\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 87 Sunresin New Materials Co.Ltd Xi'An(300487) )
Sunresin New Materials Co.Ltd Xi'An(300487) is the leader of adsorption and separation materials in China. With the continuous release of lithium extraction orders from salt lakes, the fields of biomedicine, water treatment, energy conservation and environmental protection continue to grow, and the development of the company has entered a fast lane.
Lithium extraction from salt lakes is growing strongly, and the amount of nickel and gallium extraction is imminent
The vigorous development of the new energy vehicle industry continues to drive the demand for lithium resources. According to our calculation, the total demand for battery grade lithium carbonate in China will reach 634000 tons in 2025, with an average annual growth rate of 39.4%. In recent years, Sunresin New Materials Co.Ltd Xi'An(300487) has made double breakthroughs in the core adsorbent and process technology for extracting lithium carbonate from Salt Lake Lithium poor brine resources. The three salt lake lithium extraction projects implemented in the early stage, zangge, Jintai phase I and Minmetals phase I, have been successfully put into operation. At the same time, Jintai phase II, Minmetals phase II, Guoneng mining, Jinhai lithium, Tibet Summit Resources Co.Ltd(600338) , jinkunlun lithium and other projects continue to be signed. In addition to lithium, the extraction of gallium, nickel, uranium and other metals of the company has also been industrialized. Driven by downstream demand, it is expected to gradually increase the volume in the future. It is estimated that from 2021 to 2024, the company's metal resource adsorption materials will realize a revenue of 130, 190, 270 and 390 million yuan and a gross profit of 70, 110, 160 and 230 million yuan; The system device achieved revenue of 290, 720, 1.0 and 1.21 billion yuan and gross profit of 150, 360, 500 and 600 million yuan.
With the rapid development of biological drugs, adsorption materials such as chromatographic media have fully benefited
China's biological drugs are developing rapidly. According to frost Sullivan's statistics, the market scale is expected to reach US $1.32 trillion in 2030, with an average annual growth rate of 13.8%. Separation and purification are closely related to drug quality, especially in the field of biological drugs, there is a higher demand for separation and purification. The company has a series of products such as special adsorption materials for western medicine, solid-phase enzyme carriers, solid-phase synthetic carriers and chromatographic media. Among them, chromatographic media is the core material for the separation and purification of biological drugs, which will fully benefit from the vigorous development of biological drugs. It is estimated that from 2021 to 2024, the company's biomedical adsorption materials will achieve revenue of 140, 200, 290 and 440 million yuan and gross profit of 60, 90, 130 and 190 million yuan.
Drinking water purification has broad prospects, and ultra pure water opens up new space for growth
At present, the penetration rate of water purifiers in China is only 18%. With the continuous enhancement of drinking water safety awareness, there are broad prospects. At the same time, China's semiconductor industry has developed rapidly, and the IC output has increased from 86.8 billion in 2013 to 359.4 billion in 2021, with an average annual growth rate of 19.4%. The rise of the semiconductor industry will drive the growth of the demand for electronic ultrapure water and related adsorption resins. With years of technology accumulation, the company has made breakthroughs in the fields of drinking water purification, electronic ultrapure water resin and other fields, and produced products with international competitiveness. It is estimated that from 2021 to 2024, the company's water treatment materials will achieve revenue of 290, 430, 630 and 880 million yuan and gross profit of 70, 110, 160 and 220 million yuan.
Energy conservation and environmental protection, food processing and chemical industry have blossomed in many places, and the comprehensive competitiveness has been continuously enhanced
At the same time, the company's adsorption and separation materials have achieved layout in the fields of energy conservation and environmental protection, food processing and plant extraction, chemical industry and industrial catalysis. Under the background of stricter environmental protection policies, popular natural extracts and continuous promotion of green chemistry, relevant businesses are expected to achieve rapid development. The company will also form a multi-core driven situation, and its comprehensive competitiveness will continue to increase.
It is estimated that the net profit attributable to the parent company in 2021, 2022 and 2023 will be 311, 531 and 754 million yuan respectively, and the EPS will be 145, 2.47 and 3.52 yuan / share, corresponding to 47, 28 and 20 times of PE, maintaining the "buy" rating.
Risk warning: the production and sales of new energy vehicles are less than expected; The ternary demand for high nickel is lower than expected; The construction progress of the project is less than expected; Price fluctuation risk of raw materials; Increased risk of competition in the same industry
