Hualu Hengsheng (600426) new material business continues to expand-clevelanddrifters.com

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Hualu Hengsheng (600426) new material business continues to expand

time：2023-01-28 17:09:51 source：clevelanddrifters.com author：Individual stock analysis

Hualu Hengsheng (600426) new material business continues to expand

Hualu Hengsheng achieved revenue of 16.534 billion yuan in the first half of the year, a year-on-year increase of 42.38%, and net profit attributable to shareholders of listed companies was 4.510 billion yuan, an increase of 18.64% year-on-year. Among them, the revenue in the second quarter was 8.418 billion yuan, a year-on-year increase of 27.38%, and the net profit attributable to shareholders of the listed company was 2.081 billion yuan, a year-on-year decrease of 6.49%. The performance was in line with expectations. Maintain Buy rating. The volume of the new material business has increased significantly, and the single-quarter revenue has reached a new high. In the first half of 2022, the new material business achieved revenue of 7.936 billion yuan, accounting for 48.00% of revenue. The output of new material-related products was 1.5153 million tons, a year-on-year increase of 143.03%, and the sales volume was 896,700 tons, a year-on-year increase of 71.98%. With the commissioning of projects such as the quality improvement project of refined adipic acid, caprolactam and supporting devices, and the technical transformation of dimethyl carbonate series, the volume of new material products has increased significantly, and the proportion of revenue has continued to increase. The company's revenue in the second quarter was 8.418 billion yuan, and the new material business helped the company's single-quarter revenue hit a record high. The prosperity of chemicals fell from a high level, and the gross profit margin declined slightly in the second quarter. Affected by the epidemic and other factors in the second quarter, downstream demand weakened, the company's main chemicals boom fell from a high level, and the gross profit margin narrowed. The company's gross profit margin was 32.38%, down 6.66pct month-on-month and 9.88pct year-on-year. According to Baichuan Yingfu data, the average gross profit of acetic acid, adipic acid, DMF and DMC in the second quarter was 1521.84 yuan/ton, 745.99 yuan/ton, 7313.31 yuan/ton and 1648.65 yuan/ton respectively, down 22.05% and 78.23% from the previous quarter. , 33.17%, 70.96%. The construction of the Jingzhou base progressed in an orderly manner, and the new material business continued to expand. The company plans to invest 5 billion yuan to build a green new energy material project in Jingzhou base, including: 100,000 tons/year NMP plant, 200,000 tons/year BDO plant, 30,000 tons/year PBTA and supporting facilities, 100,000 tons/year vinegar Anhydride and supporting facilities. At the same time, the company is still accelerating its expansion in the direction of new nylon 66 materials and new energy high-end solvents. The nylon 66 project is expected to have a total investment of 3.078 billion yuan. After the project is completed, it can add 80,000 tons of nylon 66 products and 200,000 tons of adipic acid products. , 13,500 tons of dibasic acid products. The new energy high-end solvent project is expected to have a total investment of 1.031 billion yuan. After the project is completed, it can produce 600,000 tons of dimethyl carbonate, 300,000 tons of ethyl methyl carbonate and 50,000 tons of diethyl carbonate. With the orderly progress of the construction of the Jingzhou base and the continuous expansion of new material production capacity, the company is expected to achieve the goal of transforming from basic chemical raw materials to new materials and new energy industries, and the future growth can be expected. The company's new material business continues to increase its volume, and the company's profit forecast is raised. It is estimated that the company's EPS from 2022 to 2024 will be 3.55 yuan (the original forecast value is 3.44 yuan), 3.77 yuan (the original forecast value is 3.61 yuan) and 4.26 yuan (the original forecast value), respectively. 3.86 yuan), the PE corresponding to the current stock price is 7.9 times, 7.4 times, and 6.6 times. Maintain Buy rating.

(Responsible editor：Hot industry)

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