The 2021 net profit of homing is expected to increase by 50% RMB75% compared with the same period last year, while maintaining the "overweight" rating Feikai Materials issued a performance forecast for 2021 on January 8. It is estimated that the net profit of 2021 will be RMB3.45-402 million, an increase of 50% RMB75 over the same period last year, of which the non-recurrent profit and loss is 38 million yuan, down 20% from the same period last year. According to the total share capital of 516 million shares, the corresponding EPS is 0.67-0.78 yuan. Based on this range, 2021Q4 achieved a net profit of RMB 0.74-132 million in a single quarter, a year-on-year increase of 23%, 120% and a month-on-month change of-29% and 29% respectively. The company ploughed screen materials, semiconductors and other domestic alternative key areas, and rapidly increased the volume of pharmaceutical intermediates. We raised the company's EPS forecast for 2021-2023 to 1.03 yuan (0.60 Wind 0.73 PE), combined with comparable company valuation level (average 34 times PE in 2022), considering the growth of the company's pharmaceutical intermediate business, we gave the company 38 times PE in 2022. Corresponding to the target price of 32.30 yuan (the previous value of 24.00 yuan), maintain the "over-holding" rating.
According to the announcement of the company, with the control of the epidemic in China in 2021, the sales of traditional liquid crystal materials and positive photoresist for screen display continue to grow rapidly, while 2021H2 negative photoresist forms large-scale sales and speeds up category expansion. In terms of semiconductors, stimulated by the overall exuberant downstream and domestic alternative demand, the rapid expansion of the company's wet electronic chemicals, epoxy plastic packaging materials and packaging tin balls led to the growth of plate performance. In addition, the company's shipments of UV-curable optical fiber coating materials have resumed growth, and UV-curable material products have been widely used in new business areas such as automobiles and functional films. In the field of pharmaceutical intermediates, relying on the synthetic ability of fine chemicals accumulated by the company, 2021H2 sales have soared. The four major sectors have driven the company's performance back to the growth track after 20 consecutive years of decline.
The project of raising convertible bonds has been steadily advanced, and the product structure has been continuously enriched.
According to the company announcement, 5000 tons / year TFT-LCD photoresist project has been steadily supplied to customers, 5500 tons / year synthetic new materials project and 5500 tons / year high-performance optoelectronic new material purification project production capacity is steadily increasing, integrated circuit packaging material base project part of the production line has been put into production. At the same time, the company can raise convertible bonds to invest 10000 tons / year ultraviolet curing optical fiber coating material expansion project, 120t / year TFT-LCD mixed liquid crystal display material project, 150t / year TFT-LCD synthetic liquid crystal display material project and 15t / year OLED terminal display material sublimation and purification project are making steady progress. With the continuous improvement of the company's product structure, pharmaceutical intermediates, semiconductor materials, display materials and coatings bloom in the future, driving the continuous growth of performance.
Risk tips: core technology leakage risk, semiconductor material income growth rate is lower than the expected risk, pharmaceutical intermediate income fluctuation risk.