Jiahua Energy released its annual report for 2021. In 2021, the company achieved a total operating income of 8.957 billion yuan, an increase of 60.87% over the same period last year, and a net profit of 1.808 billion yuan, an increase of 38.69% over the same period last year.
The profit growth in 2021 is mainly due to the increase in the average price of sales and the commissioning of new projects. 1) in terms of operating income by product, the operating income of fatty alcohol (acid), sulfonated pharmaceutical products, sulfuric acid (total acid), chlor-alkali, steam, photovoltaic power generation, loading and unloading and related 2021 changed by 45.69%, 4.9%, 178.28%, 42.90%, 43.58%,-46.40%,-11.21% to 29.45,7.68,2.13,11.01,18.72,13.09, 1.236 billion yuan, respectively. The polyvinyl chloride project has been put into production, increasing the operating income of polyvinyl chloride (vinyl chloride) by 1.472 billion yuan. 2) Gross profit margin of fatty alcohols (acid), sulfonated pharmaceutical products, sulfuric acid (total acid), chlor-alkali, steam, photovoltaic power generation, loading and unloading and related 2021 changed year on year-1.05,-27.37,-9.46, 12.38,-11.33,-22.15, 4.18 percentage points to 18.44%, 25.16%, 19.75%, 44.61%, 25.32%, 52.15%, respectively. 84.57% The gross profit margin of polyvinyl chloride (vinyl chloride) increased by 37.61%) sales, management (including research and development), and financial expense rates changed by-0.12,-1.42 and 0.38 percentage points to 0.15%, 5.49% and-0.22% respectively in 2021 compared with the same period last year. In total, the three expense rates changed from-1.16 percentage points to 5.42%.
The company's major projects have been completed one after another, laying the foundation for sustainable growth in the future. The company's "300,000 tons / year BA project" and "300,000 tons / year dichloroethane and vinyl chloride (VCM) project" have reached production, and the products have been put on the market well; the company has orderly promoted the 4000 tons / year PVC project (sulfonation industry safety and environmental protection promotion project) and supporting the construction of sulfur trioxide continuous sulfonation technical transformation project, of which part of the sulfur trioxide continuous sulfonation technical renovation project has been completed. At present, the waste acid cracking project has been completed and entered trial production, and the 4000 t / a BA project has completed installation and entered the commissioning stage. The two full-capacity tanks of the company's cryogenic tank area project have been lifted and are under construction of inner tanks and auxiliary facilities, which are scheduled to be completed and put into use in the third quarter of 2022.
The company continues to innovate in science and technology to improve its comprehensive competitiveness. In 2021, around the company's six major industrial chains, a total of 41 R & D projects were implemented, 26 new industrial products (new technology) projects were established by the Department of economy and Information Technology of Zhejiang Province, 5 were checked and accepted, and new product acceptance certificates were obtained. In the report, the company applied for 19 new patents and 24 authorized patents, ensuring the technological advantages of the core industries.
Profit forecast and reference rating. We estimate that the EPS of the company from 2022 to 2024 will be 1.35,1.50,1.73 yuan respectively. With reference to the valuation of comparable companies in the same industry, we think that the reasonable valuation range is 10-12 times PE in 2022, corresponding to the reasonable value range of 13.50-16.20 yuan, which is better than that of the big market.
Risk hint. In the construction and production capacity is not as expected, aliphatic alcohol, sulfonated medicine and other product prices fluctuated sharply, raw material price fluctuations, macroeconomic decline.