\u3000\u3000 Zhejiang Hailide New Material Co.Ltd(002206) (002206)
Polyester industrial yarn differentiation leader, Vietnam factory put into operation to further enhance the company's market position: the company's three characteristic differentiated vehicle silk varieties include high modulus and low shrinkage silk, safety belt silk and airbag silk, and the product performance has reached the international advanced level. In 2018, the company officially began to implement the international strategic layout, set up a wholly-owned subsidiary in Vietnam and formed a 110000 ton differentiated polyester industrial filament (phase I) project. Since 2020, 79000 tons have been successfully put into operation. After all, the company's polyester industrial filament production capacity will increase from 210000 tons to 320000 tons, and the scale advantage will further increase.
Cord fabric is expected to continue in large quantities: the company's products are made of self-produced high-quality high modulus and low shrinkage silk, and have successfully entered the supplier system of international first-line brand tire manufacturers such as GUPT, Hantai, Sumitomo, Michelin, Continental tire (MA brand), nexen, Nokia and Youke haoma. At present, the company has a production capacity of 45000 tons, The company will continue to build the last cord fabric production line of the technical transformation project of 40000 tons of vehicle industrial silk and 30000 tons of high-performance tire cord fabric per year, and increase the total cord fabric production capacity to 60000 tons.
The new production capacity of stone plastic flooring will drive future growth, and there is a large potential space: the growth rate of stone plastic flooring market in Europe and America is growing rapidly. The company has passed the certification and testing in the United States and Europe, and has obtained the certificate of quality standard certification in the United States and Europe. After the production capacity of 12 million square meters under construction is put into operation, the income of the company's flooring business is expected to further increase.
The strategic layout of photovoltaic reflective film is expected to become the next growth driving force of the company: under the rapid development trend of the global photovoltaic industry, based on the advantages of the original PVC film business, the company strategically arranges photovoltaic reflective material products, which are mainly used to enhance the power generation efficiency of photovoltaic backplane, and has won the first order in June 2021 for the installation and use of foreign power stations, At present, China's foreign markets are actively promoting, which is expected to become the next growth driving force of the company.
Profit forecast and Valuation: with the gradual release of the company's capacity under construction, we are optimistic that the three main businesses of the company are expected to continue to maintain growth and consolidate their advantageous position. We expect the net profit attributable to the parent company from 2021 to 2023 to be 577 million yuan, 748 million yuan and 935 million yuan, corresponding to 16, 12 and 10 times PE respectively, and give a "buy" rating for the first time.
Risk tip: the intensification of market competition leads to the decline of product price and profitability, the production progress of Vietnam project is less than expected, and the price of raw materials fluctuates greatly.
