The performance in the second quarter was the highest in a single quarter in history, and the performance exceeded expectations.
The company announced that it expects to achieve a net profit of 575 million yuan to 595 million yuan in the first half of 2021, an increase of 1469% and 1517% over the same period last year. The company is expected to achieve a net profit of 343 million yuan to 363 million yuan in the second quarter, an increase of 1500% to 1581% over the same period last year, and 47.8% to 56.5% month-on-month growth. The performance in a single quarter reached an all-time high and exceeded expectations.
Thanks to the high demeanor of the solvent, the performance broke out year-on-year.
The outbreak of the company's performance is mainly due to (1) the price of the company's related products has increased significantly compared with the same period last year due to the influence of market supply and demand. The average price of 21H1 industrial grade dimethyl carbonate (DMC) was 6840 yuan / ton, up 18.4% from the same period last year, and the average price of propylene glycol (PG) was 15530 yuan / ton, up 127.0% from the same period last year. The average price difference of DMC PG-propylene oxide (PO) was 7810 yuan / ton, a big increase of 55.4% over the same period last year. The average price of propylene oxide was 17860 yuan / ton, an increase of 104.3% over the same period last year. The average price difference of dope PO-propylene was 7780 yuan / ton, an increase of 6800 yuan / ton over the same period last year. The average prices of 21H1 battery-grade DMC, EMC and EC were 10400, 21320 and 10780 yuan per ton respectively, up 43.8%, 85.4% and 34.8% respectively over the same period last year. (2) the company has 2000 tons of lithium hexafluorophosphate production capacity, and the average price of 21H1 is 225,000 yuan / ton, an increase of 143,000 yuan / ton over the same period last year. (3) the rise in international crude oil prices has improved the profitability of basic chemical products.
Expand the solvent and lithium materials project and build a new energy materials integration company 440,000 tons / year new energy materials project is expected to enter the trial production phase after the equipment installation and commissioning is completed in November 2021. In addition, the company invested 79 million yuan to build a new 25000 t / a dimethyl carbonate plant in Dongying, Shandong Province, with an estimated construction period of 8 months and expected 21Q4 to be put into production; the company invested 116 million yuan to build a 50,000 t / a methyl ethyl carbonate / diethyl carbonate plant with an estimated construction period of 12 months and put into production by the end of 2021 The company has invested 62 million yuan to build a new 1000-ton / year silicon-carbon anode material production plant, which is expected to take 5 months to build and be put into production in the fourth quarter of 2021, all of which are expected to contribute to the increment of performance in 2022.
Risk hint: product prices fluctuate sharply, and the progress of new production capacity is not as expected.
Investment advice: raise the profit forecast and maintain the "overweight" rating.
By raising the profit forecast, it is estimated that the net profit from 2021 to 2023 is estimated to be 9.79 million yuan, 10.34 billion yuan, a year-on-year growth rate of 276.7 percent, 5.7 yuan, 12.6%, and diluted EPS=4.83/5.10/5.75 yuan, and the current share price corresponds to PE=45.5/43.1/38.2x, maintaining the "overweight" rating.
