On the evening of 1:4, April 25, the company released its 2021 annual report. In 2021, the company realized revenue of 2.203 billion yuan, + 16.19% compared with the same period last year, and net profit of 177 million yuan, + 0.76% of the same period last year. Among them, 2021Q4 achieved operating income of 692 million yuan, month-on-month ratio of + 46.40%, year-on-year + 22.64%; net profit of 94 million yuan, month-on-month ratio of + 281.96%, year-on-year + 74.46%.
On the evening of 2:4, the company released its quarterly report for 2022. In 2022, the company's Q1 realized operating income of 561 million yuan, month-on-month comparison of-18.92%, year-on-year + 25.80%; net profit of 76 million yuan,-19.07%, and + 266.00% of the same period last year.
In the past 21 years, the sales volume has improved steadily, and the price of 22Q1 products has risen sharply and the performance has exceeded expectations. Thanks to the smooth operation of Liaoning Xianda's first-phase annual production line of 3000 tons of enoxone and 2000 tons of enylmorpholine, the dominant position of the company's main products has been further consolidated, and the company's business income has increased steadily in 2021. In terms of herbicide business, the series of enoxone and herbicide products showed outstanding performance, of which the sales volume of enoxetone and herbicide in 2021 increased by 38.1% and 45.2% respectively compared with the same period last year. Revenue from the company's herbicide business rose 13.1% in 2021, despite a decline in sales of imidacil and dioxin. In terms of fungicide business, thanks to the commissioning of the new production line, sales of enoylmorpholine series products increased by 76.61% year-on-year and business income increased by 32.27% year-on-year under the disadvantage of 25.09% reduction in average price. The performance of Q1 company increased significantly in 2022, and the volume and price of some products in the herbicide business rose both in volume and price. among them, the average selling price of alkenone series products increased the most, up 76.17% and 47.72% respectively, and the sales volume of herbicide products increased the most, up 55.09% and 83.54% respectively.
Actively promote the construction of various business capacity to improve the company's profit space. By the end of 2021, the company has an annual production capacity of 13500 tons of herbicides and 2500 tons of fungicides. In addition to the normal production and operation of Liaoning first phase with an annual output of 3000 tons of enoxone and an annual output of 2000 tons of enoylmorpholine, Liaoning first reached the second phase of 5000 tons of enoxone raw drug has completed acceptance and entered trial production in December 2021. Liaoning Xianda is speeding up the construction of the third phase of the project, and the construction of Imidazolinone series products and patented new compounds in the project will increase Liaoning's output value and profits. at the same time, the company plans to build new phases IV and V of the Liaoning production base in the future, and various procedures have been carried out one after another. In addition, the company's annual output of "5000 tons of high-end comprehensive intelligent preparation workshop" project in the company's main factory construction, is expected to start trial production in June 2022. After the completion of the project, the company will effectively broaden the product line of fungicides and further increase the market share of fungicides.
Earnings forecast, valuation and rating: the price of herbicide products has risen sharply, and the performance of Q1 company has exceeded expectations in 22 years.
We raised the company's 22-23 profit forecast and added 24-year profit forecast. It is estimated that the company's homing net profit in 22-24 is 2.41 (up 15.9%) / 3.13 (up 28.3%) / 371 million yuan respectively, still maintaining the "buy" rating.
Risk tips: product and raw material price fluctuations, capacity construction is not as expected, downstream demand is not as expected.