\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 346 Hengli Petrochemical Co.Ltd(600346) )
Event:
On April 15, the company announced that the company planned to spin off its subsidiary Kanghui new material and realize the reorganization and listing through the reorganization of Dalian Thermal Power Co.Ltd(600719) after the spin off, the equity structure of the company will not change, Dalian Thermal Power Co.Ltd(600719) will become the controlling shareholder of Kanghui new material and Hengli Petrochemical Co.Ltd(600346) will become the controlling shareholder of Dalian Thermal Power Co.Ltd(600719) .
Key investment points:
Kanghui new material was split and listed, and Hengli Petrochemical Co.Ltd(600346) continued to enjoy development benefits
Kanghui new material, founded in 2011, is the main development platform of Hengli Petrochemical Co.Ltd(600346) differentiated, high-performance green environmental protection film and new plastic materials and a national high-tech enterprise. By the end of 2021, Kanghui new material had a total asset of 8.516 billion yuan and a net asset of 2.926 billion yuan, of which Kanghui new material realized a net profit of 1.086 billion yuan in 2021. On April 15, the company announced that it planned to spin off its subsidiary Kanghui new material and realize the reorganization and listing through Dalian Thermal Power Co.Ltd(600719) reorganization. Before this transaction, Hengli Petrochemical Co.Ltd(600346) directly held 59.51% of the shares of Kanghui new material, and indirectly held 40.49% of the shares of Kanghui new material through its subsidiary Hengli Chemical fiber. In this transaction, Dalian Thermal Power Co.Ltd(600719) plans to carry out major asset restructuring, including Dalian Thermal Power Co.Ltd(600719) buying all assets and liabilities from Dalian Thermal Power Group Co., Ltd. and its designated subject, and purchasing 100% equity of Kanghui new material jointly held by Hengli Petrochemical Co.Ltd(600346) , Hengli Chemical fiber by issuing shares. After the completion of the transaction, Dalian Thermal Power Co.Ltd(600719) holds 100% equity of Kanghui new material, and Hengli Petrochemical Co.Ltd(600346) will become the controlling shareholder of Dalian Thermal Power Co.Ltd(600719) so Kanghui new material will still be the holding subsidiary of the company, and Hengli Petrochemical Co.Ltd(600346) will continue to enjoy the performance and income brought by the rapid development of Kanghui new material in the future
The film field has a profound heritage, and Kanghui’s new material production capacity continues to expand
After nearly a decade of process technology accumulation, Kanghui new materials has continuously improved its competitiveness in the field of medium and high-end functional films and new plastic materials. At present, the company has a capacity of 240000 T / a PBT engineering plastics, 385000 T / a BOPET functional film and 33000 T / a PBAT. In the research and development of medium and high-end products, the self-developed high smooth MLCC release base film has achieved mass production, accounting for more than 65% of the output in China; The 12 micron on-line silicon coating release film developed by the company has successfully achieved mass production and export, becoming the only enterprise in China and the second enterprise in the world that can produce products of this thickness, with a monthly production capacity of more than 60 million square meters. The company is actively expanding its production capacity and business areas. Dalian Changxing Island 450000 T / a degradable plastic project is under construction, and the production capacity is expected to be put into operation in 2022; Suzhou FenHu 470000 T / a high-end functional polyester film, 100000 t / a special functional film, 150000 T / a modified PBT and 80000 T / a modified PBAT are also under active construction; At the same time, the company also introduced 12 lithium battery diaphragm production lines from Zhipu, Japan and Qingdao Zhongke Hualian. The product lines have been continuously enriched and the comprehensive competitiveness has been continuously enhanced.
Spin off and listing broadened financing channels and accelerated the development of new material business
The spin off and listing of Kanghui new materials reflects the strategic determination of Hengli Petrochemical Co.Ltd(600346) accelerating the development of new materials business. After the spin off and listing, Kanghui new material will further broaden its financing channels and can carry out independent financing according to its own business development, and its capital strength will be effectively improved. The improvement of capital strength will help Kanghui new materials better focus on the professional development of functional films, PBT engineering plastics, biodegradable materials and lithium diaphragm, accelerate the R & D and construction of new materials and new projects, promote the company to achieve Bottleneck Breakthrough in the field of high-end functional films and other new chemical materials in China, and enhance the core innovation and high-end industrial development. The rapid development of Kanghui new material will not only improve its profitability, but also bring high performance contribution to the controlling shareholder Hengli Petrochemical Co.Ltd(600346) at the same time.
The profit forecast and investment rating comprehensively consider the company’s historical performance, future capacity planning and the possible impact of the epidemic. We adjust the company’s profit forecast. It is estimated that the net profit attributable to the parent company in 2021 / 2022 / 2023 will be 16.027 billion yuan, 20.125 billion yuan and 26.176 billion yuan respectively, and the EPS will be 2.28, 2.86 and 3.72 yuan / share. The corresponding PE will be 10, 8 and 6 times, giving a “buy” rating.
The risk indicates the uncertainty of restructuring and listing; Downstream demand is lower than expected; The progress of the new project is less than expected; Economic fluctuation risk; Crude oil prices fluctuate sharply;
