Hunan Kaimeite Gases Co.Ltd(002549) (002549)
event:
Recently, Yizhang County held a centralized signing activity for investment promotion industrial projects, including KEMET electronic special gas project, with a total investment of about 720 million yuan. It is expected that after it is put into operation, the annual sales revenue will be 650 million yuan and the annual tax will be 100 million yuan.
Sign the special gas investment contract, cut into the synthetic electronic special gas, and further expand the market space
According to the announcement, the company recently signed the investment contract for Chenzhou Yizhang electronic special gas project with the Management Committee of Hunan Yizhang economic development zone. Yizhang fluorine chemical industry park is the only specialized fluorine chemical industry park in Hunan Province, which reserves rich fluorite resources. It aims to build a fluorine chemical industry concentration area, which will help the company to develop fluorine-containing products in the future. The total investment of the project is 720 million yuan, which will be constructed by stages and sections. It is estimated that the annual output value is 650 million yuan and the annual tax revenue is nearly 100 million yuan. The electronic special gases involved in the new equipment include hydrogen chloride, chlorine, high-purity fluorine, hydrogen fluoride, fluorine based mixed gas, hydrogen bromide, VOC standard gas, antimony pentafluoride, chlorine trifluoride, carbonyl fluoride, electronic grade acetylene, deuterium gas and other products. The main production units include two process flows of synthesis and purification. The previously announced electronic special gas purchase and sales contracts mainly focus on rare gas (krypton / neon / xenon). This investment is to build the capacity of synthetic electronic special gas, with a significant increase in the types of products to more than 10, and further expand the market space.
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 specialty gas market is 15 billion yuan, with a compound growth rate of about 20%. It is mainly used in integrated circuits (accounting for 70%) and other fields. The localization rate of China’s electronic specialty 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, testing and sales. The company has a professional gas analysis laboratory, independently developed steel cylinder treatment technology, and the purification treatment is higher than the average level in China. At present, the company is stepping up the progress of international and Chinese certification, and the consignment cooperation with relevant agents 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 86 / 52 / 27 times of PE respectively, maintaining the “buy” rating.
Risk warning: the project production progress is less than expected, and the sales of electronic special gas is less than expected.
