share_log

兴发集团(600141):全年业绩基本符合预期 成长板块效益显著增加

Xingfa Group (600141): The annual results were basically in line with expectations, and the efficiency of the growth sector increased significantly

招商證券 ·  Jan 15, 2023 00:00  · Researches

Event: the company issued a performance forecast for 2022, which is expected to achieve a return net profit of 5.8 billion to 6 billion yuan, an increase of 36.58% to 41.29% over the same period last year, and a deduction of 6.04 billion to 6.24 billion yuan in non-net profit, an increase of 34.58% to 39.04% over the same period last year. Among them, the net profit for the fourth quarter was 890 million to 1.09 billion yuan, down 29.4% and 13.5% from the previous quarter.

For the whole year, the prices of core products rose as a whole, and the benefits of the growth sector increased significantly. During the reporting period, affected by the periodic fluctuations of the agrochemical industry, the company's sales prices of glyphosate, phosphate rock, yellow phosphorus and other products increased in varying degrees compared with the same period last year, and their profitability was significantly enhanced. The company actively grasps the market opportunity, organizes production and management scientifically, and gives full play to the advantages of "integration of mine, electricity and phosphorus" and "coordination of phosphorus and silicon salt" industry chain. Benefiting from the rapid development of emerging industries such as food processing, carbon fiber and integrated circuits, the company's partial growth products such as food additives, special chemicals and wet electronic chemicals have a good market demand, a steady growth in revenue scale and a significant increase in operating efficiency. performance contribution accounted for 30%.

The demeanor of phosphating scene decreased in the fourth quarter, and the silicone market was running at the bottom of the market. In the fourth quarter, the average market price of yellow phosphorus, sodium hexametaphosphate and sodium tripolyphosphate rose 2.2%, 3.8% and 18.9%, respectively, while the average market price of glyphosate, phosphate rock, monoammonium phosphate and diammonium phosphate decreased by 15.0%, 0.7%, 9.2% and 10.7%, respectively. The average price of organosilicon DMC market in the fourth quarter was 175,000 yuan / ton, down 11.9% from the previous month, mainly due to more new supply in the industry and depressed demand in the downstream market. At present, the silicone market has basically entered the bottom area.

We will continue to promote the construction of key projects and actively distribute new energy and materials. The company's production facilities for 20,000 tons / year of dimethyl sulfoxide, 10,000 tons / year of dimethyl disulfide, 50,000 tons / year of glyphosate, 310,000 tons / year of functional silicone oil and other products have been completed in the third quarter. 2 million tons / year Hou Ping phosphate rock, 20,000 tons / year electronic grade hydrogen peroxide, 30,000 tons / year electronic grade phosphoric acid transformation, 550 tons / year silicone microcapsules and other projects have been completed and put into production in the fourth quarter.

The first phase of Xingyou Science and Technology new 200000 tons / year iron phosphate and 100,000 tons / year wet process refined phosphoric acid project is expected to be completed in the first half of 2023, Inner Mongolia Xingfa 400,000 tons / year silicone monomer project is expected to be completed by the end of 2023. Hubei Xingrui Company 80,000 tons / year functional silicone rubber project is under construction, 400,000 tons / year silicone project starts construction. As a leading enterprise of domestic fine phosphorus chemical industry, the company will continue to improve the integration of upstream and downstream industrial chains and accelerate the development of its own phosphorus-based, silicon-based, microelectronic new materials and new energy industries.

Maintain the "highly recommended" investment rating. It is estimated that the return net profit of the company from 2022 to 2024 is 5.91 billion yuan, 6.5 billion yuan and 72.1 yuan respectively, and the EPS is 5.31 yuan, 5.85 yuan and 6.48 yuan respectively. The current stock price corresponds to PE 5.6,5.1,4.6 times respectively, maintaining the "highly recommended" rating.

Risk tips: product prices are falling, raw material prices are rising, and new projects are not as expected.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment