Dongyue Silicon material into silicone global large net profit growth for six consecutive quarters
As one of the largest enterprises in China's organic silicon industry, Dongyue Silicon Material (300821) (300821.SZ) has continued to shine since the end of 2020, and this year's first quarter again to the market to hand over a bright report card.
Recently, Dongyue Silicon material released the first quarter of 2022 report, during the report period, the company achieved revenue of 1.349 billion yuan, a year-on-year growth of 88.34%; Net profit was 242 million yuan, up 95.33% year on year; Non-deduction net profit was 246 million yuan, up 109.53% year on year.
Reporters noted that Dongyue silicon was successfully listed in March 2020, which was separated from the Dongyue Group listed in Hong Kong. Dongyue Group is the largest fluorine and silicon material production base in Asia, and also the supplier of daikin, Mitsubishi, Haier, Hisense, Gree, Midea and other famous enterprises at home and abroad.
With the IPO project put into production in the first quarter of this year, Dongyue Silicon has become China's and even the world's large silicone production. At present, the company's annual output of silicone reached 600,000 tons, among the world's top five, domestic top three.
Net profit rose for six consecutive quarters
Since the fourth quarter of 2020, influenced by the recovery of industry demand and the increase of downstream demand, the price of silicone series products has improved. Price growth at the same time, dongyue silicon overall sales are also continuing to grow.
In 2021, the company sold 191,400 tons of silicone products, up 1.25% year on year; The output is 191,800 tons, but as the statistical caliber in 2021 is the output of warehousing, the output in 2021 is 66.5% lower than the same period last year.
Benefiting from the product volume and price rise, Dongyue silicon material performance ended the previous continuous decline, six consecutive quarters of high-speed growth.
From the fourth quarter of 2020 to the first quarter of 2022, Dongyue Silicon material revenue is 732 million yuan, 716 million yuan, 938 million yuan, 1.214 billion yuan, 1.465 billion yuan, 1.349 billion yuan, respectively. Year-on-year growth respectively 21.87%, 23.07%, 63.49%, 97.05%, 100.26%, 88.34%.
During the same period, the company's net profit was 168 million yuan, 124 million yuan, 246 million yuan, 408 million yuan, 373 million yuan, 242 million yuan, up 78.56%, 12.47 billion yuan, 769.38%, 1286.7%, 122%, 95.33%, respectively.
At the same time, the profitability of Dongyue silicon material's main products increased. In 2021, the company's gross profit margin of organic silicon chemical raw materials manufacturing was 37.39%, with a year-on-year growth of 14.54%.
Dongyue Silicon material is the domestic organic silicon production "large", and organic silicon is a typical capital, technology intensive industry, for a long time by a few companies in developed countries monopoly. But since the beginning of the 21st century, the share of Chinese companies in the market has increased rapidly, while that of foreign companies has gradually declined.
This is also reflected in dongyue Silicon material's financial data in 2021 to a certain extent. By region, in 2021, the overseas sales of Dongyue Silicon material, although not much, has doubled.
In 2021, the overseas revenue of Dongyue Silicon material reached 666 million yuan, accounting for 15.38%, while in 2020, the overseas revenue reached 319 million yuan, accounting for 12.75%. Revenue growth reached 108.84% in 2021.
Now, dongyue silicon material has more than 1100 customers at home and abroad, which are widely distributed in many provinces and cities in China and many countries and regions such as UAE, THE United States, Belgium, Germany, India, South Korea and so on.
It also relies less on its top five customers. In 2021, the company's sales amount to the top five customers totaled 4.93 billion yuan, accounting for only 11.38%.
Dongyue Silicon material is also continuously investing in research and development, and has mastered the design and operation technology of a single unit of 150,000 tons/year.
From the data point of view, from 2018 to 2021, the r&d expenses of Dongyue silicon materials are 44.54 million yuan, 85.6 million yuan, 186 million yuan and 232 million yuan respectively. In the first quarter of 2022, the r&d expense of Dongyue silicon material was 74.52 million yuan, far exceeding the management expense of 4.17 million yuan and the sales expense of 14.82 million yuan.
