Zhejiang Wazam New Materials Co.Ltd(603186) (603186)
Performance review
It was announced on the evening of December 1 that, according to the company's strategic planning and business development needs, in order to improve and expand the composite material business for transportation and logistics, the company plans to invest 30 million yuan of its own capital to establish a wholly-owned subsidiary, Zhejiang Huaju composite material Co., Ltd., with a registered capital of 30 million yuan.
Business analysis
Asset integration is conducive to business development. The company's composite material for transportation and logistics mainly refers to thermoplastic honeycomb material, which is a new type of body material, which is used to replace traditional materials such as steel plate and plywood. In the past, the company's production capacity of composite materials for transportation and logistics was mainly distributed in Hangzhou Huaju (company headquarters), Yangzhou maistone and Zhongji automobile, which are relatively scattered. Now the company has set up a wholly-owned subsidiary Zhejiang Huaju in Qingshan Lake, which is expected to integrate production capacity, which is conducive to control and future development.
Multi material layout, platform gradually formed. The company's business is divided into five parts, namely copper clad laminate, heat conducting materials, composite materials for transportation and logistics, insulating materials and aluminum-plastic film. These kinds of materials are expanded based on basic technologies such as composite material formulation ability and thin-layer technology. In many years of layout, the company has gradually formed a diversified material platform. According to the company's future development plan, we believe that the company has different strategic ideas in different products. Copper clad laminate and aluminum-plastic film are mainly based on high-end breakthrough, thermal conductive materials and composite materials for transportation and logistics are mainly based on expansion share, and insulating materials are mainly based on storage resources by cooperating with high-quality customers. Based on this, the company has a multi-level layout of various businesses and clear ideas, The future space ductility is worth looking forward to.
High end CCL continues to break through, and the overweight aluminum-plastic film opens up space. In recent years, the company has focused on the research and development of high-end copper clad laminate products (high-frequency \ high-speed \ HDI \ BT, etc.), the certification and batch work of key customers have been carried out as scheduled and orderly (high-frequency materials have been batch supplied to large customers), and the production expansion plan is progressing smoothly (450000 PCS / month of Qingshanhu phase II was put into operation in July and 2 million pcs / month of Zhuhai is under construction). In addition to copper clad laminates, the company is also increasing its efforts in aluminum-plastic film for new energy vehicles. It not only configures equipment imported from Japan, introduces Japanese technology, arranges dry process and thermal process production lines, but also invests 140 million yuan in With the construction of "high performance aluminum plastic film project for lithium battery packaging with an annual output of 36 million square meters" (the existing annual output capacity is about 5 million square meters, and the capacity is expanded by 7.2 times), it will also have great prospects in the new energy vehicle sector in the future.
Investment advice
We estimate that the net profit attributable to the parent company from 2021 to 2023 will be RMB 266 million, RMB 355 million and RMB 509 million, with corresponding valuations of 23 times, 17 times and 12 times, and continue to maintain the "buy" rating.
Risk statement
Decline in product prices; The production capacity is lower than expected; Increased competition; Risk of lifting the ban on restricted shares.
