Hunan Kaimeite Gases Co.Ltd(002549) (002549)
Key investment points
event:
The holding subsidiary KEMET Electronic Special Gas Co., Ltd. signed the purchase and sales contract. Tianjin saineng gas purchases 99.999% krypton gas from the company, with a total contract amount of 5.06 million yuan (including 13% value-added tax) and 99.999% neon gas, with a contract amount of 551.63 million yuan (including 13% value-added tax).
The company announced the signing of the first neon gas purchase and sales contract, and the category of electronic special gas products has been continuously developed
The electronic special gas product sold by the company this time is neon gas, with specification and model ≥ 99.999%. The customer will pick up the goods at the company’s warehouse within 15 days after the signing of the contract. Since the company’s electronic special gas business achieved mass production capacity at the end of last year, three 5N krypton gas purchase and sales contracts (with a total amount of 9.52 million yuan) and one 5N xenon gas purchase and sales contract (with an alloy amount of 4.25 million yuan) have been announced successively this year. This is the first time to announce the signing of xenon product purchase and sales contracts. The category of electronic special gas products of the company has been continuously expanded, and the annual electronic special gas sales has reached 19.38 million yuan.
Under the policy of “dual control” of energy consumption, the competition pattern of carbon dioxide is improved, and the Q4 price is expected to increase steadily
1) The company has expanded production in Yueyang, Anhui and Fujian this year, and the total production capacity is expected to increase to 710000 tons from 460000 tons at the end of last year. 2) Looking forward to the fourth quarter, in the context of the “dual control” policy of energy consumption, the shutdown of some small chemical plants will lead to the relative limitation of the total supply of carbon dioxide. The upstream of the company is mainly large central enterprises and multinational companies, with stable operation. We expect Q4 liquid carbon dioxide business to maintain the simultaneous rise of volume and price.
The electronic special gas certification work is progressing smoothly and will gradually increase in volume, which is expected to become a new growth pole of the company
China’s electronic special gas market was 15 billion yuan, with a compound growth rate of about 20%, Mainly used in integrated circuits (accounting for 70%) and other fields. The localization rate of China’s electronic special gas is about 15%, and there is a wide space for domestic substitution. The subsidiary of electronic special rare gas was established in 2018, which is a rare electronic special gas production enterprise in China with the layout of the whole industrial chain from gas source to purification, mixing, detection and sales. The company has a professional gas analysis laboratory and independently developed steel cylinder treatment technology, and the purification treatment is higher than that China’s average. At present, the company is stepping up the progress of international and Chinese certification (such as ASML, TSMC, Semiconductor Manufacturing International Corporation(688981) ), and the consignment cooperation with relevant agents (such as Linde, French liquid air and Dayang acid) has been fully carried out.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 130 / 2.1 / 410 million respectively, with a compound growth rate of 78%, corresponding to 85 / 52 / 26 times of PE respectively, maintaining the “buy” rating.
Risk tips:
The production progress of the project is less than expected, and the sales of electronic special gas is less than expected.
