\u3000\u3 Guocheng Mining Co.Ltd(000688) 122 Western Superconducting Technologies Co.Ltd(688122) )
Event description
On April 28, the company announced the annual report of 2021 and the first quarterly report of 2022. According to the announcement, the company achieved a sales revenue of 2.927 billion yuan in 2021, a year-on-year increase of 38.54%; The net profit attributable to the parent company was 741 million yuan, a year-on-year increase of 99.98%. In the first quarter of 2022, the company achieved a sales revenue of 887 million yuan, a year-on-year increase of 66.51%; The net profit attributable to the parent company was 215 million yuan, a year-on-year increase of 67.40%.
The three sectors have made concerted efforts, and the operation has been greatly improved
In 2021, the company achieved annual sales revenue of 2.927 billion, an increase of 38.54% over the same period. Among them, the output of high-end titanium alloy materials was 710512 tons, the sales volume was 681349 tons, and the revenue was 2.458 billion, an increase of 37.90% over the same period; The output of superconducting wire rod was 676.04 tons, the sales volume was 556.92 tons, and the revenue of superconducting products was 239 million, an increase of 22.86% over the same period; The output of high-performance superalloy materials was 554.69 tons, the sales volume was 502.77 tons, and the revenue was 102 million, an increase of 196.67% over the same period. In the whole year, the company realized a net profit attributable to the parent company of 741 million, an increase of 99.98% over the same period. The rapid growth of the company’s revenue and net profit is mainly due to the strong market demand for high-end products and the emergence of the company’s scale effect.
In the first quarter of 2022, the company achieved a sales revenue of 887 million yuan, with a year-on-year increase of 66.51%, mainly due to the increase in the sales revenue of the company’s main products such as titanium alloy materials, superconducting products and superalloy materials over the same period; The net profit attributable to the parent company was 215 million yuan, a year-on-year increase of 67.40%, which was mainly due to the improvement of profitability brought by income growth.
Superconducting materials reported good news frequently, won the bid for the project of the Ministry of industry and information technology, and the team was selected into the provincial talent plan
According to the company’s wechat official account on February 13, 2022, the bidding consortium led by Beijing Wandong Medical Technology Co.Ltd(600055) Western Superconducting Technologies Co.Ltd(688122) company as one of the main participants successfully won the bid for the project of “2021 national demonstration platform for production and application of new materials – demonstration platform for production and application of medical device materials” of the Ministry of industry and information technology.
The national new material production and application demonstration platform is established by the Ministry of industry and information technology and the Ministry of Finance in accordance with the overall deployment of the national new material industry development leading group, aiming at comprehensively improving the production and application promotion level of China’s new material industry, integrating new material production and application Enterprises and absorbing relevant units of the industrial chain, Promote enterprises to complete the key and breathtaking “leap” from research and development to application, so as to provide strong support for national economic and social development and the construction of national defense science, technology and industry.
The Western Superconducting Technologies Co.Ltd(688122) company won the bid for the demonstration platform for the production and application of medical device materials, marking that the company has become the only R & D and production base of high-performance superconducting materials in the field of medical imaging in China, and will continue to provide solid material support for the development of high-end medical imaging equipment in China!
According to the disclosure of wechat official account on March 9, 2022, the superconducting material preparation and application technology innovation team of Western Superconducting Technologies Co.Ltd(688122) . Relying on China’s only National Engineering Laboratory for superconducting material preparation, the team brings together China’s excellent superconducting material and magnet technical personnel. The team members include different professional backgrounds in physics, materials, cryogenic, magnets and engineering technology. The team leader has 20 years of experience in the research and development of practical superconducting materials and applied technologies. Many members are excellent experts in the field of superconductivity in China, He has been working in the front line of superconducting material preparation and application technology for a long time. The team members include one national ten million talents, one expert with special allowance from the State Council, two members of the national superconducting Standard Technical Committee, three young science and technology stars in Shaanxi Province, five with senior titles and two with deputy senior titles. After years of efforts, the “preparation technology of high-performance low-temperature superconducting materials for international thermonuclear fusion experimental reactor (ITER)” developed by team members won the second prize of national technological invention in 2015. Its superconducting material series products include NbTi and Nb3Sn superconducting wires for ITER, NbTi superconducting wires for magnetic resonance (MRI), Nb3Sn superconducting wires for high field magnets, Nb3Al superconducting wires for fusion reactors, MgB2 high temperature superconducting materials, Bi series high temperature superconducting materials, etc; It has researched and conquered the manufacturing technology of superconducting magnets for monocrystalline silicon, accelerator and liquid helium free conduction cooling magnets of magnetron direct pull (MCZ) semiconductor level, and formed an independent innovation team based on practical superconducting materials and characterized by superconducting magnet application technology. Many achievements have filled the gap in China, especially in low-temperature superconducting materials and MgB2 high-temperature superconducting materials.
Attach importance to R & D, strengthen core competitiveness, and be rated as a single champion demonstration enterprise in manufacturing industry
In the increasingly complex international situation, some key national materials urgently need independent research and development. In 2021, the company increased R & D investment and patent application, with a cumulative R & D investment of 176 million and 79 national patents. In 2021, the company was awarded the manufacturing industry single champion demonstration enterprise (20212023). In terms of titanium alloy, relying on the research and development tasks of various types of military and commercial aircraft, the company has broken through a series of key engineering technologies for the preparation of large-scale titanium alloy materials. It is recognized by many academicians and industry experts that the technology has reached the international advanced level as a whole. The company has broken through the key technology of regulating the strength and toughness of ultra-high strength and high toughness titanium alloy materials for aviation, further improved the comprehensive matching of product performance, and was applied in large-size integrated aviation forgings. In terms of superconducting materials, the direct cooled superconducting magnet (MCZ) of large refrigerator specially developed by the company for magnetically controlled Czochralski monocrystalline silicon has realized mass manufacturing. Independently developed China’s first 12t200mm room temperature hole refrigerant directly cooled high field large aperture superconducting magnet. Breakthrough has been made in the preparation technology of NbTi superconducting wire for liquid helium free MRI and superconducting switch wire for MRI. Nb3Sn was prepared in batches by internal stable bronze method for NMR. The comprehensive performance of Nb3Sn by enhanced bronze method is greatly improved for high field magnets. China’s first 4.2t Superconducting Wiggler Magnet developed by the company realizes the online operation of the accelerator. The superconducting magnetic levitation magnet developed by the company cooperates with customers to achieve the highest speed of 623km / h, breaking the world record of superconducting magnetic levitation.
In terms of superalloys, the company broke through the key engineering technology of gh4169g large bar for integral blade disc of domestic main engine, and realized the installation application in engine rotating parts. Superalloy materials have been applied in the field of ultra supercritical power station materials. The company continues to promote the development and Application Research of high-performance superalloy materials for “two engines”. Typical superalloys such as GH4169 and GH738 have entered the stage of batch supply in many models of engines and Shangfa Changjiang series engines.
Investment advice
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 967 million, RMB 1259 million and RMB 1.630 billion respectively, with a year-on-year growth rate of 30.4%, 30.3% and 29.4%. The corresponding PE was 36.47, 27.99 and 21.63 times respectively. Maintain the “buy” rating.
Risk tips
The release of production capacity did not meet expectations, the output of military aircraft was lower than expected, the progress of engine development was slow, the price reduction of superconducting products and market development were lower than expected.
