\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 87 Sunresin New Materials Co.Ltd Xi'An(300487) )
1. Resin breaks the bottleneck of production capacity and makes efforts in high-end fields: the new production capacity is gradually completed and put into operation. By the end of 21, the production capacity has reached 50000 tons / year, and there is flexible adjustment space. In 21 years, the company has achieved 32300 tons of sales of adsorption materials (year-on-year + 59%). After the completion of the new line, the company's production capacity in electronic level, nuclear level, high-end biomedicine, plant extraction, environmental protection and other fields has been significantly improved. In the field of life sciences, At present, the company has built a 20000l / year soft rubber production line and a solid carrier workshop. In 2022, the company will continue to expand the production capacity of 50000l / year soft rubber and genetic engineering laboratory. According to the different needs of the downstream market, the company provides targeted adsorption and extraction technology and basic industrial technology, which has strong expansibility and maintains good stickiness with customers for a long time.
2. A hundred flowers bloom in emerging fields, and the fields of biotechnology, water treatment and environmental protection shine brightly: in the field of adsorption and separation materials, the company achieved an operating revenue of 901 million yuan in 2021, with a year-on-year increase of 52.45%. Among them, the fields of life sciences, water treatment and ultra purification and environmental protection achieved operating revenues of RMB 200 million, RMB 288 million and RMB 134 million respectively, with a year-on-year increase of + 40.56%, + 69.41% and + 109.38%.
3. Prepare for the large cycle of lithium extraction from Salt Lake: at present, the company's adsorption + membrane process has great yield and efficiency in the field of lithium extraction from Salt Lake, and has almost achieved the full coverage of the project of lithium extraction from salt lake. According to the signed order contract, we expect that the current 10000 ton / year investment in the whole line of lithium extraction from Salt Lake is about 500600 million yuan, which is very attractive compared with the current price of lithium salt. The major salt lake lithium extraction projects completed by the company include the 10000 t / a adsorption section of zangge, the 3000 t / a whole line of Jintai phase I, and the 1000 t / a technical transformation of Minmetals salt lake. By the end of 2021, the company has placed 1.578 billion yuan of orders in the field of lithium extraction from salt lakes, with a total lithium salt production capacity of 58000 tons. At the same time, it has accepted the entrusted operation of Jiezechaka salt lake for 15 years, with a cumulative lithium hydroxide production capacity of 150000 tons. The newly signed orders will be delivered and accepted successively in the middle of 2022. The above projects will provide sufficient guarantee for the company's future performance.
4. Investment suggestions:
In 2021, the company's non lithium sector grew strongly, especially in the fields of life science, water treatment and environmental protection. At the same time, the salt lake lithium extraction project will be successively confirmed in the middle of 2022. The long-term life science sector will bring strong growth expectations. We raised our previous profit forecast. I expect the company's operating revenue from 2022 to 2024 to be 2.383/30.97/3.645 billion yuan respectively (the previous forecast value from 2022 to 2023 was 1.785/2.249 billion yuan), On a year-on-year basis, + 99.4% / 30.0% / 17.7%, the net profit attributable to the parent company was RMB 553 / 731 / 994 million respectively (the predicted value from 2022 to 2023 was RMB 504 / 710 million previously), on a year-on-year basis, + 78.0% / 32.1% / 36.1%, EPS was RMB 2.52/3.32/4.52 respectively, corresponding to the closing price of RMB 64.38 on April 28, 2022, and PE was 26 / 19 / 14 times respectively. We are optimistic about the company's integrated and differentiated competition mode of "materials + equipment + services" in the future. The production and marketing of new product lines will continue in large quantities. The lithium extraction from Salt Lake will start a new journey, and the life science sector will open up growth space. In the future, it will enter a stage of rapid development and maintain the "buy" rating.
5. Risk tips:
Risks of fluctuations in raw material prices, intensified industrial competition, less than expected progress of overseas projects and less than expected progress of Salt Lake projects.
