Ruby is expected to lose 65 million to 90 million in 2022

On January 29, Rubelli (002165) recently released the 2022 annual performance forecast, and the net profit loss attributable to shareholders of listed companies during the reporting period was 65 million yuan to 90 million yuan, which turned from profit to loss over the same period of the previous year; Basic earnings per share lost 0.0884 yuan/share – 0.1224 yuan/share.

During the reporting period, the net profit attributable to shareholders of listed companies is expected to be negative, mainly due to: the complex and severe international environment, the economic downturn, inflationary pressure in Europe and the United States, and the repeated epidemic, resulting in a decrease in consumption. The domestic epidemic has spread in many places, which has a significant impact on the economy and weakened domestic consumption. The demand for propylene oxide decreased, consumption declined, and the annual tax-inclusive price remained between 8,000-12,200 CNY/ton, with the average purchase price excluding tax falling by 37.37% year-on-year.

Operating income: the company actively explores domestic and foreign markets and expands new application fields, due to the weakening of downstream refrigerator (cabinet) market demand and the impact of the epidemic, resulting in a decline in sales of polyether products; Coupled with the decline in the price of propylene oxide, the main raw material, which affected the price of products, and the reduction of the shutdown and technical transformation of propylene oxide equipment, the operating income decreased by more than 30.00% year-on-year;

Profit: A. In view of the market situation of isopropanolamine, the company actively explores new application markets, grasps domestic and foreign market opportunities, adjusts marketing policies, improves the profitability of isopropanolamine products, and the overall profit increases significantly year-on-year; B. Taixing propylene oxide production base production and shutdown technical transformation, production and operation loss of 280 million yuan (including fixed costs after the shutdown of the plant, etc.); C. The sales volume of polyether declined, and some receivables were expected to be provided for impairment.

Ruby is mainly engaged in the research and development, production and sales of propylene oxide derivatives, including polyurethane rigid foam combined polyether, isopropanolamine series products, as well as propylene oxide, diccumene peroxide and polyurethane insulation board.