1 synthetic resin reachs composite material bibcock, product diversity drives battalion to close to promote continuously
Industry of 1.1 deep ploughing 40 one's remaining years, from civilian battalion chemical plant development is appear on the market bibcock enterprise
Shengquanji is round only then built 1979, predecessor is factory of sly town furfural, hind deep ploughing industry 40 one's remaining years, develop gradually to appear on the market bibcock enterprise. # of group of # emperor spring
Company development course can divide for the following 3 phase:
1) with furfural build up, the share-holding system that finish transforms and swim downward furan colophony is outspread:
The company's first professional work is to use corn core to produce furfural, carried own research and development 1991 without benzene cold hard furan casts blank of colophony fill home, became the world's greatest furan colophony to produce one of base 2003.
2) march phenolic aldehyde colophony and raw material business, scale of production reachs global first place stage by stage and appear on the market successfully:
1997, holy spring group and British HMC are mineral reach chemical limited company is joint-stock build Jinan emperor spring limited company of Hai Wosi chemical industry, project of colophony of phenolic aldehyde of mount a horse; 2005, quantity of produce and sale of colophony of company phenolic aldehyde is in domestic lead position; 2013, global monomer produces 200 thousand the can biggest tons / year workshop of phenolic aldehyde colophony builds go into operation; 2019, generation biology uses technical research and development integratedly to succeed character, the project builds go into operation; 2021, the company is in hand in place advocate board appear on the market successfully, produce per year project of colophony of 230 thousand tons of phenolic aldehyde to build go into operation, scale of production of colophony of company phenolic aldehyde jumps first place of house whole world.
3) raw material industry is progressively be born, open growth new space:
2022, biology of Daqing emperor spring pledges the project builds go into operation, and announcement produces per year project of material of negative pole of hard carbon of 100 thousand tons of biology radical, hopeful get through from straw - biology carbon - hard carbon (sodium batteries negative pole) unifinication production, greet capacious development space.
1.2 companies are household company, equity structure is stable
Company equity structure is relatively stable, president is technical one's previous experience.
The company accuses a partner to be Tang Yilin, control factitious Tang Yilin and Tang Deyuan father and son actually. Mr Tang Yilin, assume president of holy spring group, was born 1954, record of formal schooling of Master graduate student, came in June 1971 in July 1985, in casting of chapter grave county tubal mill has successively held the posts of factory manager of director of workshop technician, workshop, technology, factory director, in January 2017 up to now, assume president of holy spring group.
Mr Tang Deyuan, assume president of holy spring group, cast blame of province of association vice-president, Shandong to appear on the market for China machinist Cheng of vice-chairman of public company consortium, China learns to cast modified of Xi of black lead of branch vice-president, China industry of fiber and application development grows allied director.
1.3 synthetic resin are one of company traditional business, the company ranks front row of domestic bibcock, world
Company advocate the research and development that business Wu is material of qualitative chemical industry of synthetic resin and the composite material such as phenolic aldehyde colophony and furan colophony, biology and relevant product and produce and sale, applied setting includes report of car, wind, nucleus report to wait for machinery to make, and aviation of traffic of integrated circuit, LCD, orbit, spaceflight, shipping is carried, metallurgy is fireproof etc.
Among them dimensions of produce and sale of phenolic aldehyde colophony, furan colophony all occupies home the first, produced 2022 can achieve 630 thousand tons to mix 120 thousand tons respectively. In recent years battalion receives the company to grow continuously, dimensions advantage fadein, integrated wool interest rate maintains in 20% above.
1.4 extend to whole class synthetic resin, the market has rate hopeful to promote continuously
High-powered colophony reachs composite material side, regard Shengquanji as round dominant industry, at present phenolic aldehyde colophony already was built, in build produce can achieve 650 thousand tons / year, rank global front row.
The product applies extensively at Fu of material of material of aerospace, electron, fireproof material, attrition material, insulation material, macerate, besmear to grind, the domain such as tire balata, electrical engineering material, material with carbon element, new energy resources.
Respect of electronic class colophony, the company is home banner PCB substrate uses electronic colophony supplier, electronic material is used advanced rank phenolic aldehyde colophony breaks multinomial abroad monopoly, implementation flat shows, chip photoetching glue uses electronic resin homebred change, the product applies extensively at model of oxygen of Fu copperplate, semiconductor annulus to seal makings, printed wiring board Chinese ink of soldering paste of photoetching glue, block, indication face plate, chip is made wait for a domain. Produce per year 1000 tons among them luscious change get together benzene aether project is in construction, this product applies extensively at the copperplate of advanced communication Fu such as 5G/6G, artificial intelligence to calculate the domain such as force server high.
Furan colophony respect, its apply mediumly in wind report cast extensive. Along with the promotion of demand of wind report cast, hopeful promotes furan colophony dosage considerably.
