Event
According to the company's semi-annual report for 2023, the company realized operating income of 13.61 billion yuan in the first half of 2023, a decrease of 21.33% over the same period last year, and realized a net profit of 609 million yuan, a decrease of 83.32% over the same period last year. 2023Q2 realized an operating income of 7.039 billion yuan, a decrease of 17.54% over the same period last year and an increase of 7.12% compared with the same period last year; and realized a net profit of 159 million yuan, a decrease of 91.65% and 64.60% compared with the same period last year.
The prices of traditional products are declining, and the profits of the growth plate products are relatively stable.
According to the company's operating data, in the first half of 2023, the average selling prices of glyphosate products, organosilicon products, special chemicals, fertilizers, food additives, yellow phosphorus, wet electronic chemicals and phosphate rock were 26727.71 yuan / ton, 12564.53 yuan / ton, 10109.77 yuan / ton, 3297.19 yuan / ton, 10681.83 yuan / ton, 24181.20 yuan / ton, 8171.56 yuan / ton, 614.03 yuan / ton Year-on-year-56.43%,-42.44%,-39.68%,-0.83%,-12.57%,-20.87%,-18.74%, + 39.79%, respectively Sales in the first half of 2023 were 81500 tons, 94900 tons, 129900 tons, 490700 tons, 91800 tons, 14100 tons, 431,000tons and 8609,000 tons respectively, which were-18.66%,-22.28%, + 13.45%,-2.60%,-13.96%,-34.42%, + 31.40% and + 50.06%, respectively. The company's products declined in the first half of 2023, the price and sales of traditional cycle products such as glyphosate, organosilicon and yellow phosphorus declined to a certain extent, some products suffered losses, and the company's performance was dragged down. Relatively speaking, the price fluctuation of the growth plate products is limited, and the profitability is relatively good. In the third quarter, the prices of glyphosate, phosphate fertilizer, yellow phosphorus and other products have rebounded, superimposed company phosphate rock gradually, the company's performance is expected to be gradually repaired.
The company's R & D investment remains high, and new material projects continue to land.
The company's R & D expenditure in the first half of the year was 519 million yuan, and the R & D rate was 3.81%, an increase of 0.02pct over the same period last year, and R & D expenditure remained high. In the first half of 2023, the company's 550t / a silicone microcapsule pilot test, 200,000t / a RTV project and 800T / a phosphating agent pilot project have been completed one after another; at the same time, the company's 5000 cubic meter / year aerogel felt project, 200,000 tons / year battery-grade iron phosphate project, 300,000 tons / year lithium iron phosphate project and 100,000 tons / year battery-grade lithium dihydrogen phosphate project are expected to be completed this year.
The company has an active layout in the growth plate, and the growth attribute will be further revealed with the gradual release of production in the future.
Investment advice: we expect the company's homing net profit from 2023 to 2025 to be 14.98amp 20 / 2.334 billion yuan respectively, EPS 1.35pm 1.8pm 2.1 yuan, corresponding to PE times 15-12-10, maintaining the "buy" rating.
Risk hint: phosphorus chemical products fell, and the production of new projects fell short of expectations.