\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 20 Jiangyin Haida Rubber And Plastic Co.Ltd(300320) )
Mainly rubber and plastic products, supporting in many fields, and maintaining the leading position in the industry
The company focuses on the research and development of rubber and plastic material modification, gives full play to the advantages of multi field supporting strategy and technology integration around the two basic functions of rubber product sealing and vibration reduction, drives vibration reduction with sealing, is committed to supporting rubber and plastic parts products for high-end equipment, and provides sealing and vibration reduction system solutions for customers all over the world. The products are widely used in four fields: rail transit, construction, automobile and shipping. Subsidiary Kono Seiko and other main metal aluminum products business, mainly used in the field of automobile skylight. In 2021, the company’s revenue of rubber and plastic products was 1.99 billion yuan (YoY + 10%), accounting for 79%; The revenue of aluminum products is 480 million yuan (YoY + 18%), accounting for 19%.
The buckle short frame cut into the photovoltaic track and won the 2gw frame order of China building materials
The snap short frame is mainly used in the double glass and flexible module system, which plays the role of fastening and connecting the double glass and flexible module. It has the characteristics of removing the frame and no glue, reduces the cost of the photovoltaic module system, and has the characteristics of more convenient installation, lower packaging and transportation cost and good reliability. It is gradually recognized by the market. Due to the small silver consumption of the short frame of the buckle, the cost is expected to be significantly lower than that of similar products in the market.
At the end of 2021, the company signed the cooperation agreement on supporting short frame of 2gw flexible components with CNBM new energy, marking that the company’s product verification has made significant progress. At present, the product has been applied to the national photovoltaic and energy storage demonstration experimental platform (Daqing base), a subsidiary of China building materials in Shandong Tai’an, and a project in Quzhou, Zhejiang. The above three projects belong to different regions, different environments and different component forms, and the trial results have been recognized by customers or interested parties. At the same time, the company has also supplied products to photovoltaic enterprises.
BIPV is in the ascendant and is expected to provide long-term increment
The company mainly develops rubber sealing parts in the field of BIPV. The rubber strips and other products provided by the company have been fully recognized. It is expected that with the gradual rise of BIPV market, it will open new growth space for the company.
Profit forecast
It is predicted that the company’s revenue from 2022 to 2024 will be 2.92 billion yuan, 3.34 billion yuan and 4.14 billion yuan respectively, and the EPS will be 0.32, 0.48 and 0.72 yuan respectively. The corresponding PE of the current stock price will be 32, 22 and 14 times respectively, giving the “recommended” investment rating.
Risk tips
The demand for buckle short frame is less than expected, the demand for rubber and plastic products is not urgent, the demand for photovoltaic is not urgent, and the risk of sharp fluctuations in raw material prices.
