\u3000\u3 Guocheng Mining Co.Ltd(000688) Dark Horse Technology Group Co.Ltd(300688) 300)
The pace of production capacity launch of high-grade silicon powder was accelerated. The company entered the layout period of material platform and maintained the “buy” rating
The company announced its performance in 2021, with an operating revenue of 630 million yuan, yoy + 54.6%, and a net profit attributable to the parent of 173 million yuan, yoy + 55.9%, of which Q4 achieved an operating revenue of 170 million yuan, yoy + 34.9%, and a net profit attributable to the parent of 44 million yuan, yoy + 9.7%. We maintain the profit forecast for 20222023 and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company will be 2.4/3.2/390 million yuan, yoy + 38.9% / 31.4% / 24.2%, and the current share price corresponding to PE is 29.7/22.6/18.2 times. The company is the leader of silicon micro powder among domestic manufacturers. Compared with the pattern of oligopoly formed by overseas manufacturers in the field of subdivision, there is still room for improvement, and the company uses the spheroidization process of inorganic powder to expand alumina and other products, Maintain the “buy” rating.
The shipments of spherical silicon powder and spherical alumina increased, and the process of product upgrading accelerated
The company’s high-end products represented by spherical silicon powder and spherical alumina ushered in a period of rapid growth. The sales volume of spherical silicon powder reached 221098 tons, yoy + 96.9%, and the sales volume of other powder products represented by spherical alumina was 2961.7 tons, yoy + 57.7%. Both of them were far higher than that of crystalline silicon powder and molten silicon powder by 15.9% and 19.3%. The company’s spherical silicon powder business has replaced molten silicon powder as the main revenue, accounting for 48.0%. Due to the fuel power accounting for 48.7% of the cost, and the sharp fluctuation of 2021q4 fuel power price, the gross profit margin of spherical silicon powder has decreased to 41.3%, yoy-4.5 PCT. On the whole, due to the wide variety of downstream application categories of spherical silicon powder, the technical indicators are diversified, and there is room for advanced products. In addition, domestic manufacturers are still in the process of domestic substitution, and the pressure of price competition is relatively small. The average unit price is 13568 yuan / ton, yoy + 5.3%.
We will lay out electronic powder filling materials and expand electronic plastic packaging and new energy applications
In 2021, the company won the title of “single champion demonstration enterprise” by virtue of electronic grade silica powder products, orderly arranged silicon-based and aluminum-based oxide powder fillers, horizontally expanded a variety of ceramic powder fillers, and implemented the business strategy of “production generation, research and development generation and reserve generation”. Develop low in 2021 α Project and application project of spherical silicon powder products with straight through honeycomb ceramic carrier; The application of high filling and low viscosity anti sedimentation organic potting adhesive to spherical alumina products has entered the engineering stage, and the electronic submicron spherical silicon powder for advanced chip packaging has been developed.
Risk tips: the expansion of spherical silicon powder is less than expected, the introduction of spherical alumina customers is less than expected, and the demand for downstream copper clad laminate and epoxy plastic sealant is declining