\u3000\u3 Bohai Water Industry Co.Ltd(000605) 366 Jiangxi Hungpai New Material Co.Ltd(605366) )
The silane coupling agent "little giant" in the whole industry chain is rising, covering for the first time and giving a "buy" rating
The company is the leader of sulfur-containing silane, with self circulation system and global leading market share. The company enjoys the "green carbon silica" industrial function of "hydrogen silica" in the whole chain. The company has steadily expanded horizontally and vertically along the industrial chain, accelerated the expansion of trichlorosilane production at the raw material end and laid out photovoltaic grade, planned new silicon-based materials with high added value such as aminosilane, special silane and aerogel at the product end, and expanded the product matrix to drive the high growth of the company's performance. We predict that the company's net profit attributable to the parent company from 2022 to 2024 will be 521 million yuan, 827 million yuan and 1169 million yuan, and EPS will be 1.57, 2.49 and 3.52 yuan / share respectively. The current share price corresponds to 11.1, 7.0 and 4.9 times of PE from 2022 to 2024, and will be rated as "buy" for the first time.
The market segments of silane coupling agents shine brilliantly. The company takes thiosilane as the basic sector and continues to expand new products
20222024 is the year when the company is put into operation, and the "little giant" of silane in the whole industrial chain is about to be born. The company's second set of 50000 tons of trichlorosilane and downstream supporting capacity of various silanes, gas-phase silica and rubber compounds are expected to be gradually put into operation in the second half of 2022 and reach full capacity in 2023. At that time, the company's trichlorosilane and downstream supporting capacity will double. At the same time, we expect that the new device is expected to produce photovoltaic grade trichlorosilane for export, so as to further enhance the profitability of the company. In addition, the company plans to build a third set of 50000 tons of trichlorosilane and 114000 tons of downstream supporting silane production capacity, which will be constructed in two phases. The first phase is expected to reach production in 2024. The company continues to enrich silane varieties, and the downstream will involve a variety of application scenarios such as green tires, wind power, LED packaging, coatings, high-end silica gel products and so on.
Relying on the advantages of the industrial chain, the company has entered the field of aerogel gel and opened a broader new track
Aerogel gel is an excellent thermal insulation and flame retardant material which can be used in petrochemical, new energy and construction fields, and has a broad market space. The 10000 m3 aerogel gel capacity of the company's fund-raising project is expected to be the first to release 2000 m3 in 2022, or it will be the first to be applied in the lithium battery field. Aerogel gel can be used for vehicle structure and lithium battery at the same time. It can effectively solve the thermal insulation problem of lithium iron phosphate battery in low temperature environment and the thermal runaway diffusion problem of ternary battery in high temperature environment. It is the preferred material for lithium battery thermal insulation. The company can use silicon tetrachloride, a by-product of the silane industry chain, as the production raw material to further enhance the added value of the company's products.
Risk tip: the release of production capacity is less than expected, the product price has fallen sharply, and the downstream demand is sluggish.
