Sinocat Environmental Technology Co.Ltd(688737)
Record of investor relations activities
Stock abbreviation: Sinocat Environmental Technology Co.Ltd(688737) Stock Code: Sinocat Environmental Technology Co.Ltd(688737) No.: 2022003
□ specific object research ■ analyst meeting
Investor relations activities □ media interviews □ performance briefing
Category □ press conference □ roadshow activity
□ site visit ■ others (online meeting)
Huatai Securities Co.Ltd(601688) , Guosen Securities Co.Ltd(002736) , Shenwan Hongyuan Group Co.Ltd(000166) , Harvest Fund, Dongzheng asset management, Agricultural Bank of China Huili, Tianhong fund, Ping an asset management, Hua’an fund, name of participating units of BOC foundation, Chunhou fund, Huachen future fund, Cinda Australia Bank, Yingda insurance assets, PICC assets, Xinhua assets, Morgan Huaxin, xingyin fund, CITIC construction investment fund Soochow Fund and other institutional investors totaled 43
Time: March 7, 2022, March 11, 2022, March 21, 2022, March 22, 2022, March 23, 2022, March 24, 2022
Location: No. 88, Gunan street, hi tech Zone, Chengdu
Company Receptionist
Name: Gong Wenxu, Zeng Yu, Zhu Min
Note: for the published duplicate problems, this form will not be recorded repeatedly.
1. China’s motor vehicle exhaust emission standards have been fully switched from national five to national six, and the aftertreatment market space has increased significantly. Under this background, what is the competitive advantage of the company with its peers?
Investor relations activities
A: according to the calculation of Tianfeng Securities Co.Ltd(601162) , the main contents of China’s full entry into the national VI emission standard are introduced
After the phase, due to the substantial tightening of pollutant emission limits in the national six standards, the use of single vehicle catalyst has increased significantly. At the same time, the post-treatment system has also added catalytic process. The market scale of China’s tail gas treatment catalyst is expected to exceed 100 billion. In the competition with catalyst peers from abroad, the company’s core competitiveness is mainly reflected in the core technology mastered by the company through years of research and development. The research depth of environmental protection catalyst manufacturers on catalytic materials and their mastery of main production processes such as catalyst coating are the direct embodiment of their technical level, which determines the performance and cost of products. Through more than 16 years of long-term research and development, the company has broken through the technical monopoly of foreign environmental protection catalyst giants, and mastered a complete set of core technologies of environmental protection catalyst materials from formula to process, such as high-performance rare earth oxygen storage material technology, high temperature resistance and high specific surface material technology, precious metal high dispersion and high stability technology, advanced coating technology, etc. it is one of the few domestic manufacturers with national six automobile exhaust treatment catalyst technology and products, It has better cost advantage under the condition of meeting the same emission standards. 2. At present, the price rise of global bulk commodities is obvious, and the precious metal as the company’s raw material fluctuates greatly. How can the company deal with the risk of precious metal price fluctuation? What is the impact on the company’s profits? A: the sales pricing of the company adopts the “composition price” commonly used in the industry. The precious metal, carrier and coating are negotiated and priced respectively, and the final transaction price is generated by the combination. Precious metals have the characteristics of high unit value and high risk of price fluctuation. Once they pass the matching test of engine factory and vehicle factory and obtain the “announcement”, the consumption of precious metals of the product has been determined. The specific pricing methods of precious metals include “specified future time point price” and “specified period average price”, and the latter includes current month, last month, last quarter, first half of the year, etc. For gasoline vehicles, diesel vehicles (excluding SCR, which does not contain precious metals), motorcycle products and natural gas vehicle products before the Sixth National Day of the people’s Republic of China, the consumption of precious metals in catalysts is relatively small, and the price of precious metals is relatively stable before 2018. The industry generally adopts the “average price in specified (past) periods”; After entering the national VI phase, due to the significant reduction of emission limits, the consumption of single vehicle catalyst increased significantly, the consumption of precious metals in catalyst products also increased significantly, and the prices of palladium and rhodium continued to increase. After negotiation with customers, the company adopted “designated future time point price” or “designated average price of the current month” for national VI natural gas vehicles, which can effectively avoid the risk of price fluctuation of precious metals. 3. What is the market share of the company’s products?
