Event: the company achieved operating income of 1.251 billion yuan in the first half of 2022, an increase of 50.28% over the same period last year; the return to the mother / deduction of non-net profit was 193 million yuan respectively, a substantial increase of 751.6% over the same period last year. 873%.
Revenue and profits increased significantly, and the basic market continued to consolidate and improve.
With years of deep technical accumulation in the chemical industry, the company has high-quality products and rich customer resources, good performance in the main business, and a substantial increase in revenue and profits. In the first half of 2022, the company achieved an operating income of 1.25 billion yuan, an increase of 50% over the same period last year, and a return profit of 193 million yuan, a year-on-year increase of 7.5 times, a record high. Adhering to the vision of long-term development, the company's color masterbatch products speed up iterative upgrading and continue to become bigger and stronger; cyanuric chloride business scale is the world's leading, as the impact of the ringing water incident eliminates the epidemic situation gradually improves, downstream agricultural production provides stable demand, industry access is high, production licenses are scarce, market suppliers are few, supply is limited, and business is expected to continue to rise in volume and price.
Diaphragm production line at full load to accelerate production, layout sodium electricity to strengthen the competitive advantage of the industrial chain 1) subsidiary Anhui Meixin production line and production line with a total capacity of 150 million square meters has basically been produced at full load and supplied in batches, and a total of 150 million square meters of production lines are being stepped up commissioning. Trial production is expected to start at the end of August. The company firmly promotes production capacity construction and has signed an equipment procurement contract with Zipu Machinery. 600 million square meters of production capacity may be added in 2023, and the long-term plan may exceed 1.5 billion square meters, and new entrants will further seize the share. Diaphragm supply and demand market continues to speed up production capacity construction to form an effective supply, performance is expected to be released quickly. In terms of cost and profit, with the upgrading of products, the follow-up application of new equipment, and the gradual improvement of operating parameters after large-scale mass production, the profitability is expected to increase step by step. Anhui Meixin is determined to become an excellent wet diaphragm supplier in lithium battery, sodium battery, semi-solid battery and other industries.
2) the company has a profound grasp of the battery development trend and the forward-looking layout of Sodium Power, with an investment of 14 million to obtain a 7% stake in Shenzhen Huanai New Materials. This capital increase and equity participation may help the company to form a cooperative development and supply relationship with Huasai New Materials. On the one hand, it will rely on the company's chemical business advantages to carry out cooperative development with Huana New Materials, on the other hand, it will also help to develop the business of Sodium Electric Materials.
Investment advice: we raise the company's net profit from homing in 22-23-24 to RMB 372, 552, 000, 500, 000.
Risk hint
The development of new energy vehicles is not as expected; the development of capacity expansion products is not as expected; material price fluctuations and so on.