Haohua Chemical Science & Technology Corp.Ltd(600378) (600378)
Many projects of the company continue to be launched, the performance is expected to continue to exceed expectations, and maintain the "buy" rating of the company
The company announced on December 29 that it plans to build projects such as hydrogen peroxide plant and supporting raw materials, polyurethane new materials and XX raw materials. The project is that the subsidiary Liming institute takes the opportunity of returning to the city and entering the park to expand the capacity scale, so as to alleviate the shortage of original products. We believe that the project planning has further promoted the industrialization process of the company's independent technology, and the sustained and rapid development of the company has just begun. In view of the long project production cycle of the company, we maintain the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 793 million yuan, 942 million yuan and 1148 million yuan respectively, and the EPS will be 0.86, 1.02 and 1.25 yuan / share respectively. The current share price corresponds to 52.4, 44.1 and 36.1 times of PE from 2021 to 2023 respectively. The company's performance in the first three quarters was excellent, and it will enter the period of intensive production capacity under construction. The probability of the company's performance continuing to exceed expectations is high, and the long-term development is more worthy of expectation, maintaining the company's "buy" rating.
The company's high-end projects are pouring in, and the prospect of the "source" of original technology is unlimited
The new "46600 T / a special new material project" of Liming institute includes: (1) hydrogen peroxide and supporting raw material related devices, including 20000 t / a hydrogen peroxide (27.5%), 600 t / a palladium catalyst, 500 t / a diisobutyl methanol and 500 t / a tetrabutyl urea; (2) Polyurethane new material plant, including 20000 tons / year of vehicle polyurethane new material and 5000 tons / year of polyurethane elastomer new material. The construction period of the project is 36 months, and the after tax profit is expected to be 102 million yuan after reaching the production capacity. "XX raw material industrialization capacity construction project" is XX raw material production plant and supporting public works and auxiliary works with a total capacity of 6509 tons / year (Note: "XX" is called desensitization requirement, the same below). The construction period of the project is 30 months, and the after tax net profit is expected to be 72.48 million yuan. In addition, according to the company's announcement, liming Institute "XX raw material products", Northwest Institute "XX sealing profile" and Shenyang Institute "XX series rubber products" And other projects are being reported to the relevant national competent departments. The company is in a leading position in the industries involved in various products, and the future development space is very broad. We believe that the technology accumulated by the research institutes of the company over the past few decades is a precious treasure of the company and even the country. The company will always play an important role as the "source" of its original technology, shoulder the responsibility of "chain leader" of the industrial chain and continuously realize the industrialization of advanced technology under the background of independent and controllable key technologies.
Risk tips: the production capacity is less than expected, the product price drops sharply, the terminal demand is sluggish, etc
