火材料制品产量2004 万吨，同比+8%，其中致密定形耐火制品1124 万吨，同比+9%。

　　公司是具有央企背景的耐火材料企业，在行业内名列前茅，技术水平、创新能力、品牌影响力等方面均居领先地位，有望保持稳定规模增长。

　　风险提示：钢铁行业景气度下行，资产重组事项失败风险。

21Q4 income / homing net profit compared with the same period last year-5.7% pesque 21.3%, maintain "increase"

On March 25, the company released 21 annual report: the 21-year income / return net profit for 21 years is 4.53 billion yuan, compared with the same period last year, + 7.6% Universe 72.3% earnings / return net profit 1.13 billion yuan, compared with the same period last year.

The 21-year return net profit is in line with our expectations (50 million yuan). We believe that Baowu's entry into the company is still in progress, but in view of the increase in raw material prices but blocked transmission, the forecast for 22-23 years is lowered and the 24-year return net profit is forecast to be 0.61 trillion 0.77 trillion (0.83 trillion yuan before 22-23).

Comparable to the company's 22-year Wind consensus expected average 1.1xPEG, the company is 1.5x, taking into account the company's growth is better, so give a certain premium, given 22-year 1.6xPEG, the target price of 11.41 yuan (the previous value of 12.76 yuan), maintain the "overweight" rating.

In the past 21 years, the revenue of refractories has increased compared with the same period last year, and the gross profit per ton of refractories has significantly improved compared with the same period last year. In 21 years, the company's income of glass kiln / cement kiln / steel refractories was 4.7pm 10.6 / 2.73 billion yuan, respectively, compared with the same period last year. + 18.9%, 1.2%, 8.2%, respectively. The higher growth rate of refractories used in glass kilns is mainly due to the increased development of the photovoltaic glass market. The price / cost / gross profit per ton of refractories for glass kilns in 21 years is-12.7%, 18.4%, 24.7%, 3.0%, 0.5%, 14.1%, respectively, for cement kiln refractories, and the price / cost / gross profit per ton of refractories for iron and steel is 2.3%, 3.6%, 6.4%. The 21-year gross profit margin is 17.3%, year-on-year + 1.6pct, of which glass kiln / cement kiln / iron and steel refractories gross profit margin is 19.1% 26.5% ram 14.3% TX 21Q4 gross profit margin 16.5%, same / month ratio + 7.2/-1.4pct, month-on-month downside raw material price increases and some steel mills reduce prices.

The 21-year expense rate rose slightly, and the operating net cash flow rate was 13.6% in the 21-year period compared with the same period last year, which was + 0.8pct compared with the same period last year. The sales / management / R & D / financial expense rate was 3.1%, 3.2%, 3.2%, 1.4%, compared with the same period last year. The increase in the management expense rate was mainly due to the increase in staff salaries and intermediary fees. The 21-year return net interest rate is 1.1%, which is 1.1% compared with the same period of last year + 0.4 pctTX 21Q4, which is the same as 0.2pct/. At the end of 21, the company's asset-liability ratio / interest-bearing liability ratio was 69.6% and 33.3%, compared with the same period last year-1.2/-0.3pct. The 21-year net cash flow of operation was 250 million yuan,-13.8% compared with the same period last year, of which 21Q4 was 150 million yuan.

Growth is expected to remain stable, and the background of central enterprises helps the company to take the lead. According to the company's annual report, the company plans to achieve a total revenue / profit of 475 million yuan in 2022, compared with 3.3% of + 4.7% of the same period last year. According to the China Refractory Association, from January to September 2021, the national output of refractory products was 20.04 million tons, + 8% compared with the same period last year, including 11.24 million tons of dense shaped refractory products, + 9% year-on-year.

The company is a refractory enterprise with the background of central enterprises, which is among the best in the industry, with a leading position in terms of technical level, innovation ability and brand influence, and is expected to maintain stable scale growth.

Risk hint: the prosperity of the iron and steel industry is declining, and the risk of failure of asset restructuring events.

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瑞泰科技(002066)年报点评：吨毛利提升 21年业绩改善明显

Ruitai Technology (002066) Annual report comments: ton gross profit increased by 21 years and performance improved significantly

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