Sichuan Hebang Biotechnology Co.Ltd(603077) (603077)
Layout chemical + agriculture + photovoltaic, build a salt and gas platform enterprise, and give a "buy" rating for the first time
Relying on the salt gas resources in Sichuan, the company strives to build three resource recycling industrial chains of soda ash glass photovoltaic, glyphosate glyphosate and oil and gas transportation methionine, and firmly sits in the global leading position of Southwest soda ash giant and glyphosate. Since 2021, the prosperity of soda ash and glass industry has risen, the prices of glyphosate and glyphosate have risen more than expected, the synergy of the company's industrial chain and the enterprise advantages of salt and gas platform have been highlighted, and we are optimistic that the company's performance will be greatly improved. We predict that the company's net profit attributable to the parent company from 2021 to 2023 will be 3.008, 4.063 and 4.540 billion yuan, and EPS will be 0.34, 0.46 and 0.51 yuan / share respectively. The current stock price corresponds to 10.7, 7.9 and 7.1 times of PE from 2021 to 2023. The first coverage is given a "buy" rating.
Soda ash glass photovoltaic: the production and marketing of soda ash are booming, and the prospect of photovoltaic glass and monocrystalline silicon wafer project is promising
The company has a production capacity of 1.1 million tons / year of soda ash and ammonium chloride, and the downstream production capacity of float glass, photovoltaic glass and monocrystalline silicon. The new capacity of soda ash is limited, the capacity limit of photovoltaic glass is released, and the demand expectation of soda ash is increased. Under the resonance of supply and demand, soda ash will usher in value revaluation. According to our calculation, the net profit of the company will be increased by 196 million yuan and 52 million yuan respectively for each increase of 100 yuan / ton of Lianhe alkali and float glass. In the future, with the construction and operation of photovoltaic glass, Cecep Solar Energy Co.Ltd(000591) silicon wafer and other projects, the integration of the company's new energy material industry chain will be deepened, and the development prospect is expected.
Glyphosate glyphosate: the synergy of the industrial chain is prominent, and the price rise of glyphosate exceeds the expected profit space. The company has built the product line of glyphosate glyphosate by Idan method. After process optimization, it has the capacity of 58000 T / a glyphosate and 200000 t / a glyphosate, with obvious advantages in product cost and quality. The increasing concentration of the industry and the strong cost of raw materials support the linkage rise of glyphosate glyphosate prices, both of which have increased by more than 50% compared with the beginning of 2021, and the industry is very profitable. According to our calculation, the net profit of the company will increase by 196 million yuan for every 1000 yuan / ton increase in the price of glyphosate and glyphosate. Since 2021, the rise of global food prices and the promotion of genetically modified crops have driven the linkage growth of glyphosate glyphosate demand, the rise of product prices has exceeded expectations, and the company has broad profit space.
Risk tips: product prices fall, production capacity is less than expected, policy implementation is less than expected, etc.
