\u3000\u3000 Shenzhen Textile (Holdings) Co.Ltd(000045) (000045)
Key investment points
Domestic polarizer is a leading enterprise, and its business performance has improved significantly. The company is a state-owned enterprise reform demonstration enterprise transforming from textile and garment to polarizer, and has been deeply engaged in the field of polarizer for more than 20 years. In the first three quarters of 2021, the company achieved business
Industry revenue was 1.672 billion yuan, a year-on-year increase of 13.53%; The net profit attributable to the parent company after deduction of non-profit was 63 million yuan, with a year-on-year increase
\u3000\u3000 358.40%。 The improvement of the company’s performance mainly benefits from the continuous improvement of the polarizer market since the second quarter of 2020
The production capacity of Haohe subsidiary Shengbo optoelectronics was improved.
The trend of large panel size and the penetration of OLED and vehicle screen are expected to open the market space of polarizer. first,
The large size of the panel promotes the increase of the required area of the polarizer. The growth of polarizer market demand is mainly caused by TFT-
The demand of LCD is dominant, especially the large-size TFT-LCD contributes more than 80% of the demand, and the world will be in 2021
The shipping area of LCD TV panel reached 170 million square meters, with a year-on-year increase of 3.7%, which is expected to continue to drive the polarizer
Increase in demand area. Secondly, the penetration of OLED and on-board display promotes the improvement of polarizer market structure. order
The demand for TV, mobile phone, tablet and computer has gradually entered the stock era, but OLED and on-board display are fine
Each track has good growth potential, and will continue to optimize the product structure of polarizer and improve the profit level.
Panel capacity transfer urgently needs the localization of polarizers. The transfer of panel industry to the mainland has become the general trend,
Driven by “local support” + “capacity improvement”, mainland polarizer manufacturers have ushered in a good opportunity for localization substitution
Meet. Omdia predicts that in 2021, China’s demand for polarizers will reach 380 million m2, while China’s polarizer production capacity will increase
Less than 250 million m2, there is still a supply gap of more than 30%, and there is a huge space for localization and substitution. At the same time, due to material
With low transportation cost, Chinese polarizer manufacturers respond more timely to panel manufacturers and can better cooperate
Panel manufacturers carry out R & D and production, so there is a strong demand for localization of polarizers.
“Polarizer +” and “differentiation” strategies boost the company’s performance. The company is vigorously implementing the “polarizer”
+ “development strategy and product differentiation competition strategy, by optimizing and upgrading the existing production capacity and the construction mode of new production line
Steadily expand the business scale of polarizer, focus on large screen, OLED and vehicle market, and support local panel manufacturers
Localization substitution demand. In July 2021, the company’s line 7 was officially put into operation, which will help the company’s production capacity after reaching the production capacity
It is expected to promote the rapid growth of the company’s performance by more than 1.5 times.
Investment advice: maintain the “buy” rating. We expect the company’s EPS in 2021, 2022 and 2023 respectively
It is 0.18 yuan, 0.32 yuan and 0.41 yuan, and the corresponding PE is 54 times, 30 times and 23 times respectively. Panel size
The inch trend and the penetration of OLED and vehicle screen are expected to open the market space of polarizer, although the panel price is low
In the face of downward repair pressure, the market price of polarizer has little increase in the early stage, and the decline space is limited. Considering the public in 2022
We are optimistic about the company’s performance growth potential due to the revenue growth effect brought by the capacity release of line 7. Maintain “buy”
“In” rating.
Risk tip: the panel price is down, the progress of new production line is less than expected, and the localization substitution is less than expected
There is excess supply and demand in the market.
