The company released its mid-2022 report. 2022H1 realized income of 4.624 billion yuan, year-on-year-5.07%; net profit of 233 million yuan,-29.51%; and deduction of non-return net profit of 230 million yuan,-29.65% of the same period last year. From the perspective of 22Q2 alone, 2022Q2 achieved revenue of 2.27 billion yuan, year-on-year-13.24%; net profit of 111 million yuan,-46.05%; and deduction of non-return net profit of 115 million yuan,-44.03% of the same period last year.
The main packaging industry raised prices to ease the rise in costs, and the revenue of 22H1 aluminum and plastic film increased by 80.1% compared with the same period last year.
The income of 2022H1 PET bottle and bottle blank, crown cap and label and plastic anti-theft cover was 819 million yuan, 722 million yuan and 244 million yuan respectively, which was-2.7%,-6.1% and-11.5% respectively compared with the same period last year, mainly due to the decline in demand in 2022H1 beverage industry and the impact of the epidemic in Shanghai. The company's beverage packaging business sales declined. 2022H1's income from color paper packaging printing, aluminum-sprayed paper, paperboard and PA/PE film reached 878 million yuan, 174 million yuan and 197 million yuan respectively, which was + 9.1%, + 5.5% and + 7.7%, respectively.
The income of 2022H1 aluminum-plastic film is 301 million yuan, which is + 80.1% compared with the same period last year. The sales volume of aluminum-plastic film is 18.0196 million square meters, and the average price of aluminum-plastic film 2022Q2 is 16.7 yuan / square meter compared with the same period last year. The net profit of aluminum-plastic film is 2.7yuan / square meter, year-on-year-0.1yuan / square meter, month-on-month ratio-0.1yuan / square meter, mainly because the average price of 2022H1 aluminum is + 24.4% year on year. Zijiang New material 2022H1, a holding subsidiary, realized a net profit of 49.72 million yuan and a net interest rate of 16.41%. The company's Maanshan project has been trial-produced in the middle of this year, and the Zizhu project is under construction in an orderly manner.
2022H1 cost pressure under the gross profit margin is relatively robust, year-on-year-1.24pct.
The prices of 2022H1 raw materials PET chips, PVC heat-shrinkable film and aluminum are + 28.8%, 7.5% and 24.4% respectively compared with the same period last year. 2022H1's gross profit margin is 20.53%, year-on-year-1.24pct; company net profit is 5.73%, year-on-year-1.53pct. In terms of 22Q2 alone, the company's gross profit margin is 21.37%, year-on-year-1.62pct, and the company's net profit margin is 5.67%, year-on-year-2.8pct.
Profit forecast and valuation: the company's main business is sound, and the effective transmission cost is rising. Zijiang New material is a leading company in the domestic aluminum and plastic film industry, based on the weak downstream food and beverage demand and the impact of the epidemic in Shanghai, we lowered the 22-24 net profit from 660 million yuan / 810 million yuan / 960 million yuan to 540 million yuan / 700 million yuan / 870 million yuan. We estimate that the operating income for 22-24 is 9.981 billion yuan / 11.303 billion yuan / 12.947 billion yuan, an increase of 5%, 13%, 15%, and a net profit of 540 million yuan / 700 million yuan / 870 million yuan, compared with the same period last year. The net profit is 540 million yuan / 700 million yuan / 870 million yuan, compared with the same period last year. Corresponding to PE 16x/13x/10x, it maintains the "buy" rating.
Risk hint: the risk of price change of raw materials; the future expansion and sales of aluminum-plastic film business are not as expected; the risk of epidemic spread