Rayitek Hi-Tech Film Company Ltd.Shenzhen(688323) (688323)
PI film has excellent performance and wide space
PI has excellent electrical insulation performance, high and low temperature performance, mechanical performance, chemical stability, low dielectric loss and flame retardant performance, And these properties are in a wide temperature range (- 269 ℃ – 400 ℃) will not change significantly, and its performance is at the top of the polymer material pyramid. With the steady increase in the demand for folding screen, 5g, smart phone, high-speed railway, wind power and aerospace, we expect the annual average growth rate of global PI market demand to be higher than 10% from 2021 to 2025, and the market scale will exceed 20 billion yuan in 2025. Due to its excellent performance, PI film should Use a wide range, once the cost decreases, the space will expand rapidly.
Products are blocked by technology, and there is a large space for import substitution
PI film has high technical barriers, capital barriers and certification barriers. PI film manufacturers worldwide are mainly distributed in the United States, Japan and South Korea, including a few companies such as DuPont / Zhongyuan Chemical / skpi, with a production capacity of more than 2000 tons. The above enterprises implement a strict technical blockade on China’s high-performance PI film industry. Rayitek Hi-Tech Film Company Ltd.Shenzhen(688323) the main products are thermal control film (sales volume of 543 tons in 2020, revenue of 162 million yuan), electronic film (143 tons, revenue of 72 million yuan) and corona resistant electrical film (64 tons, revenue 35 million yuan). It is estimated that in 2022, the total scale of China’s PI film market will reach more than 7 billion yuan, including 950 million yuan of thermal conductivity grade PI film, 2.63 billion yuan of electronic grade PI film, 970 million yuan of electrical grade PI film and 2.69 billion yuan of special grade PI film.
Rayitek Hi-Tech Film Company Ltd.Shenzhen(688323) is expected to grow rapidly
The company’s existing PI film production capacity is about 900 tons, accounting for about 5.5% of the global market. With the settlement of the capital problem, the company entered a period of accelerated expansion, 50 t / a CPI film The (transparent polyimide film) project will be commissioned and produced in the first quarter of 2022. The products are mainly used for folding screen mobile phones. The 1600 T / a production capacity of Jiaxing project will be gradually put into operation in the second half of 2022, and the products are mainly used in the electronic field. At present, folding screen mobile phones are expected to usher in an industrial explosion period. In the future, with the continuous production of the company’s two projects, the company’s performance is expected to usher in rapid growth.
As the production of PI film involves the process of resin polymerization, film-forming and stretching, there is no mature film-forming equipment, and imidization reaction occurs while stretching. The control parameters increase geometrically compared with the ordinary film-forming process. The enterprise needs to master the polymerization, process and equipment technology independently. The technical barriers are very high, and the company independently master the core technology of high-performance PI film, including synthesis Equipment, process and other technologies have formed a complete preparation technology from special resin synthesis to continuous biaxial tensile film. On the other hand, the general investment for a production line of PI membrane is nearly 100 million yuan. The research and development of new varieties must be tested on existing industrial devices, so the threshold for starting research and development is very high. On the contrary, once on the right track, with the increase of product lines, the production lines available for research and development increase, and the research and development progress enters the acceleration stage. The company has multiple production lines and master a variety of process routes, which can develop and import new products more quickly and efficiently without affecting production.
Profit forecast: as the leader of high-end material PI film. It is estimated that the net profit attributable to the parent company in 2021, 2022 and 2023 will be RMB 68 million, 98 million and 217 million respectively, corresponding to 88, 62 and 28 times of PE respectively, maintaining the “buy” rating.
Risk warning: the risk that the product performance is lower than expected; Risks of technology diffusion; Risk of large gap between business scale, product technology and international well-known enterprises; With the expansion of new products, the risk of product structure change; The risk that the new production capacity is difficult to digest after the implementation of the raised investment project; Customer structure change risk; The risk that technological innovation and product development lag behind market demand; Raw material purchase price fluctuation risk.
