The acquisition of fine chemical quality target Odyssey Chemistry, super R & D ability to fully release the card position fine chemical track. Odyssey chemical deep ploughing aromatics raw materials (toluene, benzene, xylene, etc.) research and development, downstream extends to CMO, electronic chemicals, lithium materials and other high value-added fine chemical fields, is a domestic high-quality R & D platform enterprises. The company's CMO customers include Kellein, Novartis, etc., and are already in the position of a core intermediate supplier in the field of antidepressants, diabetes and other specific drugs. Electronic chemicals layout high-end electronic packaging materials and OLED materials, high profit margin; lithium materials layout of new electrolyte solvents, the product has been put in volume.
Integrate with Huarou phosgene resources to achieve higher leaps and bounds. Shandong Tianan Chemical Co., Ltd., a subsidiary of Huarou Technology, has 20,000 tons of phosgene resources, which are mainly used to produce AKD paper chemicals with low profit margin; after integration with Odyssey, relying on its strong R & D capability, phosgene resources are expected to be used more efficiently, produce more high value-added products and achieve higher leaps and bounds.
Sign a cooperation agreement with Hubei Gehua to integrate chlor-alkali / hydrogen resources, extend the industrial chain in a tree shape, and further enhance the added value of products. In June this year, the company signed a cooperation agreement with Hubei Gehua to carry out business cooperation on chlor-alkali downstream products. Gehua Huaxiang is a professional chlor-alkali and related products production company, the existing 100,000 tons / year ion membrane caustic soda, 50,000 tons / year benzene chloride production line and relatively complete chemical scale production infrastructure and public works. Through a series of resource integration, the company has realized the integration of phosgene / chlorine / hydrogen. On the research and development platform of the Odyssey, these resources are expected to be fully utilized, the industrial chain extends in a tree shape, and the product coverage increases by a geometric order of magnitude at the same time. Further enhance the added value of products.
After the integration of platform resources, the company's performance is ready to start, covering and "buying" for the first time.
Rating. The company's performance was affected by the overseas epidemic in the first half of the year. With the resumption of execution of some orders in Q2 and the continuous release of varieties under research in the previous period, the performance is expected to be greatly improved. In the long run, with the completion of the integration of platform resources, the company has completed the development of the jigsaw puzzle and set sail at the right time. It is estimated that the company's net profit in the next three years is 207 million / 473 million / 678 million, EPS0.22/0.50/ 0.72 yuan, corresponding to PE73.0/32.0/22.3 times, the first time to cover the "buy" rating.
Risk hint: overseas epidemic situation is repeated, product research and development is not up to expectations