Sinoma Science & Technology Co.Ltd(002080) (002080)
1、 Events
On December 22, the company announced that Taibo Zoucheng plans to invest RMB 980 million in Zoucheng, Shandong Province to build a 120000 T / a alkali free glass fiber tank furnace wire drawing and cold repair reconstruction project. The wholly-owned subsidiary Nanjing Glass Fiber Co., Ltd. plans to invest RMB 150 million to establish Suqian company in Suqian, Jiangsu Province, and invest in the construction of a 12000 T / a glass fiber filter paper production line and a 4000 T / a high silica glass fiber product production line, Sinoma lithium membrane plans to invest 2.3 billion yuan in Hohhot, Inner Mongolia to build a special wet diaphragm production line for lithium batteries with an annual output of 720 million square meters. Sinoma blade plans to establish a joint venture with Sinoma overseas in Bahia, Brazil, and invest in the construction of a manufacturing base for wind power blades with an annual output of 260 sets.
2、 Comments
Accelerated production expansion, material epitaxy
(1) The cold repair and transformation of glass fiber production line will further expand the production capacity and optimize the product structure. The construction period of the project is 8 months, which is mainly used in energy-saving and environmental protection building materials, automobile lightweight and wind power new energy, which is conducive to the optimization of business structure. The annual production capacity of glass fiber of 2021h1 company is nearly 1.1 million tons, 90000 tons of high modulus and high strength glass fiber of manzhuang F09 line and 60000 tons of spinning Q4 ignition of Zoucheng F06 line are expected to increase next year Quantity.
(2) We will lay out high silica glass fiber, focus on the military civilian integration development of special fibers, strengthen industrial upgrading and accelerate domestic substitution. The silica content of high silica glass fiber is generally more than 90%, with continuous temperature resistance of 1000 ° C and transient temperature resistance of 1400 ° C. because of its low thermal conductivity and good resistance to high thermal shock, it is widely used in spacecraft thermal ablation materials and other fields. China continues to The manufacturers that have studied and formed large-scale production and application are only Tonghua new materials, Shaanxi glass fiber and China Southern Glass Co., Ltd., a wholly-owned subsidiary. 2021h1 company added 5 high silica glass fiber technology patents. The annual output of 4000 tons of high silica glass fiber products is expected to mainly meet the task of ensuring the supply of national defense supporting materials. At the same time, it will focus on civil fields such as metallurgy and casting industry, which is in line with the national military civilian integration development strategy.
(3) Match the "double carbon" strategic goal and expand the field of glass fiber air filtration. Glass fiber filter paper can be used to produce air filters to purify the air. The company plans to put into operation four production lines with an annual output of 3000 tons, with a construction period of 30 months (divided into two phases), focusing on expanding the downstream market segments such as electronic panels, medicine and food, animal husbandry and breeding.
(4) Lithium diaphragm continues to expand. If the commissioning of Tengzhou phase II project is completed in the fourth quarter, the company's lithium membrane capacity will exceed 1.5 billion square meters. At the same time, Nanjing base plans to build a new capacity of 1 billion square meters, and 720 million square meters will be invested in Inner Mongolia this time.
(5) Build the first overseas blade base and strive to increase its international share. Brazil has the second largest energy structure, bright growth prospects, and has mature technology & industrial chain supporting facilities. The project will adopt its own advanced and mature composite blade production process, which can meet the market demand of Brazil and surrounding American countries. By the end of 2020, the company will have a capacity of 43 million sets of wind power blades By the middle of this year, it has 7 major production bases in Funing, Jiangsu, Handan, Hebei, Pingxiang, Jiangxi, Jiuquan, Gansu, Baicheng, Jilin, Xilin, Inner Mongolia and Xing'an League.
3、 Investment advice
We estimate that the net profit attributable to the parent company from 2021 to 2023 will be RMB 3.751 billion, RMB 4.236 billion and RMB 4.951 billion respectively, and the corresponding dynamic PE of the closing price on December 23 will be 16, 14 and 12x respectively. The valuation is lower than the historical median value. It will be covered for the first time and given a "recommended" rating.
4、 Risk tips
The deterioration of China's glass fiber supply pattern affects the price; The investment progress is less than expected; The risk of repeated overseas outbreaks.
