The whole industry chain silane coupling agent "Little Giant" is on the rise, covering for the first time that the "Buy" rating company is the leader of sulfur-containing silane, with a self-recycling system and a leading global market share. The company has a complete "silicon block-trichlorosilicon-intermediate-functional silane-fumed silica" green cycle industrial chain, which can enjoy rich profits of the whole industry chain. The company expands steadily horizontally and vertically along the industrial chain, the raw material end accelerates the expansion of trichlorosilicon and distributes the photovoltaic level, the product end plans new high value-added silicon-based materials such as aminosilane, special silane and aerogel, and the product matrix is expanded. drive the company's high performance growth. We predict that the return net profit of the company from 2022 to 2024 is 521 million yuan, 827 million yuan and 1.169 billion yuan, and the EPS is 1.57,2.49,3.52 yuan per share, respectively. The current stock price corresponds to 11.1,7.0,4.9 times of PE in 2022-2024, covering the "buy" rating for the first time.
Silane coupling agent market segments shine, the company to thiosilane as the basic plate, continue to expand new categories 2022-2024 is the company put into production, the whole industry chain silane "Little Giant" is about to be born. The company's second set of 50,000 tons of trichlorosilicon and downstream supporting capacity of all kinds of silane, fumed silica and mixed rubber are expected to be gradually put into production in the second half of 2022 and reach full production in 2023, when the company's trichlorosilicon and downstream supporting capacity will double. At the same time, we expect that the new device is expected to produce photovoltaic grade trichlorosilicon for export, further enhancing the company's profitability. In addition, the company plans to build a third set of 50,000 tons of trichlorosilicon and 114000 tons of downstream supporting silane capacity, which will be built in two phases, and the first phase is expected to reach production in 2024. The silane variety of the company continues to be rich, downstream will involve green tires, wind power, LED packaging, coatings, high-end silicone products and other application scenarios.
Relying on the advantages of the industrial chain, the company has entered the aerogel field and opened a broader new track aerogel, which is an excellent heat insulation and flame retardant material that can be used in petrochemical, new energy and construction fields. The company raised 10, 000 cubic meters of aerogel production capacity, which is expected to release 2000 cubic meters first in 2022, or will be the first to be used in the field of lithium electricity. Aerogel can be used in both vehicle structure and lithium battery, which can effectively solve the heat preservation problem of lithium iron phosphate battery at low temperature and the thermal uncontrolled diffusion of ternary battery at high temperature. The company can use the by-product silicon tetrachloride in the silane industry chain as the raw material to further enhance the added value of the company's products.
Risk tips: capacity release is not as expected, product prices have fallen sharply, and downstream demand is flagging.