The company's performance reached an all-time high and its products were highly profitable. on March 14, the company released its 2021 annual report, with an operating income of 9.867 billion yuan in 2021, an increase of 87.56% over the same period last year, and a net profit of 3.023 billion yuan, an increase of 7284.28% over the same period last year. The company's gross profit rates of alkali, double glyphosate / glyphosate and glass reached 38.14%, 34.44% and 46.82% respectively. According to the company's business layout, we maintain the 2022-2023 profit forecast and increase the 2024 profit forecast. It is estimated that the 2022-2024 return net profit is 40.63,45.40 and 5.068 billion yuan, corresponding to the corresponding EPS of 0.46,0.51,0.57 yuan per share, and the current stock price corresponds to 8.1,7.2,6.5 times of the 2022-2024 PE. As a salt gas leading platform company with cost advantage, the company leads the profitability industry and maintains a "buy" rating.
Product prices rose in 2021, and business continued to improve from January to February in 2022. According to the company announcement, the average prices of soda ash, ammonium chloride, diglyphosate and glyphosate in 2021 were 1904.62Glyphosate and 40961.84 yuan / ton, respectively, compared with the same period last year. + 46.85%, + 61.49%, + 89.26%, + 96.11%, respectively, the price rise of the main products contributed to the high growth of the company's performance. According to Baichuan Yingfu data, as of March 14, the average prices of the above products in the first quarter were 2628.82 yuan / ton, 1066.11 yuan / ton, 4.18 yuan / ton and 757 million yuan / ton, respectively, compared with the previous quarter-20.82%. According to the preliminary calculation, from January to February 2022, the company achieved a total operating income of about 1.8 billion yuan, an increase of about 100% over the same period last year, and a net profit of about 650 million yuan, an increase of about 500% over the same period last year. We are still optimistic that the company with southwest soda ash giant and double glyphosate global leading position to usher in 2022 steady improvement in performance.
The development project of photovoltaic glass, single crystal silicon wafer and phosphate rock is progressing smoothly. According to the company announcement, the first phase of Chongqing 8GW photovoltaic packaging material and products project has started and is expected to be put into production in June 2022 and January 2023 respectively. Fuxing Science and Technology 10GW N+ type ultra-high efficiency single crystal solar wafer project, the start-up scale of 1.5-2GW wafer has started construction and is scheduled to be put into production in October 2022. The development project of Mabian Yanfeng Phosphate Mine with an annual output of 1 million tons has started construction and is expected to produce engineering ore in 2022. We believe that with the orderly progress of photovoltaic glass, single crystal silicon wafer and phosphate rock development projects, the company's upstream and downstream product chain is further extended, the product pattern is further enriched, and the development prospect is promising.
Risk tips: product prices fall, production capacity is not as expected, policy implementation is not as expected, and so on.