Report summary:
The company's copper fund has excellent powder material production technology and strong scientific and technological innovation capabilities. The company's current copper foundation powder materials mainly include electrolytic copper metal powder materials, atomized copper powder materials, and other copper foundation powder materials. The green preparation technology for high-quality electrolytic copper powder independently researched and developed by the company is relatively mature and has reached the international advanced level. Mass and industrial production of electrolytic copper powder with low pine ratio and ultra-low pine ratio has also been realized. Currently, the company's production bases in Chongqing and Thailand are still under construction. The Chongqing Production Base Copper Fund has a powder material design production capacity of 11,600 tons/year. Thailand's production base Copper Fund has a powder material design production capacity of 5,700 tons/year.
The company has a high technical level of microelectronic tin-based solder powder materials and a rich product structure. The company independently developed a series of lead-free environmentally friendly microelectronic solder powder preparation and material design technologies. The company's overall solder powder preparation technology has reached the international advanced level, some technologies have reached international leading levels, and has obvious advantages in the field of middle and high-end application technology. The company still has production capacity for microelectronic tin-based solder powder materials under construction. The Chongqing production base has a design production capacity of 400 tons/year; the Thai production base has a design production capacity of 400 tons/year for microelectronic tin-based solder powder materials, and 300 tons/year for tin powder.
3D printing materials are expected to contribute to the company's major profit growth in the future. The company has developed a variety of 3D printed powder materials on the material side. On the production side, the company independently developed 3D printing powder material preparation technology. Currently, the overall technology has reached the international advanced level, and some technologies have reached the international leading level. The company announced the establishment of a new R&D Additive Technology Co., Ltd., which holds 80% of the company's shares. Considering that demand for metal 3D printing materials in various downstream industries will gradually increase in the future, and the company's gross margin level of 3D printing powder materials is high, it is expected that additive manufacturing powder will become the company's main focus.
Investment recommendations and ratings: The company's revenue for 2021-2023 is estimated to be 2,769/2872/3,584 billion yuan respectively, and the net profit of the mother is 8433.77/8924.55/133.913,500 yuan respectively. Considering the steady growth of the company's copper powder and tin powder business and the layout of the 3D printing powder materials sector, the company was given 40 times PE. The company's reasonable valuation in 2022 was 3.57 billion yuan, with room for a 42.12% increase from the current market value of 2,512 billion yuan, covering a “buy” rating for the first time.
Risk warning: The price of raw materials has risen sharply, and the company's downstream customer performance is under pressure, leading to the risk that the company's continuous sales capacity and sales payback will be affected; the risk that the company's new domestic and foreign production bases have not been completed and put into operation on time, leading to the risk that the expansion of the company's production capacity will be blocked; the risk that the development of the 3D printing industry falls short of expectations; and the risk that performance predictions and valuation judgments fall short of expectations.
