\u3000\u3000 Cybrid Technologies Inc(603212) (603212)
The prototype of platform based new material enterprise is beginning to appear, and the business field continues to expand. The membrane material industry has the characteristics of scattered terminal applications and limited market scale of a single product. Throughout the development process of global giants such as 3M, only by constantly pushing through the old and bringing forth the new in products and applications can the long-term growth of the enterprise be realized. The founding team of the company is from overseas new material giants such as nitong electric, with profound technical background. Since its establishment, it has always adhered to the platform based R & D and business ideas, and has formed four product systems of photovoltaic materials, 3C materials, set materials and photovoltaic power station maintenance and technical transformation engineering materials. The R & D layout, patent accumulation and technical reserves have proved the R & D strength of the company, and it will continue to prove its production and sales capacity in the fields of photovoltaic adhesive film and new energy vehicle film materials. The company has the potential to become a platform polymer material enterprise. In the future, it is expected to replicate the successful experience of photovoltaic backplane and adhesive film industry in many fields such as new energy vehicles and 3C, so as to realize its long-term sustainable growth.
The release of adhesive film capacity is imminent, and the company’s photovoltaic business is expected to pick up. In 2021, the company’s profitability was under pressure due to the rise in the price of raw materials such as PVDF and resin, and the climbing of photovoltaic film production capacity and quality. In the first three quarters of 2021, the company’s overall gross profit margin was 13.1%, down 5.6% year-on-year. According to the information disclosed in the prospectus of the company’s convertible bonds, at present, the company’s backplane production capacity is about 15 million Ping / month and the film production capacity is 12 + million Ping / month. With the implementation of the raised investment project, the film production capacity of the company is expected to expand to 30 + million Ping / month in the first quarter of 2022. With the release of new production capacity and the completion of technical transformation projects, the company’s product yield and profitability are expected to be significantly improved.
The prosperity of new energy vehicles continues, and the non photovoltaic business is in rapid volume. According to the statistics of China Automobile Association, in 2021, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles reached 3.52 million, with a year-on-year increase of about 1.6 times, and the transformation of electrification continued to accelerate. The company has a leading layout in the field of membrane materials for new energy vehicles, and its product categories continue to expand. Many products are high gross profit, original and have the ability of domestic substitution. At present, it has imported Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Gotion High-Tech Co.Ltd(002074) , Farasis Energy (Gan Zhou) Co.Ltd(688567) and other head battery / vehicle manufacturers. In 2021h1, the proportion of non photovoltaic revenue of the company has reached 9.4%. With the implementation of raised investment projects, the corresponding output value will increase significantly, and the new energy vehicle business is expected to continue in large quantities in the future.
Investment suggestion: the company’s growth path and forward-looking new product layout show the gene and potential of the company’s new material platform enterprise. The company’s product layout and growth path are clear, and the platform material enterprise is rising. We expect the company to achieve operating revenue of RMB 3.125/4.647/5.521 billion and net profit attributable to the parent company of RMB 183/3.61/491 million respectively from 2021 to 2023, maintain the “Buy-A” investment rating, and adjust the six-month target price to RMB 35.71, corresponding to 40 times the P / E ratio in 2022.
Risk tips: changes in industrial policies, rising prices of raw materials, intensified market competition, and the construction progress of raised investment projects is less than expected
