Pulit: new materials leader, layout lithium electricity industry adds new power Pulit is mainly engaged in the research and development, production, sales and service of polymer new materials and their composite materials, the company's main business is divided into modified materials business and ICT materials business.
On April 26, 2022, Pulitt issued a company announcement that it intends to buy 79.79% of the shares held by Haishida Group in cash. After the equity transfer, the listed company will increase its capital to Hisida Power by no more than 800 million yuan. After the completion of the equity transfer and capital increase, the listed company will hold 87.0392% of the shares.
The acquisition of Haishida Power supply, the company's main business will be based on the new materials business, open the layout of the lithium-ion battery industry, the future business direction includes the more mature cylindrical battery (three small power) business and energy storage battery business.
Zhou Wen, the largest shareholder of the company, holds 44.56% of the company directly and indirectly, and is the actual controller of the company, while the second largest shareholder is Hengxin Huaye, accounting for 5.00%.
The volume of income from the modified materials business has increased steadily, and the profit has a certain periodicity in 2021. The company's modified plastics business accounts for 98.28% of the company's business income, which is the company's largest main business. The upstream raw materials of the company's modified materials business are mainly produced by synthetic resin manufacturers, the cost end is affected by oil prices, profits fluctuate periodically, and the downstream customers are mainly head automobile manufacturers. At present, the company has a production capacity of about 400000 tons of modified plastics, with a capacity utilization rate of 75.32% in 2021. In 2021, the prices of upstream raw materials such as PP, ABS and PC rose sharply, which adversely affected the company's profits. in 2022, the prices of all kinds of raw materials fell, and profits are expected to improve.
LCP business technical barriers are high, performance is imminent, is expected to contribute profits in the LCP field in 2022, the company currently has 2000 tons of LCP resin polymerization capacity, 3 million square meters of LCP film production line, and 150 tons (200D) of LCP fiber production capacity, is the only one in the world to open the industrial chain, while with LCP resin synthesis (type I and II), modification, film blowing, and spinning technology and mass production capacity. 2022 will be a breakthrough year for Pritt LCP business, and the production capacity of LCP modified resin will be expanded to 6000 tons. The company also plans to increase 2000 tons (1000D) of fiber production capacity and actively cooperate with major American customers in the verification and introduction of fine denier fiber applications.
Lithium-ion battery business injects new power, and energy storage battery is the top priority in the future. The future business development direction is cylindrical battery (ternary small power) and energy storage battery direction (large centralized, industrial and commercial, household energy storage, etc.). Energy storage battery business will be the most important industry sector in the future development of listed companies.
We believe that the business advantages of Pritt layout energy storage battery are as follows:
1. Add 6 to 2022-2023 respectively. 6GWh has a clear plan for production expansion and will quickly establish a large-scale advantage.
2. The company moves from small power battery to energy storage field, and has rich industrial experience, which provides sufficient guarantee for product quality control and yield.
3. The company will join hands with Hengxin Huaye, the strategic shareholder of the listed company, to give full play to the capital strength of the listed company and the industrial resources of strategic shareholders, with significant advantages in the industrial chain.
Profit forecast and investment suggestion: we expect the company to achieve operating income of 71,110 and 16.6 billion yuan respectively from 2022 to 2024, and realize net profit of 3.26,7.12 and 1.147 billion yuan respectively (assuming the merger date of Hai Sida is the end of June 2022), and the EPS is 0.32,0.70,1.13 yuan per share respectively, corresponding to the valuation of the previous PE of 31.0, 14.2 and 8.8 times. For the first time, it covers and gives the "overweight" rating (if the annual results of Hai Si in 2022 are taken into account, the company will achieve operating income of 89,110,16.6 billion yuan and return net profit of 4.53,7.12 and 1.147 billion yuan respectively from 2022 to 2024).
Risk tips: upstream raw material prices fluctuate sharply; downstream demand is lower than expected; project construction progress is not as expected; macroeconomic fluctuations.
