\u3000\u3000 Qingdao Gon Technology Co.Ltd(002768) (002768)
The “one body and two wings” new material integration platform is booming, high-quality customers are highly viscous, and the company’s industry competitiveness continues to improve: the company develops vertically and horizontally with modified plastics as the cornerstone, creates a comprehensive platform for new material integration, and gradually expands multiple business segments such as hollow capsules, polymer composites, artificial turf, optical display materials through acquisition or self generation. In the past five years, the compound growth rate of revenue and net profit reached 53.8% and 53.7%, growing rapidly. The business model of setting production by sales in the company’s industry determines that the scale and stability of downstream customers are very important. According to the announcement, in recent years, the company has deepened the scope of cooperation with strategic customers such as Hisense, Gree, TCL and BOE, and the supply volume of customer supply chain systems such as Byd Company Limited(002594) , Shaanxi Automobile heavy truck and Sinotruk Jinan Truck Co.Ltd(000951) has continued to grow, especially in Huawei The share of customers such as Xiaomi ecological chain has increased significantly, holding many high-quality major customers.
Comply with the rapid response of the market and rely on deep R & D strength to blossom in multiple points: relying on 20 years of R & D technology accumulation in the polymer modified material industry, the company has flexible rapid response ability and maintains high linkage with the hot demand of the market. Since 2016, it has developed a number of integrated industrial varieties in line with the trend of medicine, automobile lightweight, sports, optics and communication industries. In 2020, driven by the epidemic situation, the company rapidly expanded the production of melt blown polypropylene and melt blown cloth required for masks, and supplied Rizhao Sanqi, Hengrui medical, Xiamen Yanjan New Material Co.Ltd(300658) , Allmed Medical Products Co.Ltd(002950) , Weihaiwei and other strategic customers in batches, contributing more achievements. In 2021, the company acquired 21.18% of the shares of Baotou Dongbao Bio-Tech Co.Ltd(300239) with RMB 728 million and became the controlling shareholder of Baotou Dongbao Bio-Tech Co.Ltd(300239) . Taking the acquisition of Baotou Dongbao Bio-Tech Co.Ltd(300239) as an opportunity, Form a dual industry main body collaborative development model with Qingdao Gon Technology Co.Ltd(002768) chemical industry listed on the main board and Baotou Dongbao Bio-Tech Co.Ltd(300239) health, medical and beauty industry listed on the gem (gelatin and hollow capsules, collagen egg white peptide, plasma substitute gelatin, double protein artificial meat, etc.) as two wings.
Layout PS and PP upstream of modified materials and start the integrated production mode of cost reduction: according to the announcement, the company strategically invests in Zhejiang Yisu and Jiangsu Guoheng to extend longitudinally to polystyrene (GPPS, PS) and polypropylene (PP) resins upstream of modified materials to meet the needs of vertical integrated strategic development of Qingdao Gon Technology Co.Ltd(002768) new materials. In the future, the company will complete the integrated production layout of modified materials such as household appliances, small household appliances, electric tools, automobiles and building decoration materials through polystyrene materials, and realize the integrated production of cost reduction in the fields of light display materials, light diffusion sectors, films, sheet materials and BOPS packaging materials; Through the production of polypropylene PP resin materials, it will effectively realize the integrated production of melt blown non-woven materials, degradable materials, pre coating, BOPP capacitor film and other materials, and continuously fiber polypropylene modified materials in the fields of automobile, household appliances, wind power and so on. It is expected to effectively reduce product costs and enhance market competitiveness.
Investment suggestion: it is estimated that the net profit of the company from 2021 to 2023 will be RMB 670 million, RMB 900 million and RMB 1 billion respectively, corresponding to pe12, 9 and 8 times, maintaining the Buy-A rating.
Risk warning: product demand is less than expected, raw material price fluctuation, etc.