1.5 companies income, gain is moderate grow, downstream 2023 boom spends hopeful to promote
Since 2019, profit of company income, net promotes continuously. The company realized total battalion to receive 9.598 billion yuan 2022, compared to the same period + 8.76 % , 2019-2022 year CAGR is 18% ; Implementation puts in parent net profit 's charge 703 million yuan, compared to the same period small add, 2019-2022 year CAGR is 14% (business brought super profit related the epidemic situation such as company guaze mask 2020) .
As the end of epidemic situation, get warm again after a cold spell of hopeful of downstream 2023 demand, company advocate limit of hopeful of business Wu income, profit up.
1.6 profit margin maintain higher level, charge controls ability to promote continuously
Company wool interest rate, net interest rate maintains in 20% , 5% above, gain capability is stronger.
2022, company net profit is led 7.3% , compared to the same period - 0.5pct, gross profit is led 21.1% , compared to the same period - 3pct, main reason fastens raw material to rise in price, stem from price stability consideration, amplitude of company product value is less than raw material. Pick up along with downstream scene bearing reach callback of raw material price, hopeful of company profit ability promoted 2023.
Charge leads a field, 2022 4 expenses of company total cost ratio is 12% , compared to the same period - 2.32% , charge controls ability to promote continuously, among them charge of research and development is led compared to the same period + 0.35pct, research and development throws strength to promote continuously.
Rate of unifinication of chemical industry of 2 raw material is high, straw uses an industry integratedly to precede
2.1 companies are born put into production of first phase of corporeal fine project 1 million tons, straw uses an industry integratedly to precede
Raw material industry is the 2nd big industry of company, the earliest but date from comes to did furfural with corn core 1979.
The craft of holy spring law that company course sums up research and development for years is OK undertake the semi-cellulose in the plant, cellulose and lignin sufficient, efficient use.
The company has two large raw material to use a project integratedly at present, it is the straw biology the sources of energy in Jinan cadre and project of new material unifinication, main raw material is corn core, the product includes xylose, dye to distribute model of film of powder, paper, already built go into operation; 2 it is the project of unifinication of fine of 1 million tons of raw material in Daqing first phase, main raw material includes core of bulrush, wheaten lever, corn to wait, project already in May 2023 put into production, main product includes carbon of 200 thousand tons of pulp, furfural, biology to wait.
Material of negative pole of batteries of natrium of 3 active position, open capacious development space
3.1 negative pole are occupied in sodium batteries totle drilling cost than promotion, hopeful of prospective market space amounts to one billion four hundred and ten million and sixty-five thousand four hundred and eight class
Compare batteries of Yu Li ion, batteries of ion of every GWh natrium is bigger to the demand of negative pole material, negative pole is occupied in sodium batteries totle drilling cost than 20% the left and right sides.
We predict hopeful of demand of global natrium batteries achieved 130GWh 2026, material of corresponding negative pole is controlled 170 thousand tons, according to 5-10 10 thousand yuan of every tons prices are calculated, hopeful of prospective market space amounts to one billion four hundred and ten million and sixty-five thousand four hundred and eight class.
In material of negative pole of batteries of of all kinds natrium, hard carbon is eliminated hard without foreword structure below high temperature, because this has bigger layer span, more blemish and accept rice opening, have much better structure thereby stability and store sodium function, it is the stuff of negative pole of sodium ion batteries that has perspective most.
Hard carbon of 3.2 companies active position, hopeful achieves the breakthrough of 0-1
Respect of hard carbon technology, company and college group collaboration have the development of hard carbon product, and Xi of company Ceng Youshi Chinese ink produces experience, black lead Xi and technology of part of existence of hard carbon production overlap.
Van body respect, the SQ dissolvent method that the company uses original creation is efficient and detached the lignin in giving straw, sequel can machine his the biology carbon of low ash content, tall consistency.
Raw material chooses a side, be based on advantage of vivacious material processing technique and manufacturing experience, the company chooses core of straw, corn sturdily to wait for raw material data.
The quantity produces a field, company in December 2022 announcement produce per year 100 thousand tons of biology radical project of material of hard carbon negative pole, 2023 80 thousand tons / year project of material of hard carbon negative pole already laid a foundation, follow-up hopeful accelerates dimensions of implementation hard carbon to change a quantity to produce.
Charcoal of 3.3 raw material has cost difficulty of low, industrialization is low advantage
Produce hard carbon optional raw material is numerous, at present main raw material includes to give birth to colophony of corporeal charcoal, man-made and bitumen. Give birth to corporeal charcoal among them, if the cost such as shell of straw, coconut is low and manufacturing technology is relatively simple, already took the lead in getting applied.
