\u3000\u3 Guocheng Mining Co.Ltd(000688) 269 Kaili Catalyst & New Materials Co.Ltd(688269) )
Event description
On March 30, the company announced the annual report of 2021. According to the announcement, in 2021, the company achieved an operating revenue of 1.589 billion yuan, a year-on-year increase of 51.05%; The net profit attributable to the parent company was 163 million yuan, a year-on-year increase of 54.34%.
The company operates steadily, and the changes in product revenue structure and business model affect the profits of a single quarter
The company achieved an operating revenue of 1.589 billion yuan, an increase of 51.05% over the same period last year; The net profit attributable to the owners of the parent company was 163 million yuan, an increase of 54.34% over the same period of last year; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 144 million yuan, an increase of 46.24% compared with the same period of last year.
The improvement of operation is mainly due to the strong demand in the downstream market of the company in 2021. At the same time, driven by technical advantages, the product structure is optimized, the variety of products is rich, and the sales volume is increased, which promotes the significant growth of operating revenue and operating profit.
In terms of single quarter operation, the operating revenue in the third quarter increased by 30.38% compared with the second quarter, mainly due to the increase of sales products with high unit price in the catalyst product structure in this quarter; Net profit decreased by 19.35% compared with the second quarter, mainly due to changes in business model and product structure. The change of the company’s main business income will be affected by the change of business model, product structure and other factors, and there is no obvious seasonality on the whole.
All projects of the company are constructed in an orderly manner
On the morning of November 6, 2021, the commencement ceremony of Kaili Catalyst & New Materials Co.Ltd(688269) advanced catalytic materials and technology innovation center project was grandly held in Xi’an. This project is one of the projects listed on the Kaili Catalyst & New Materials Co.Ltd(688269) science and innovation board. It mainly constructs an advanced catalytic material and technology innovation center integrating research and development, engineering design, pilot test, product application, analysis and testing, as well as a production line of high-end catalytic materials.
On the morning of December 11, 2021, the hydrogenation synthesis workshop of catalytic hydrogenation technology demonstration production platform project (phase I) of Tongchuan Kaili Catalyst & New Materials Co.Ltd(688269) Material Technology Co., Ltd. held a grand opening ceremony.
Meng Decheng, member of the Party committee of Northwest Nonferrous Metals Research Institute, Zhang Zhixiang, chairman of Kaili Catalyst & New Materials Co.Ltd(688269) company, Zeng Yongkang, general manager, Wen Yongzhong, executive director of Tongchuan Kaili Catalyst & New Materials Co.Ltd(688269) Technology Co., Ltd., Zhu Boye and Wan Kerou, deputy general managers of Kaili company, Wang Shihong, chief financial officer, Zhang Mi, deputy secretary of the general Party branch, Xiao Dawei, general manager of Tongchuan Kaili, and relevant leaders of construction, construction and supervision units attended the beam raising ceremony.
The company’s scientific research projects reported good news frequently, and paid attention to the layout of core business patents to broaden the moat
Relying on its strong R & D strength and continuous technological innovation ability, the company continues to optimize the product structure and improve the product quality, so as to ensure that the company’s comprehensive competitive advantage remains in the forefront of the industry. In terms of awards, on November 3, 2021, Kaili Catalyst & New Materials Co.Ltd(688269) expert workstation reported good news, and academician Zhao Dongyuan’s team won the first prize of the National Natural Science Award.
The project “creation and application of ordered mesoporous polymers and carbon materials”, led by academician Zhao Dongyuan, took the lead in putting forward the new idea of organic organic self-assembly in the world and created a new ordered mesoporous polymers and carbon materials; The theory of step-by-step assembly is established, which extends mesoporous materials from inorganic composition to organic polymer and carbon for the first time, and reveals the mechanism of organic-organic self-assembly at the molecular level; A systematic synthesis methodology was established, and a series of ordered mesoporous polymers and carbon materials with different pore sizes, morphologies, compositions and pore structures were created; A new strategy of multi-component collaborative co assembly is proposed, which realizes the accurate regulation of the functions of mesoporous polymers and carbon materials. A variety of functions are introduced into polymers and carbon materials, and a new functional mesoporous composites are created; The unique laws of material transport and interfacial reaction of mesoporous are revealed, the problems of microporous mass transfer limitation and few macroporous active sites are solved, and the electrochemical energy storage devices with high specific capacity, high power and long cycle stability are realized, which lays a foundation for the construction of unique new generation drug synthesis catalysts, biomimetic ion channels and flexible microfluidic devices, and creates huge economic benefits.
In addition, on November 25, 2021, the company’s “design, preparation and application of highly efficient supported palladium catalyst” won the first prize of Shaanxi Provincial Science and technology progress award.
In terms of R & D investment, the company invested 50.601 million yuan in R & D throughout the year, with a year-on-year increase of 51.69%. By the end of 2021, the company has obtained 26 new patents, including 25 invention patents, and a total of 91 patents, including 76 invention patents; Presided over and participated in the drafting or revision of 8 national standards and 32 industry and group standards related to precious metal catalysts that have been issued and implemented, fully reflecting the company’s technical level and industry status. China HowNet patent search shows that in the fourth quarter, the company disclosed a total of 10 patents, involving medicine, fine chemicals and other fields.
The patent shows that the company has achieved another technological breakthrough in the field of hydrogen energy
The company’s patent cn112259752a shows that the company has the ability to develop a catalyst for proton exchange membrane fuel cell with more stable performance while ensuring activity. Hydrogen energy is widely used in hydrogen fuel cell vehicles because of its high energy density and pollution-free emission. Proton exchange membrane fuel cell has the outstanding advantages of high energy conversion efficiency, environment-friendly, fast starting speed at room temperature, small volume, no electrolyte loss, easy drainage, long service life, high specific power and specific energy. It is the first choice of new energy batteries for vehicle power at present. Due to the existence of corrosion, the activity and stability of catalyst, an important part of proton exchange membrane fuel cell, are greatly affected.
Investment advice
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 229 million, RMB 308 million and RMB 404 million respectively, with a year-on-year growth rate of 40.7%, 34.5% and 31.4%. The corresponding PE is 37.15, 27.62 and 21.02 times respectively. Maintain the “buy” rating.
Risk tips
Technical risks; Precious metal price fluctuation risk; The risk of more concentrated downstream customer areas.
