The return net profit of 2Q22 is stable compared with the previous month. In the first half of 2022, the company achieved an operating income of 24.158 billion yuan, + 29.42% compared with the same period last year, and a net profit of 501 million yuan, 25.22% compared with the same period last year. Among them, the operating income in the second quarter was 13.464 billion yuan, + 23.41% year-on-year and + 25.90% compared with the same period last year, and the net profit was 217 million yuan, + 42.39% compared with the same period last year. Under the background of the sharp rise in oil prices, the month-on-month profit remained relatively stable.
The urea boom is improving and the profit is improving. In the first half of 2022, under the influence of factors such as the peak season of fertilizer demand and the hindrance of road transportation, the prosperity of urea improved and the price rose. The average price of 2022H1 was 2926 yuan / ton, + 31.46% compared with the same period last year. Among them, the average price in the second quarter was 3106 yuan / ton, a new high. The total net profit of the company's two major chemical fertilizer plants in the first half of the year was 299 million yuan (+ 143% compared with the same period last year), a record high.
The gross profit of crude oil processing and petroleum products business increased compared with the same period last year. In the first half of 2022, although the international oil price rose sharply, the company saved the cost of raw materials through measures such as opportunity oil procurement, long-term oil extraction, pricing period selection, light oil selection, increasing low-price E oil procurement and so on. In the first half of the year, the company's crude oil processing and petroleum products business achieved revenue of 17.008 billion yuan, + 39.02% year-on-year, and gross profit of 4.362 billion yuan, an increase of about 2 billion yuan (+ 88%) over the same period last year.
Asset impairment losses are a drag on earnings. In the first half of the year, affected by the decline in inventory prices, the company set aside a loss of 373 million yuan in asset impairment.
Sales of taxable products increased, and corporate taxes and surcharges increased compared with the same period last year. In the first half of 2022, corporate taxes and surcharges were 3.139 billion yuan, an increase of 1.844 billion yuan over the same period last year, of which consumption tax was 2.679 billion yuan, an increase of 1.64 billion yuan over the same period last year.
Profit forecast and investment rating. We estimate that the return net profit of the company from 2022 to 2024 is 850 million yuan, 1.1 billion yuan and 1.15 billion yuan respectively, the EPS is 0.53,0.69,0.72 yuan respectively, and the BPS is 9.26 yuan in 2022. With reference to the valuation level of comparable companies, it is given 0.8-1.0 times PB in 2022, corresponding to a reasonable value range of 7.41-9.26 yuan (corresponding to 14-17 times PE in 2022), maintaining "better than the big market".
Rating.
Risk tips: falling international crude oil prices, lower-than-expected profits of petrochemical products, etc.