Law of spring of emperor of 3.4 companies original creation will give birth to the lignin in material efficient depart, produce a carbon of tall consistency biology then
Shengquanfa, also call dissolvent of biology of weak acerbity law, SQ the law, can the majority impurity purify raw material, remain lignin only finally this is onefold composition, the biology charcoal element of make it measures volume consistent, composition is even, each index has been stabilized with.
Shengquanfa's camp depends on:
1) equipment demand is high and investment amount is large, equipment is custom-built change rate tall; 2) integral technological process includes about a hundred patent, investment of research and development is large, duplicate difficulty is great.
3.5 companies have black lead Xi to produce experience, the raw material of its and hard carbon, engineering technology is similar
With the black lead Xi of the company manufacturing process photograph is compared, the same point of hard carbon depends on: 1) can be raw material in order to lay material likewise; 2) all need to experience the pretreatment of raw material data, process such as carbonization.
Distinction depends on: 1) carbonization temperature is inferior; 2) carbonization time is shorter; 3) do not need experience for many times to warm up, technological process is shorter. The company has the manufacturing experience that is Xi of black lead of raw material preparation with laying material, can apply adequately at the production of biology carbon, hard carbon, have good technical base.
3.6 Daqing project already put into production, 80 thousand tons / year project of material of hard carbon negative pole already laid a foundation, produce can plan the industry is banner
At present project of material of negative pole of company natrium batteries is Daqing respectively first phase of project of unifinication of fine of 1 million tons of raw material, 80 thousand tons / year project of material of hard carbon negative pole, Jinan project of material of negative pole of hard carbon of 100 thousand tons of biology radical.
Daqing project first phase plans to produce carbon of 160 thousand tons of biology, at present already put into production; Additionally 80 thousand tons / year project of material of hard carbon negative pole already laid a foundation; Jinan project of material of negative pole of hard carbon of 100 thousand tons of biology radical already in December 2022 announcement. Quantity of company hard coke produces dimensions and plan hopeful industry to precede.
Crop of 3.7 China straw is substantial, the company has stable straw resource
Raw material supplies a side, at present global straw produces per year a quantity to make an appointment with 3 billion tons, chinese straw produces per year a quantity to take the whole world about 20% , about 600 million tons,
The company basically produces base to be located in Heilongjiang Daqing and Shandong Jinan respectively, all but nearby draw materials, make sure raw material is supplied enough, and the company has old straw to buy experience, have stable straw resource.
4 gain are forecasted reach risk clew
4.1 gain are forecasted
Side of business of sodium batteries negative pole, company Daqing 1 million tons / year project of unifinication of raw material fine, 80 thousand tons / year project of material of hard carbon negative pole, Jinan progressively put into production contributes hopeful of project of material of negative pole of hard carbon of 100 thousand tons of biology radical profit.
Respect of electronic class chemical, PPO production camp is taller, application calculates force server high to wait at the copperplate of advanced communication Fu such as 5G/6G, artificial intelligence, downstream demand is exuberant, company product demands exceeds supply, produce per year 1000 tons luscious change get together benzene aether project is in construction.
Traditional business side, hopeful of volume of furan colophony shipment is driven in demand of wind report cast considerably colophony hopeful follows promotion, phenolic aldehyde to be produced newly can climb slope and implementation of downstream demand get warm again after a cold spell to measure Li Qisheng.
We predict 2023/2024/2025 year company business income is 112.13/128.84/133.09 respectively 100 million yuan, grow 17%/15%/3% compared to the same period; Profit of net putting in a mother 's charge is 9.65/11.83/13.10 respectively 100 million yuan, grow 37%/23%/11% compared to the same period, corresponding EPS is 1.23/1.51/1.67 respectively yuan, PE of correspondence of current share price is 15.76/12.85/11.61.
4.2. risk hints
1) technical progress anticipates not as good as.
The abidance of the index such as density of the life that what the market pays close attention to most is sodium batteries, energy, cost is optimized, but as a result of at present the reason such as industrial catenary form a complete set, short-term quantity produces data likelihood cannot very good match with demand. We predict as craft, technology optimize ceaselessly, sodium batteries hopeful is duplicate the growing course of lithium battery, omnibus value is greater than having promote a space continuously.
2) downstream demand anticipates not as good as.
Store can be sodium batteries future main and downstream market, but short-term store can economy is poorer still, meet those who affect demand release; The Chu Nengcheng such as the clean energy cost such as prospective need smooth hot season and sodium batteries drops continuously originally will open demand space, this also is the way that leads probably.
3) market competition aggravate.
Sodium batteries space will be progressively by market acknowledge, hopeful of new old player sends industrial catenary ceaselessly force is produced can build, each link competition will increase industrial catenary; Future, the ability of company of chain of sodium batteries industry that may make tall sex price compare a product ceaselessly only wins out.
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