\u3000\u3000 Beijing Tianyishangjia New Material Corp.Ltd(688033) (688033)
Event: on January 11, 2022, Beijing Tianyishangjia New Material Corp.Ltd(688033) issued an announcement on the plan to issue A-Shares to specific objects. According to the plan, the company plans to raise no more than 2.369 billion yuan for 1) high performance carbon ceramic actuator industrialization construction project, 1.319 billion yuan; 2) Construction project of automatic intelligent weaving production line for carbon material products, 350 million yuan; 3) Supplementary working capital projects, 700 million yuan.
The carbon ceramic brake disc of fali automobile is expected to become a new growth point. New energy vehicles have ushered in a period of rapid development, and the penetration rate has gradually increased. According to the passenger Federation, in 2021, the retail volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger vehicles was 2.989 million, a year-on-year increase of 169.1% and the market penetration rate was 14.8%. In 2022, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger cars is expected to reach more than 5.5 million, with a penetration rate of about 25%. With the development of new energy vehicles to the intelligent stage, lightweight and high braking stability have become a clear trend. The carbon ceramic brake disc can replace the traditional cast iron brake disc, and can achieve a weight reduction of 30% to 50%, significantly reducing the overall weight of the vehicle. At the same time, the carbon ceramic brake disc is wear-resistant and not easy to rust, which can improve the stability of automobile braking. The design capacity of Beijing Tianyishangjia New Material Corp.Ltd(688033) carbon ceramic brake disc project is 150000 sets / year, which is mainly used for the braking system of new energy vehicles, medium and high-end passenger vehicles, commercial vehicles and special vehicles. Tesla launched the carbon ceramic brake kit in 2021. New energy vehicle enterprises such as Weilai and Byd Company Limited(002594) also assembled high-performance braking systems on a large scale. We believe that carbon ceramic brake disc products will enter a new development period and have broad space in the field of new energy vehicles and vehicle modification.
The production of carbon material preforms is expanded, and the cost of end products is expected to be reduced. Carbon fiber preform is the upstream raw material of carbon matrix composites, and its cost accounts for a relatively high proportion. Its production capacity directly determines the production capacity and production efficiency of downstream carbon matrix composites. Beijing Tianyishangjia New Material Corp.Ltd(688033) relying on the experience of the original precast body phase I project, build a new automatic intelligent precast body production line, and the main products include the precast bodies related to carbon photovoltaic thermal field and rocket engine throat lining. After being put into operation, the company’s Prefabricated production capacity will be further expanded, and the annual production capacity is expected to reach 55000 pieces, which can significantly reduce the cost of end products.
Investment advice
Beijing Tianyishangjia New Material Corp.Ltd(688033) is the leading manufacturer of rail transit brake pads in China. It has deeply laid out high prosperity track. The new business of photovoltaic heat field and carbon ceramic brake disc is progressing smoothly. It is expected to become a new growth pole of the company and maintain the buy rating. We estimate that the operating revenue of the company from 2021 to 2023 will be RMB 696 million, RMB 1001 million and RMB 1460 million respectively, and the net profit attributable to the parent company will be RMB 235 million, RMB 336 million and RMB 473 million respectively, corresponding to 47 times, 33 times and 23 times of PE from 2021 to 2023.
Risk warning: the supply and demand pattern becomes worse; New business expansion is less than expected
