\u3000\u3 Guocheng Mining Co.Ltd(000688) Dark Horse Technology Group Co.Ltd(300688) 300)
Maintain the “2q1 to 2021” hedge product, and adjust the gross margin
The company released the quarterly report of 2022q1, realizing operating revenue of 177 million yuan, yoy + 27.3% / QoQ + 4.7%, net profit attributable to parent company of 43 million yuan, yoy + 16.4% / qoq-2.3%. We maintain the profit forecast from 2022 to 2024. It is estimated that the net profit attributable to parent company of the company will be 2.4 / 3.2 / 390 million yuan, yoy + 38.9% / 31.4% / 24.2%, and the current share price corresponding to PE is 22.1 / 16.8 / 13.5 times. The company is the leader of silicon micro powder among domestic manufacturers. There is still room for improvement against the pattern of oligopoly formed by overseas manufacturers in subdivided fields. In addition, the company uses the spheroidization process of inorganic powder to expand alumina and other products and maintain the “buy” rating.
The shipments of spherical silicon powder and spherical alumina increased, and the process of product upgrading accelerated
The company achieved a gross profit margin of 39.0% in 2022q1, yoy-2.7pct/qoq + 1.5pct. Since the price of natural gas in 2022q1 is still high, and according to the annual report of 2021, the fuel and power cost accounts for 48.7% of the spherical silicon powder business, resulting in the suppression of the company’s gross profit margin year-on-year, and the company actively adjusts the product structure month on month in 2021q4. The company’s spherical silicon powder products are still in the domestic substitution period, which can hedge the risk of declining prosperity of downstream copper clad laminates and electronic packaging in the industry. The inventory turnover days of the company in 2022q1 are 60.4 days, which is shorter than 65.4 days in 2021. Considering that the company’s spherical silicon powder has supplied ultralowlos (M6) products in the field of copper clad laminate, and the field of memory chip packaging is low α Submicron and micron spherical silicon powder has been verified by customers at home and abroad and shipped in small quantities, and the average unit price is expected to rise steadily. The construction project of 2022q1 R & D center was transferred to fixed assets, and the amount of projects under construction decreased from 42 million yuan in 2021q4 to 26 million yuan in 2022q1.
We will lay out electronic powder filling materials and expand electronic plastic packaging and new energy applications
The company is located in the niche market of electronic silicon micro powder, continuously subdivided products, orderly arranged silicon-based and aluminum-based oxide powder fillers, horizontally expanded a variety of ceramic powder fillers, and implemented the business strategy of “production generation, research and development generation and reserve generation”. In 2021, the company developed low α Project and application project of spherical silicon powder products with straight through honeycomb ceramic carrier; The application of high filling and low viscosity anti sedimentation organic potting adhesive in spherical alumina products has entered the engineering stage. The development of electronic submicron spherical silicon powder for advanced chip packaging is expected to gain a firm foothold in high-end fields.
Risk tips: the expansion of spherical silicon powder is less than expected, the introduction of spherical alumina customers is less than expected, and the demand for downstream copper clad laminate and epoxy plastic sealant is declining.
