\u3000\u3 Shengda Resources Co.Ltd(000603) 601 Chongqing Zaisheng Technology Co.Ltd(603601) )
Chongqing Zaisheng Technology Co.Ltd(603601) : micro fiber glass wool material faucet. The company focuses on the research of new materials such as microfiber, membrane materials, adsorption materials, micro electrostatic materials, oil-gas separation materials and sound-absorbing and thermal insulation materials. As a leading enterprise in the clean air industry, the company has the brand position advantage of leading the industry. High tech added support, product innovation and the layout of the whole industrial chain.
The demand for clean air is growing steadily, and the domestic market has great potential. The continuous expansion of clean room area and scale drives the growth of filter paper demand. The total investment in panel production line exceeds 938.2 billion yuan. If it is calculated that glass fiber filter paper is replaced every three years, the annual replacement market of glass fiber filter paper in China’s panel field is more than 1.8 billion yuan. Pigs and catering are in an upward cycle, which is expected to promote the demand for fresh air.
The goal of double carbon is becoming more and more gradual, and high efficiency and energy conservation meet new development opportunities. The demand for cold chain is becoming stronger and stronger, and the market scale is expanding. In 2020, the total scale of China’s cold chain logistics market will be 383.2 billion yuan. As a key area of carbon reduction, the home appliance industry has boosted the demand for energy-efficient products, and the Chinese market can be expected in the future. The demand for lead-acid batteries is stable, and the sales volume and production volume of new energy vehicles are gradually increasing. The energy storage of new energy vehicles has ushered in an industry dividend period, which will effectively increase the demand for AGM separators.
Investment advice
As a leading enterprise of microfiber materials, the company has the advantage of leading global material R & D. Under the dual carbon policy, the company complies with the rapid development of the “clean air” market and the gradual opening of the demand in the fields of household appliances, cold chain logistics and semiconductors, so as to promote the gradual expansion of the market space of the company’s products. At present, we expect the operating revenue of the company from 2022 to 2024 to be 2.083 billion yuan, 2.701 billion yuan and 3.293 billion yuan, with a year-on-year increase of 28.6%, 29.7% and 21.9% respectively; The net profit attributable to the parent company was 302 million yuan, 414 million yuan and 536 million yuan respectively, with a year-on-year increase of 21.2%, 36.7% and 29.7% respectively. EPS is 0.42/0.57/0.74 yuan / share respectively, corresponding to the share price on March 31. The company’s valuation from 2022 to 2024 is 22 / 16 / 12 times respectively. It is covered for the first time and given a “buy” rating.
Risk tips
Price fluctuation risk of raw materials; Risk of change in export tax rebate policy; Risk of large book balance of accounts receivable.