A: from 2019 to 2020, the company sold 37600 and 78700 sets of natural gas vehicle catalysts respectively, and its market share in the field of natural gas heavy truck was 30.55% and 48.55% respectively; The sales volume of diesel vehicle catalysts of the company is 149100 sets and 222000 sets respectively, and the market share is 5.11% and 6.27% respectively; The sales volume of gasoline vehicle catalysts of the company is 19100 sets and 30100 sets respectively, and its share in the commercial gasoline vehicle market is 1.52% and 2.14% respectively. 4. Does the company’s raw materials contain molecular sieves? Will there be patent risk? A: the use of oxygen storage materials, alumina, molecular sieves and other chemical raw materials as additives in the production of catalysts is a key part of improving the performance of tail gas treatment catalysts and reducing costs. It is also the technical research and development focus and core technical secrets of tail gas treatment catalyst manufacturers. The company has four core patents related to molecular sieves, which can effectively avoid the risk of patent infringement of foreign peers. 5. The company mentioned that there are development opportunities for point a and point B in the development of downstream manufacturers in diesel road country 6 and non road country 4. What is the difference between the two? A: the company’s supporting development of products with downstream customers mainly goes through the following stages: preliminary negotiation, project approval, initial sample delivery, supporting test and vehicle calibration, announcement thorough test, announcement test and obtaining announcement. The main difference between point a and point b lies in the sequence of project development. Among them, the downstream manufacturers gave the point a development opportunity of diesel road country 6 catalyst to foreign catalyst manufacturers, but the point a development opportunity of diesel non road country 4 was opened to domestic catalyst manufacturers. At present, the company has obtained a total of 15 A-point diesel non Road National four development opportunities from China’s mainstream main engine plants, and has obtained 5 announcements. As the diesel non road country IV is a new incremental market, in view of the company’s deep technical accumulation and industry position in diesel engine post-treatment, the company is expected to obtain a large market share in this market.
6. What is the capacity of each product line planned by the company? How does the company digest the planned capacity? A: two of the company’s raised investment projects are capacity expansion projects. After all the raised investment projects are put into operation, combined with the company’s existing capacity, the company will form a special line production capacity of 100000 sets / year of natural vehicles, 550000 sets / year of diesel vehicles and 1 million sets / year of gasoline vehicles. The company will give full play to its technical advantages in the aftertreatment catalyst market, improve its industry position and expand its market share. With the continuous mass production of the company’s national six diesel road and non road country four announcements, the gradual recovery of the natural gas vehicle market and the company’s expansion in gasoline vehicle, in use vehicle management, VOCs management and other aspects, the company has a strong growth momentum, and the new production capacity will be gradually digested. 7. What is the current construction progress of the company’s hydrogen energy product line and when can mass production be realized? A: the company’s platinum carbon catalyst for hydrogen fuel cell has realized the development of preparation process technology at the level of 100g, and will form a kilogram mass production capacity this year; The alloy catalyst in the “13th five year plan” national key R & D plan “synthesis technology and batch preparation of high-performance / anti poisoning vehicle fuel cell catalyst” participated by the company will also form a 100 gram pilot production capacity this year and a kilogram batch production capacity in 2023; At the same time, the company will complete the construction of single cell pilot production line of solid oxide fuel cell (SOFC). 8. What is the proportion of catalyst in the cost of hydrogen fuel cell stack? A: the hydrogen fuel cell stack is the core component of the engine of the hydrogen fuel cell vehicle, and the hydrogen fuel cell electrocatalyst is the core component of the stack, which is mainly composed of carbon carrier and platinum or platinum alloy to catalyze the chemical reaction in the cell. According to the Department of energy’s calculation, the annual cost of hydrogen fuel stack is significantly higher than that of other electric batteries. Similar to the tail gas treatment catalyst, the main technical goal of fuel cell electrocatalyst is to improve the dispersion and stability of precious metals, improve the catalytic efficiency and reduce the amount of precious metals to reduce the cost of catalyst. Therefore, the demand for fuel cell electrocatalysts with high performance and low consumption of precious metals is increasing. Low platinum catalyst technology has become a key bottleneck technology to be overcome for hydrogen fuel cell vehicles in China. “High performance” of the company/
The alloy catalyst in the national key R & D plan of “synthesis technology and batch preparation of anti poisoning vehicle fuel cell catalyst” can further improve the activity and durability of the product. The main components are platinum, carbon carrier and introduced transition metal elements.
List of accessories (if any)
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Date: March 7, 2022, March 11, 2022, March 21, 2022, March 22, 2022, March 23, 2022, March 24, 2022
