Lushan Xincai (603051)
A total of one company made an inquiry in this period, and the main board listed company “Lushan new material” will make an inquiry on March 11 (Friday).
Lushan new material (603051): the company focuses on the R & D, production and sales of high-performance polymer hot-melt bonding materials with green environmental protection. Its products are widely used in composite building materials, energy pipelines, high barrier packaging, photovoltaic new energy, flat panel display and other fields. It is one of the leading enterprises of high-performance hot-melt bonding materials in China; The main products include functional polyolefin hot melt adhesive particles and hot melt adhesive film products. From 2019 to 2021, the company achieved an operating revenue of 795 million yuan / 1012 million yuan / 1693 million yuan respectively. From 2019 to 2021, yoy was 3.74% / 27.24% / 67.39% respectively, and the annual compound growth rate of operating revenue in the three years was 30.2%; The net profit attributable to the parent company was 72 million yuan / 116 million yuan / 114 million yuan. From 2019 to 2020, yoy was 50.16% / 60.88% / – 1.93%, and the compound annual growth rate of the net profit attributable to the parent company in three years was 33.3%. According to the company’s preliminary forecast, the net profit attributable to the parent company in 2022q1 increased by 0.89% – ll.5% year-on-year 15%。
Investment highlights: 1. Benefiting from the good downstream demand for Cecep Solar Energy Co.Ltd(000591) battery packaging adhesive film and the expansion of the production capacity of the company’s relevant product lines from 2020 to 2021, it is expected to drive the company’s performance to improve. The company began to add Cecep Solar Energy Co.Ltd(000591) battery packaging film capacity in the second half of 2020 and released it in the first half of 2021. Benefiting from the recovery of the development of the downstream photovoltaic industry since 2020 and the medium and long-term prosperity expectation of the photovoltaic industry under the development goal of carbon peak and carbon neutralization, it is expected that the market demand for photovoltaic adhesive film is also expected to continue to grow, and it is expected to drive the company’s performance to be better. 2. The competition pattern of Functional Polyolefin hot melt adhesive in the subdivided field is more concentrated, and the company has achieved obvious competitive advantages. A variety of products of the company have gradually realized import substitution; Among them, the hot-melt adhesive products of composite building materials have been applied to many large-scale projects outside China and to the manufacture of high-speed railway car in China; The anti-corrosion hot-melt adhesive for oil and gas pipelines covers well-known downstream customers such as PetroChina, Sinopec, CNOOC, Baoshan Iron & Steel Co.Ltd(600019) , Valin Group, Zhejiang Kingland Pipeline And Technologies Co.Ltd(002443) and many major engineering projects abroad; At the same time, in the medium and high-end high barrier packaging market dominated by imports, the company’s hot melt adhesive products mainly compete with international giants such as Mitsui chemical and Dow Chemical. 3. The thermoplastic optical transparent adhesive film independently developed by the company can effectively replace the traditional liquid adhesive products and OCA, loca and other adhesive products. At present, it has been successfully applied in flat panel display products; With the increase of the company’s investment and production capacity of thermoplastic optical transparent adhesive film, it is expected to gradually bring better performance returns to the company. From 2018 to 2021h1, the sales volume of thermoplastic optical transparent adhesive film of the company was 15.79, 25.03, 4237 and 233100 square meters respectively, showing a rapid growth trend year by year.
Comparison of companies listed in the same industry: compared to the comparison of the same industry: there’s a deer mountain new. The companies listed in the same industry are mainly like Hangzhou First Applied Material Co.Ltd(603806) \\\\\\\\\\\\\\\\\\comparisonof the same industry: the same industry of the same industry. The companies listed in the same industry are the same as the same industry. The companies listed in the same industry are the main companies listed in the same industry. The companies listed in the same industry are the main companies listed in the same industry. The companies listed in the same industry are the main companies listed in the same industry. The companies listed in the same industry are the main companies listed in the same industry. The companies listed in the same industry. The companies listed in the same industry are the same industry. The companies listed in the same industry. The companies listed in the same industry. The companies listed companies listed in the same industry are the same industry as the main companies listed companies listed in the same industry. The main companies that are mainly downstream photovoltaic industry. Assuming only the above listed companies in the same industry, the average revenue scale (the first three quarters) is 3.441 billion yuan, and the average pe-ttm (excluding negative value) is 55x. Comparatively speaking, due to the large scale of Hangzhou First Applied Material Co.Ltd(603806) project, the average income volume of Listed Companies in the same industry is increased, and the volume of companies is far lower than the average level of the industry; Compared with specific companies, the scale and volume of the company are more equivalent to Cybrid Technologies Inc(603212) and Shanghai Hiuv New Materials Co.Ltd(688680) and the changes of gross profit margin and performance growth are also more similar to Cybrid Technologies Inc(603212) and Shanghai Hiuv New Materials Co.Ltd(688680) and .
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
