Event: the company released its half-yearly report on August 26, 2022, showing that the company achieved 596 million yuan in operating income, down 5.44% from the same period last year, 90.21 million yuan in net profit, up 3.61% from the same period last year, and 83.18 million yuan in non-net profit, up 6.85% from the same period last year. The operating income and gross profit margin of the company's three major categories of products are different.
Capacity recovery contributed to performance growth, overcoming the impact of the epidemic improved quarter-on-quarter performance: before June, the impact of the epidemic in Shanghai had not completely subsided. The company stopped production line and resumed production in a comprehensive and orderly manner on April 28, which helped the company overcome the unfavorable factors of the epidemic, and its performance improved in the second quarter compared with the previous quarter. The company's operating income in the second quarter was 323 million yuan, an increase of 18.3% in a single quarter compared with the previous quarter. The net profit returned to its mother in the second quarter was 48.89 million yuan, an increase of 15.5% in a single quarter.
The performance of the three major categories of products is different, and the revenue of surfactants accounts for more than 70%: the performance of the company's three categories of products is different in half a year. The revenue of surfactant products is 440 million yuan, an increase of 16.44% over the previous year, and the gross profit margin is increased by 32.52%; while the revenue of flame retardant products is 100 million yuan, down 47.88% from the previous year, and the gross profit margin is down 9.46 PCT; silicone rubber products are generally stable. Surfactant products account for 73.8% of total revenue, and they are products with high gross profit margin. It is estimated that the net profit contribution rate is more than 90%. The importance is self-evident.
The demand for wind power is expected to strengthen gradually in the second half of the year, and polyetheramine is expected to return to a tight pattern of supply and demand: according to the data released by the National Energy Administration, the new installed capacity of wind power in China from January to July is 14.93GW; according to the "China Renewable Energy Development report" released by the General Institute of Hydropower Planning and Design, it is estimated that the new installed capacity of wind power in China will be about 56GW in 2022. We expect that wind power will be installed on a larger scale after August, which will speed up the shipment of wind power industry chain. According to our previous calculations, polyetheramine as a fan blade modified epoxy resin curing agent, there is a gap between the supply side and the demand side at present, with the continuous boost of downstream wind power installation, it is expected to reappear the tight supply and demand pattern.
Profit forecast and investment advice: under the guidance of the double carbon strategy, the development of scenic energy is booming, and the demand for raw materials remains strong. We expect operating income from 2022 to 2024 to be 16.69x20.63 / 2.488 billion yuan, an increase of 39.9%, 23.6% and 20.6% year-on-year, respectively, and the net profit of homing home is 3.18x4.37 / 461 million yuan respectively. The corresponding EPS is 1.49gam2.05pm 2.16 yuan, and the current stock price corresponds to PE of 12x, 9x and 8x, maintaining the "buy" rating.
Risk tips: vicious intensification of industry competition; repetition and expansion of epidemic situation; risk of industry policy change; hindrance of product export and international trade protection in overseas markets.
