\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 309 Wanhua Chemical Group Co.Ltd(600309) )
Event:
On April 8, Wanhua Chemical Group Co.Ltd(600309) announced that the company plans to invest 23.1 billion yuan in Wanhua Chemical Group Co.Ltd(600309) Penglai Industrial Park through its holding subsidiary Wanhua Chemical Group Co.Ltd(600309) (Penglai) Co., Ltd. to build high-performance new material integration and supporting projects. The construction period of the project is planned from 2022 to 2025 and is expected to be put into operation in June 2024.
Key investment points:
Penglai Industrial Park started construction and is expected to become a new growth pole of the company
In order to realize the deep extension of the company’s chemical industry chain and undertake the transformation of independent R & D and innovation achievements, Wanhua Chemical Group Co.Ltd(600309) . The project mainly constructs 900000 T / a PDH, 500000 T / a polyether, 400000 T / a pochp, 300000 t / a polypropylene, 300000 t / a EO, 300000 t / a EOD, 160000 T / a acrylic acid, 160000 T / a butyl acrylate, 20000 t / a octyl acrylate, 200000 t / a carbonate, 30000 T / a emollient and other production capacity. Penglai Industrial Park is about 40 kilometers away from Yantai Industrial Park in a straight line. It can realize the interconnection of main raw materials through LPG, ethylene and other transmission pipelines, integrate and share the industrial chain advantages of their respective parks, and improve the synergy efficiency of upstream and downstream. At present, the company has a complete R & D system from front-end basic research to pilot scale-up, industrialization, safety and environmental protection and product application. Penglai project mostly adopts independent R & D or iterative technology, which has the competitive advantages of green, environmental protection, high efficiency and low cost, so as to lay the foundation for the subsequent industrialization of high-end fine chemicals and high-end new materials. At the same time, in order to efficiently promote the construction of Penglai base and share future achievements with employees, Wanhua Chemical Group Co.Ltd(600309) (Penglai) Co., Ltd. is 80% owned by Wanhua Chemical Group Co.Ltd(600309) and 20% owned by the employee stock ownership platform, so as to realize the consistency of the interests of the company, shareholders and employees. Penglai high performance new material project is planned to be constructed from 2022 to 2025 and is expected to be put into operation in June 2024. With the continuous launch of new production capacity, Penglai base will not only become a first-class integrated manufacturing base of green, low-carbon and high-end fine chemicals and new materials, but also bring new growth points to the overall performance of the company.
ADI and PC are leading, and the new material business continues to expand
As one of the three industrial clusters of Wanhua and the key development direction in the future, the fine chemicals and new materials business has made continuous breakthroughs in recent years. In 2021, the business of fine chemicals and new materials achieved a revenue of 15.464 billion yuan, an increase of 94.18% at the same time; The sales volume reached 760000 tons, an increase of 37.01% at the same time. At present, the company’s new materials have covered ADI, waterborne resin, PC, TPU, special amine, sap and other products. In 2021, the role of ADI business has changed from follower to leader; The sales volume of water-based resin business of emerging technology division increased significantly, and the battery material business continued to promote; The competitiveness of PC products of the high-performance polymer Division has been further improved, and the operating rate of PC devices is at the leading level in China. At the same time, the company actively promotes the construction of new projects. The main products put into operation in the next 2-3 years will focus on polyolefin modification, PC modification, battery materials, nylon 12, citral, degradable plastics and other fields. At the same time, the company plans to join hands with Baowu carbon industry to set up a new joint venture Zhejiang Baowan Carbon Fiber Co., Ltd. in Zhejiang to layout the polyacrylonitrile (Pan) based carbon fiber market and further expand its territory in the field of new materials.
The project construction continued to advance, and a new round of growth was highlighted
Wanhua Chemical Group Co.Ltd(600309) continues to accelerate, the project construction continues to advance, and the industrial production operates stably. In 2021, the cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets reached 27 billion yuan, a year-on-year increase of 16.20%; In Q4 of 2021, the cash paid by the company for the purchase and construction of fixed assets, intangible assets and other long-term assets reached 8.054 billion yuan, reaching a record high, with a year-on-year increase of 37.86% and a month on month increase of 5.46%. Meanwhile, by the end of 2021, the construction in progress of the company had reached 29.352 billion yuan, accounting for 45% of the fixed assets. Recently, in addition to Penglai Industrial Park, Wanhua Chemical Group Co.Ltd(600309) (Ningxia) Co., Ltd. was established on March 10. The information formula of public participation in the social stability risk analysis report of polyurethane industrial chain integration ethylene phase II project, Wanhua Chemical Group Co.Ltd(600309) will enter the rapid expansion period again.
The profit forecast and investment rating predict that the net profit attributable to the parent company from 2022 to 2024 will be RMB 26.605 billion, RMB 31.040 billion and RMB 37.660 billion respectively, corresponding to PE of 10.5, 9.0 and 7.4 respectively, maintaining the “buy” rating
Risk warning: economic downturn; The project construction is not as expected; The market fluctuates greatly; New products are not as expected; Environmental protection and safety production; Intensified competition in the same industry; Product prices fell sharply; The price of raw materials has risen sharply.
