\u3000\u3 China Vanke Co.Ltd(000002) 549 Hunan Kaimeite Gases Co.Ltd(002549) )
Key investment points
Events
Yueyang kaimeite electronic special rare gas Co., Ltd., a holding subsidiary, signed a daily operation and sales contract.
The sales of high-purity neon gas is 45 million yuan (tax included), and the electronic special gas business is expected to grow rapidly throughout the year. Yueyang kaimeite electronic special rare gas, a holding subsidiary, sells high-purity neon gas, with a total contract amount of 45 million yuan (tax included). In 2021, the company sold 19 million yuan of special gases (including 550000 yuan of neon). In 2022, the company’s electronic special gas business is expected to grow rapidly.
Affected by the conflict, the price of neon gas in Ukraine has risen nearly 15000 yuan / cubic meter in the third quarter of 2021, and the price of neon gas has continued to rise by nearly 15000 yuan / cubic meter in the third quarter of 2021. The company has a large inventory of high-purity neon in China and is expected to fully benefit from the rise in neon prices.
The 2022 equity incentive plan was released, with wide coverage and highlighting the confidence of the management
The incentive plan plans to grant no more than 19 million restricted shares (accounting for about 3% of the total share capital of the company), and the grant price is 8.24 yuan. The incentive objects include 220 senior executives, middle managers and core technical backbones, accounting for 31% of the total number of employees, and the incentive coverage is wide. The performance evaluation objective of the incentive plan is: the net profit in 2022 / 2023 / 2024 is greater than 180 / 250 / 350 million yuan respectively.
The company plans to raise no more than 1 billion yuan for the implementation of special gas and high clean hydrogen peroxide projects. The company plans to raise no more than 1 billion yuan by non-public offering of A-Shares for the implementation of Yizhang KEMET special gas project (with a total investment of 750 million yuan) and Fujian KEMET with an annual output of 300000 tons of high clean hydrogen peroxide project (with a total investment of 520 million yuan).
Traditional business is improving steadily: Jieyang project is advancing steadily, and new products such as hydrogen peroxide help the growth. In addition to the disclosed Jieyang project (including 300000 tons of high clean hydrogen peroxide project), Fujian KEMET plans to invest 520 million yuan to implement 300000 tons / year (27.5%) high clean food and electronic grade hydrogen peroxide projects. Hydrogen peroxide has the characteristics of transportation radius, supply and demand do not match, and there is a supply gap in some areas.
Electronic special gas creates a new growth pole: rare gas is expected to be in large quantities and officially cut into synthetic products
1) in 2021, rare gases were sold steadily and obtained relevant certification. A total of 19.38 million yuan of rare gas (krypton, xenon and neon) sales contracts were signed. It is expected that rare gases will be released in 2022.
2) Yizhang KEMET Special Gas Co., Ltd. is proposed to be established to officially cut into synthetic gases. The products include halogen gas, VOC standard gas, deuterium gas and other products. The total investment of the project is 720 million yuan. The construction period of the project is three years. It is expected that the annual income will be 650 million yuan, the tax will be 100 million yuan and the internal rate of return will be as high as 28%.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 250 / 4.1 / 540 million respectively, with a compound growth rate of 57%, corresponding to 41 / 24 / 18 times of PE respectively, maintaining the “buy” rating.
Risk warning: the production progress of the project is less than expected, and the sales of electronic special gas is less than expected.
