Yunlu Co., Ltd. (688190)
China aviation development new material R & D platform, the core product performance is internationally leading. The company is an advanced new material R & D platform controlled by China Aviation Development Group. It has innovative gene roots, strong R & D system, strong shareholder background and complete intellectual property system. It has mastered extreme manufacturing technology systems such as kilogram low flow precision continuous casting and extreme condensation control, and has successively built China's first amorphous thin belt production line with a unit capacity of more than 10000 tons, China's first nanocrystalline ultra-thin belt production line with a unit capacity of more than 3 tons China's advanced vacuum continuous atomization metal powder production line and a new generation of amorphous three-dimensional wound core automatic production line are internationally leading in product performance parameters and prominent in process and cost advantages.
Amorphous alloy ranks first in the world, leading the industrialization process of amorphous three-dimensional roll. The company is the world's largest supplier of amorphous alloy ribbons, with an annual production capacity of 60000 tons, accounting for 41% of the world's share and 53% of China's share. Amorphous ribbon has the performance advantages of low coercivity, high permeability and high resistivity. When applied to amorphous transformer, it can realize energy conservation and environmental protection in the whole life cycle of production, use and recycling. The company takes the lead in the industrialization technology and process of amorphous three-dimensional core, cooperates with Shanghai confidence strategy subordinate to state grid to accelerate the penetration of amorphous three-dimensional core transformer, It will fully benefit from the energy efficiency improvement plan for distribution transformers (2021-2023). In addition, the promotion of household photovoltaic in the whole county will bring significant increase in transformer demand, which is characterized by low load intensity and concentration, intermittent power generation, and the energy-saving and emission reduction effect of amorphous three-dimensional coil transformer is more prominent in this field.
The performance of nanocrystalline products is better than Hitachi metal, accelerating the replacement of ferrite and seizing the share of foreign capital. In 2019, the company will realize the ton scale mass production of nanocrystalline ultra-thin belt, the product performance parameters are better than Hitachi metal, and the annual output capacity will be 3600 tons in 2020. Nanocrystalline magnetic materials have prominent advantages in the fields of high frequency, small size and high efficiency, and are expected to accelerate the replacement of traditional ferrite. In 2019, Hitachi metal will still control 50% of the global share. With the continuous climbing of the company's production capacity, with the advantages of better product performance and lower cost, the company is expected to accelerate to seize the share of foreign capital.
Magnetic powder has broad application space and is expected to shape the advantages of technology and cost. The company built the atomized metal powder production line in 2018. At present, the annual capacity of atomized / broken powder is 3900 / 700 tons. The magnetic core made of magnetic powder is the core component of inductive components, which can optimize the performance and quality of various electronic products. It is expected to be widely used in the fields of new energy vehicles, new energy power generation and consumer electronics. With strong basic material R & D capability, extreme process accumulation, horizontal expansion capability and other advantages, the company's magnetic powder is expected to shape the industry-leading technical and cost advantages, and its share is expected to continue to increase.
Investment suggestion: the company is a new material R & D platform subordinate to China aviation development, adhering to independent innovation, leading technology and process, and strong shareholder background. The amorphous alloy share of the company ranks first in the world, leading the industrialization process of amorphous three-dimensional wound core transformer and benefiting from the general trend of energy-saving transformation of distribution transformer; The performance of nanocrystalline ultra-thin belt is leading in China, which is expected to accelerate the replacement of traditional ferrite and seize the share of foreign capital; The application space of magnetic powder is broad, and the company is expected to shape the advantages of technology and cost. Under the dual carbon background, the company fully covers the demand for energy-saving and efficient new materials in the fields of new energy, power and consumer electronics, and its performance is expected to accelerate its expansion. It is estimated that from 2021 to 2023, the company's net profit attributable to the parent company will reach 121 / 186 / 292 million yuan respectively, and EPS will be 1.01/1.55/2.44 yuan respectively, corresponding to the closing price of PE on November 26, 2021, which is 130.3/85.0/54.0 respectively. It is covered for the first time and given the overweight rating.
Risk tips: the power grid investment is less than expected, the market competition is intensified, the risk of deviation in market scale calculation, the progress of raised investment projects is less than expected, etc.
