\u3000\u3000 Shenzhen Wote Advanced Materials Co.Ltd(002886) (002886)
The layout of special polymer material platform has entered the value release period, and the industry recognition has been continuously improved: according to the announcement, after years of development, the company has gradually established a complete technology and product system from general plastics to special engineering plastics, forming an industrial chain layout of "synthesis modification manufacturing". The main products of the company mainly include special engineering resins such as liquid crystal polymer (LCP), semi aromatic polyamide (PPA), polysulfone (PSF) and polyarylether ketone (Paek), as well as LCP and PTFE film products and machining PTFE terminal products. According to the announcement, the company's special polymer material layout entered the value release period in 2021. In the first half of 2021, LCP materials achieved a sales volume of 2300 tons, a year-on-year increase of 127%; The trial production of 10000 tons of special engineering plastic polyamide of the raised investment project has successfully entered the mass production stage; PTFE film for electronics, communication and 5g has achieved technological breakthrough. According to the announcement, the company's products cover the fields of electronics, household appliances, photovoltaic, semiconductor, medical treatment, office equipment, communication, automobile, water treatment, electricity and other fields. In the field of automotive materials, the company adheres to the R & D direction of lightweight, low VOCs and new energy. The products of Geely, Tesla, Ford, Toyota, Weilai, Weima, SAIC, Chery and other main engine plants have successively achieved mass production, In terms of electronics and electricity, the company's cooperation with international well-known customers such as Huawei, ZTE, Dajiang, TCL, Xiaomi ecological chain, Daikin of Japan, Sony and Xiaoxing of Korea continues to deepen, and the popularity of customers continues to improve.
In the orderly construction of new production capacity, continue to expand the industrial chain: according to the announcement, at present, the company's LCP material production capacity is 8000 tons. In 2021, the announcement plans to build 20000 tons of new production capacity, which is planned to be put into operation in June 2022. In 2020, the first phase of special engineering plastic polyamide of the raised investment project has been put into operation in 2021, and batch supply of orders in electronics, new energy vehicles and other industries has been realized. 10000 ton polysulfone project and special polymer material projects such as poly aryl ether ketone (PEEK and PEEKK) will also be put into operation after 2021. In 2021, the company announced that it plans to invest 525 million yuan to build 10000 tons of high-performance new materials, semiconductors and 5g communication equipment projects in Huzhou City. In January 2022, the company announced that it would acquire 70% equity of Huabao biology, cut into the fields of biological human body, medical and beauty materials and devices, meet the material needs of downstream customers in energy storage, slow-release, flame retardant and other use scenarios, extend the company's industrial chain to the downstream and expand the advantages of the platform.
The announcement of the equity incentive plan shows the company's confidence in development: according to the announcement, the company issued the equity incentive plan, the assessment year is 2022-2025, and the performance assessment objectives are based on the revenue in 2021. The compound growth rate of the revenue in that year is not less than 50% compared with that in 2021, and the compound growth rate of net profit is more than 10 percentage points higher than that of the operating revenue in the same year. The equity incentive plan focuses on accelerating the release of special polymer material industry chain resources arranged in the early stage, fully stimulating and mobilizing the enthusiasm of all employees of the company, plans to realize the company's vision of "becoming a world-class material scheme provider", and fully demonstrates the company's development confidence.
Investment suggestion: it is estimated that the net profit of the company from 2021 to 2023 will be 68 million yuan, 140 million yuan and 220 million yuan respectively, corresponding to 84, 40 and 26 times of PE, maintaining the Buy-A rating.
Risk warning: downstream demand is less than expected, raw material price fluctuation, etc.
