On the evening of March 23, the leading sweetener Jinhe Industry (002597) released its first-quarter performance forecast. The company expects to achieve a profit of 420 million-470 million yuan in the first quarter of 2022, a year-on-year increase of 99.81%-123.59%; The profit was 430 million yuan to 480 million yuan, a year-on-year increase of 117.10%-142.34%. The company’s repurchase report is also released along with the performance forecast, and it is planned to spend 75 million yuan to 150 million yuan to repurchase shares for the later implementation of employee stock ownership plans or equity incentives.
Two days ago, Jinhe Industry just disclosed its 2021 annual report, which recorded revenue and net profit of 5.845 billion yuan and 1.177 billion yuan respectively, with a year-on-year increase of about 60%. Since the second half of last year, the company’s performance growth has accelerated significantly. In the fourth quarter, it achieved a net profit of 464 million yuan in a single quarter, an increase of more than 150% year-on-year and a month-on-month increase of 69%, setting a new record for single-quarter profit since its listing. In the first quarter of this year, Jinhe Industrial continued its high growth trend. If the final net profit hits the upper limit of the performance forecast forecast range of 470 million yuan, it will once again refresh the single-quarter profit record.
As for the reasons for the increase in performance, Jinhe Industry said that it was mainly due to the completion of the project and the increase in the selling price of main products. Specifically, in the first quarter of this year, the sucralose project with an annual output of 5,000 tons has reached full production, and the production, sales, and selling prices of sucralose have increased at different rates year-on-year; at the same time, the rise in bulk raw material and energy prices has increased production costs Against the background of , the company raised the prices of main products in a timely manner, which boosted the overall profit level.
Focusing on the research and development, production and sales of food additives, bulk chemicals, pharmaceutical intermediates and other products, Jinhe Industry has now formed a strategic layout and product line layout for food and beverage, medicine and health industries, and bulk chemicals can be sweeteners , Industrial products provide sufficient raw material guarantee, and the two share the auxiliary production system. While reducing costs, the advantages of industrial chain integration are prominent. As a leading sweetener manufacturer, Jinhe Industrial’s acesulfame production capacity is 12,000 tons per year, accounting for 60% of the world‘s total production capacity, and it is basically in an oligopoly position. The production capacity of sucralose reaches 8,000 tons, accounting for 50% of the total global production capacity. The 5,000-ton annual methyl ethyl maltol project has been basically constructed and installed. After it is gradually put into production, it is expected that the production capacity of maltol will account for 50% of the domestic production. In 2021, the food additives segment of Jinhe Industry, which is mainly based on sweeteners, will contribute 3 billion yuan in revenue, accounting for 51.82% of the overall revenue.
Since the third quarter of last year, Jinhe Industrial has adjusted the prices of its main products, and its profitability has risen sharply. In the second half of last year, the company achieved a net profit of 738 million yuan, an increase of 68% over the first half of the year. In terms of product prices, the price of sucralose in the rapid release of production capacity continues to rise, with the highest quotation in the market reaching 480,000 / ton, and the average price in the second half of the year increased by 131,000 yuan month-on-month; acesulfame potassium, methyl maltol, ethyl maltol In 2021, the overall average price of food additive products will increase by more than 10% year-on-year.
At the end of last year, Jinhe Industry stated on the interactive platform that the demand for beneficiary products continued to grow rapidly, the company’s production capacity was basically at full production, and the current market supply and demand were in a tight balance. The data shows that the company’s food manufacturing product design capacity is 31,400 tons, and the capacity utilization rate in 2021 will be 94.22%; the food manufacturing product inventory has also dropped significantly, specifically 3,165.06 tons, a year-on-year decrease of 34.14%.
In terms of industrial chain planning, Jinhe Industry has made a horizontal layout in the fields of daily chemical fragrances and medical intermediates to create new growth poles, while extending vertically to upstream raw materials to reduce costs. In 2021, the company’s 4,500-ton/year Jiale musk solution project and 1,000-ton/year furan ammonium salt project will be completed and put into production; the 40,000-ton plant under construction in Phase II of sucralose upstream material chlorophyll has started construction, and it is decided to start the year The project with a production capacity of 30,000 tons of DMF is currently undergoing relevant administrative approval work.Return to Sohu, see more
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