\u3000\u3000 Sobute New Materials Co.Ltd(603916) (603916)
Academicians led the company's R & D team and led the rapid growth of the leading concrete admixture
As a leader in the concrete admixture industry, the company has leading R & D strength, integrated industrial chain and competitive advantages of national multi base layout and rapid growth of production capacity, which helps the company to increase its share in the concrete admixture market year by year. From 2022 to 2023, the company's Guangdong Jiangmen base and Zhenjiang functional material base will gradually release production capacity, while the Jiangsu Lianyungang Port Co.Ltd(601008) base is expected to start production in 2024. Under the leadership of two academicians, the company will maintain a high-speed growth trend with outstanding growth attributes; Under the expectation of steady growth in 2022, the company's product demand will also benefit from infrastructure development. We predict that the company's net profit attributable to the parent company from 2021 to 2023 will be 529 million yuan, 725 million yuan and 857 million yuan, with EPS of 1.26, 1.72 and 2.04 yuan / share respectively. The current stock price corresponds to 20.7, 15.1 and 12.8 times of 2021-2023pe, and is rated as "buy" for the first time.
With multiple competitive advantages, the company has gradually increased its market share and become a supplier of various major national infrastructure projects
As the leader of admixture, the company has three competitive advantages: R & D advantage, integrated industrial chain advantage and multi base customized service advantage. The company's R & D team is led by academician Miao Changwen and academician Liu Jiaping. At the same time, the company has sufficient reserves of highly educated talents, and the number of patents increased year by year is enough to prove the company's leading position in the field of admixtures. The company has a long industrial chain and realized the independent production of polyether, a raw material of high-performance water reducer, earlier, which is also one of the important reasons why the gross profit margin of the company's products is higher than that of its competitors. At present, the company has a national multi base layout to help the company seize market share. At the same time, the company adheres to the customized service route. The company's products have been successfully applied to major national projects such as Beijing-Shanghai High Speed Railway Co.Ltd(601816) , Sichuan Tibet railway, Three Gorges Dam, Hong Kong Zhuhai Macao Bridge, etc. at present, the company has established long-term strategic cooperative relations with the engineering bureaus of many central enterprises such as China Railway, CCCC and Three Gorges group.
The wind power grouting material has full potential, the testing business is increasing year by year, and the diversified business structure of the company is highlighting
As a key material in the installation of offshore wind turbine, grouting material will usher in rapid growth with the vigorous development of offshore wind power. According to the China Energy News, during the "14th five year plan" period, the installed capacity of sea wind reached 45gw, and an average of 9gw was added every year. According to our calculation, this corresponds to the market scale of wind power grouting slurry of 560-1.13 billion yuan. As a leading enterprise of grouting materials in China, the company is rising rapidly, which will drive the rapid growth of the company's functional material business segment; The company's testing business maintains steady profit growth, and the company's diversified product structure advantage is becoming prominent.
Risk tip: the production capacity is less than expected, the downstream demand has fallen sharply, and the macro economy has declined.
