2021 xingfa annual Report interpretation and 2022 performance forecast

2022-06-03 0 By

Xingfa is a leading enterprise in phosphorus chemical industry in China, with steady growth of revenue and net profit in recent years.Benefiting from the strong overseas demand for phosphorus chemicals and organic silicon, the company achieved excellent results in 2021, with revenue of 23.61 billion yuan in 2021, +28.9% year-on-year;The net profit of the parent group was 4.24 billion yuan, up 595.1 percent year on year.As the company continues to complement the industrial chain of “mining and electrification” and expand resources such as organic silicon and source phosphate rock, the company’s operating revenue CAGR is 10.2% from 2016 to 2021, and the revenue in 2021 reaches 23.61 billion yuan, +28.9% year-on-year.Benefited from the company’s gradual distribution of high-value-added electronic chemicals and the recovery of the phosphorous chemical industry, the company’s underlying net profit has maintained a high growth rate since 2016. Only in 2019, due to the decline in the price of organic silicon products, the performance fell, with a five-year CAGR of 109.3%, and the profit growth exceeded the revenue growth.Table 1 Cost calculation of main products of Xingfa in 2021 The above table is the data inferred from the annual report and business data, and the cost and sales per ton are the annual average.Phosphorus chemical products (mainly pesticides and fertilizers) began to rise sharply from last year, and most commodities rose quarter by quarter in 21 years.The first quarter of 22 is also rising, especially ammonium phosphate, glyphosate, phosphate ore