\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 117 China National Chemical Engineering Co.Ltd(601117) )
Event description:
On March 22, 2022, the company announced that the supporting acrylonitrile cogeneration unit of Tianchen Qixiang nylon new material project (phase I), the holding subsidiary of the company, was successfully started at one time. Up to now, the unit has successfully produced superior acrylonitrile products and the production operation is stable. The company will promote the production and operation of hexanediamine unit and adiponitrile unit as planned, and make every effort to ensure the smooth output of adiponitrile products.
At the beginning of 2022, the operation was steady and good, and the newly signed contract amount increased significantly
As of February 2022, the company has achieved a total operating revenue of 23.858 billion yuan; The cumulative amount of newly signed contracts was 76.742 billion yuan. Among them, there are 524 construction contracts and 338 survey, design, supervision and consultation. In terms of regional distribution, the domestic contract amount reached 67.15 billion yuan, a year-on-year increase of 83.83%; The amount of overseas contracts reached 9.592 billion yuan, a year-on-year increase of 118.3%
The three major projects were successfully put into operation and accelerated the transformation of new materials
The company has successfully built three new chemical materials, including adiponectin, nylon new material, aerogel and degradable plastics, and has made breakthroughs in many projects.
1) Tianchen Qixiang adiponitrile project has entered the staggered period of intermediate delivery and trial production, and the bulk chemical raw materials required for production have entered the site. According to the site progress introduction, the acrylonitrile unit has produced qualified acrylonitrile products. It is expected that the hexanediamine unit will produce qualified hexanediamine products by the end of March 2022, and the hexanediamine unit is expected to produce qualified hexanediamine products in the first ten days of April 2022.
2) Hua Lu new material aerogel project was successfully launched in February 27, 2022. At present, the first batch of qualified silicon-based nano aerogel composite insulation felt products have been produced.
3) the first phase of the degradable plastic PBAT project with an annual output of 100000 tons built by Zhonghua Tianye new materials Co., Ltd., a subordinate enterprise of the company’s subsidiary chemical industry third Design Institute Co., Ltd., has been successfully mechanically completed and has entered the stage of start-up and trial production as a whole.
The company plans to invest 15 billion yuan to build Shanghai Pudong Development Bank Co.Ltd(600000) T / a propylene oxide, 900000 T / a hydrogen peroxide, 200000 t / a nylon 66, 100000 t / a nylon 12 and other projects. The company accelerated the layout of nylon new material field, explored simultaneously, planned multiple nylon new material projects in other regions, and gradually industrialized its own technology. The company is expected to enhance its voice in the nylon industry and bring new profit increment at the same time.
Relying on rich technical reserves, “soda ash + phosphorus chemical” two pronged layout of new energy and electronic circuits
Soda ash: soda ash is required for the production of lithium carbonate, an important cathode material for lithium-ion batteries, and the core photovoltaic glass of photovoltaic modules. At present, the production methods of soda ash can be divided into natural alkali method and chemical synthesis method. Among them, chemical synthesis method can be divided into combined alkali method and ammonia alkali method. From a global perspective, soda ash from natural soda has become the mainstream process of soda ash with its unique advantages. The investment and manufacturing cost of soda ash produced by natural alkali method are lower, and it has the advantage of environmental protection without discharging waste residue and waste liquid. In the context of double carbon, it has gradually become a trend that the natural alkali process deeply affects the supply and demand of soda ash industry China National Chemical Engineering Co.Ltd(601117) has rich experience in the engineering construction of natural soda ash and synthetic soda ash. In 2018, the largest natural alkali project in operation in the world – Kazan natural alkali project in Turkey was completed, and in 2019, the largest natural alkali project under construction in the world – The Pacific Securities Co.Ltd(601099) natural alkali project in the United States was undertaken. In 2020, China National Chemical Engineering Co.Ltd(601117) undertook the development and utilization project of Alxa tower lignin natural alkali. The commencement ceremony of the unit area was held in April 2021, and the construction capacity was 7.8 million tons of soda ash and 800000 tons of baking soda processing units per year. According to the latest information, the total effective production capacity of Baichuan project will reach 3231% of the total production capacity of Baichuan. In the future, with the continuous development of photovoltaic and new energy, the engineering technology of China National Chemical Engineering Co.Ltd(601117) natural soda ash will open a new growth pole.
