\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 06 Jiangsu Sidike New Materials Science & Technology Co.Ltd(300806) )
Event: the company issued a 21 year performance forecast.
In the 21st year, the non net profit deducted increased rapidly, and the product structure continued to be optimized: the net profit attributable to the parent company in the 21st year was 214223 million yuan, a year-on-year increase of 18-23%, and the non net profit deducted was 178188 million yuan, a year-on-year increase of 74-84%. The company continues to improve the quantity of R & D investment and the quality of R & D output, continuously expand the ability to extend the industrial chain, improve the self-made ratio of raw materials, and improve the understanding of various complex coating product processes and the scientificity and replicability of development processes while continuously reducing costs; While continuously optimizing the product structure and improving the customer structure, we focused on the main material market and continuously improved our profitability.
OCA continues to make breakthroughs and is expected to bring new performance growth: the company actively expands the market of high-end electronic adhesive materials, of which the overall market scale of OCA optical adhesive is 10 billion. At present, it is mainly occupied by manufacturers in the United States, Japan and South Korea. The company's OCA optical adhesive film products have been continuously and stably supplied in VR and other new intelligent terminal products. At the same time, with the help of cost advantages, it has entered the domestic mobile phone manufacturers and the white brand and repair market; With the development of domestic optical technology, the company is expected to hire new personnel to replace 3M optical technology and lead the market.
The platform strategic layout continues to benefit from the domestic substitution trend: the company can provide four categories of functional coating composites, including functional film materials, electronic adhesive materials, thermal management composites and film packaging materials, which are widely used in smart phones, tablets, laptops, wearable devices, automotive electronics and other fields. The company has established cooperative relations with leading brands at home and abroad in the above fields, vigorously promoted the domestic substitution process by virtue of the advantages of process technology, cost and service, and continuously extended the horizontal and vertical industrial chain. On the one hand, it widened the product line and further expanded the application field, on the other hand, it increased the self-made of raw materials such as glue and base film, so as to consolidate the advantages of cost and whole process. In the future, with the domestic substitution trend of new materials, the company's platform strategic layout will have great prospects.
We predict that the company's net profit attributable to the parent company from 2021 to 2023 will be 217 million yuan, 336 million yuan and 505 million yuan respectively (the original forecast for 21-22 years was 246 million yuan and 388 million yuan respectively, mainly adjusting the income and gross profit margin of functional film materials and electronic adhesive materials). According to the 22-year PE valuation level of the comparable company, the corresponding target price is 49.56 yuan, maintaining the buy rating.
Risk tips
Market competition intensifies, OCA business falls short of expectations, raw material prices fluctuate, and assumptions fall short of expectations.