Phosphorus chemical industry: as a basic chemical raw material, phosphoric acid can be used to prepare phosphorus fertilizer in agriculture, additives in food, chip basic materials in electronic industry, etc China National Chemical Engineering Co.Ltd(601117) Wuhuan company has been deeply engaged in phosphorus chemical industry for a long time. In 2012, we independently developed the “semi water dihydrate phosphoric acid plant technology” to fill the gap in China. It has the advantages of low energy consumption, high phosphorus yield, good finished acid quality, good gypsum quality and low operation cost, which lays the foundation for the vigorous development of China’s phosphorus chemical industry. On September 2, 2020, Xingfa 380000 T / a phosphoric acid project, the largest in the world, which is generally contracted by Wuhuan company, adopted the process of “semi water dihydrate wet process phosphoric acid” and the unit was successfully fed at one time,. In addition, based on phosphoric acid technology, Wuhuan company gradually goes deep into the research and development of environmental protection and energy-saving technology of phosphorus chemical industry, and then develops chip basic materials.
Phosphorus chemical industry environmental protection solution provider: in view of the environmental protection problems restricting the development of phosphorus chemical industry, Wuhuan company pioneered an overall technical solution to the “three phosphorus” problem. First, reduce the amount from the source, promote the advanced green production process of phosphoric acid “half water dihydrate method”, improve the phosphorus yield and reduce the phosphorus content in phosphogypsum. Second, through on-line modification of phosphogypsum, the water-soluble phosphorus in phosphogypsum slag slurry is recovered, the soluble phosphorus, fluorine and organic matter in phosphogypsum are fixed, and its pH is adjusted to be close to neutral, and its property is close to that of natural gypsum. The index of phosphogypsum stacking leaching solution can meet the class III surface water standard, fundamentally eliminate the safety and environmental protection risks of phosphogypsum stacking, and create good conditions for large-scale comprehensive utilization of phosphogypsum. Third, through the resource utilization of phosphorus containing water, the water-soluble phosphorus in the low concentration phosphorus containing water of phosphorus chemical enterprises is produced into phosphate products, and the water quality is improved to be close to the production water supply standard, so as to solve the environmental protection problems and improve the economic benefits. Through the overall technical solution, the environmental protection problems of phosphorus chemical enterprises will be solved comprehensively, and the recycling and recycling will be realized.
Relying on phosphorus chemical industry to enter the field of chip materials: on March 17, 2021, Wuhuan company and Hubei Hubei Xingfa Chemicals Group Co.Ltd(600141) signed a cooperation framework agreement on a series of products in the electronic chemicals zone, mainly focusing on the R & D, tackling key problems and industrialization of electronic chemicals, electronic grade Specialty Gas, electronic grade electroplating solution and electronic grade silicon materials, aiming to break through the “neck” problem of chip localization, which is the second in China The first electronic chemical zone in Central China.
In the future, with the rapid development of new chip materials and increasingly strict environmental protection, the company’s process technology and environmental protection solutions in phosphorus chemical industry will be more widely used.
As a first-class engineering company, the company has profound technical heritage and strong R & D and innovation ability. It has not only accumulated rich experience in the field of traditional large chemical industry, but also achieved breakthroughs in independent R & D in the fields of natural alkali, phosphorus chemical industry and so on. In the era of carbon neutralization, on the one hand, the company can promote the industrialization of many independently developed new materials such as Poe, POM and ASA to further improve the layout of new materials and achieve greater development of the industrial sector. On the other hand, with many technical means of carbon reduction and carbon fixation and the environmental protection development path of green phosphorus chemical industry, the company is expected to become a comprehensive service provider of carbon neutralization solutions in the era of double carbon, and its growth can be expected.
With the integrated development strategy of “focusing on the main business + extension of high value-added materials”, the future development of the company can be expected
In recent years, the company has highlighted the advantageous business of chemical engineering, expanded the infrastructure business, accelerated the layout of strategic emerging industries, promoted industrial development, adhered to focusing on the main business, extended to the industrial field with high added value, and formed an integrated industry.
The company focuses on the new chemical material technology monopolized by foreign countries and not industrialized in China, and actively creates the “source” of original technology in the chemical field. The company has successfully developed the technology of “direct hydrocyanidation of butadiene” to produce adiponitrile, breaking the foreign monopoly on adiponitrile technology and filling the gap in China’s industry.
The company also designs a performance appraisal mechanism of grading, classification and differentiation for its secondary enterprises, and increases rewards for enterprises with good performance indicators; The risk mortgage mode is adopted for the three-level enterprises, the fine management of engineering projects is strengthened, and an effective incentive mechanism suitable for the actual development of the company is established. In the future, the company will continue to extend the product chain, industrial chain and value chain of the industrial sector to a broader market.
Investment advice
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 4.52 billion yuan, 6.72 billion yuan and 8.22 billion yuan respectively, with a year-on-year growth rate of 23.7%, 48.4% and 22.4%. The corresponding PE is 12.6, 8.5 and 6.9 times respectively. Maintain the “buy” rating.
Risk tips
The production capacity was put in less than expected, the audit of chemical projects was tightened, and the safety production of enterprises was improved.
