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力合科创(002243):立足“科创服务”+“新材料产业”双主业 科创业务资源优势显著

Lihe Science and Technology Innovation (002243): Based on the dual main business of “science and innovation services” + “new materials industry”, science and innovation business resource advantages are remarkable

天風證券 ·  Jun 29, 2022 16:16  · Researches

Based on "science and technology innovation service" + "new material industry", build a scientific and technological innovation platform. The company, formerly known as Tongsheng Lixing, established "scientific and technological innovation service + new material industry" after restructuring with Lihe Science and Technology Chuang Group in 2019.

Double main business management model. The company relies on Shenzhen SASAC, the company's operating income in 2021 is 3.01 billion yuan, + 38% compared with the same period last year, and the net profit is 630 million yuan, + 7.2% compared with the same period last year. The company's traditional main business of new materials mainly includes hoses, filling, injection molding and blow molding, covering areas such as cosmetics, daily necessities, health products and food plastic packaging. the income of the new materials industry in 2021 is 1.573 billion yuan, compared with the same period last year. + 16.87% CAGR 10.8% of the new materials industry 2006-2021 The proportion of revenue of science and technology business has increased rapidly, from 27% in 2019 to 45% in 2021, accounting for 66% of gross profit in 2021, which is the main source of profit for the company.

Science and technology services: gathering technology, carrier, talent, capital four elements, significant competitive advantage. Before 2017, Lihe Kechuang is mainly based on investment incubation income, and after 2018 income is mainly based on basic incubation, system promotion and park carrier, supplemented by investment income. At present, Lihe Science and Technology has 37 scientific and technological innovation centers and industrial bases across the country, including 9 national science and technology business incubators and mass innovation spaces. In addition, the company and the Research Institute of Tsinghua University in Shenzhen have jointly established 7 overseas innovation centers in the Americas, Europe, Israel, Japan and other places. Liheke has invested in nearly 500 high-tech enterprises. It has incubated more than 3100 service enterprises, cultivated 27 listed companies, more than 50 new third board listed enterprises, more than 300 national high-tech enterprises and more than 200 returnee star science and technology projects.

Cosmetic packaging: Tonglixing is a leading enterprise in the field of new cosmetic materials packaging in China. The company has established strategic partnerships with international well-known brands such as Procter & Gamble Co, L'Or é al, Unilever and The Estee Lauder Companies Inc, and at the same time provides overall packaging solutions for high-quality national brands such as antelope and Blue Moon.

The self-eliminate virus antiviral material developed by Lihe Yunji has the advantages of long-term effect, safety and broad-spectrum effectiveness, and has a wide range of applications, which solves the problem of novel coronavirus's "environmental transmission". By May 2022, the first 1000 sets of "Intelligent Nucleic Acid sampling kiosks" using "self-eliminate virus Antiviral functional Materials"

It has been put into production. In addition, Lihe Kechuang accelerates its layout in the field of digital economy, in the field of big data, Lihe newspaper big data Center is committed to building Guangdong-Hong Kong-Macau Greater Bay Area big data industrial service platform; in the field of smart cities, digital solutions of buildings / facilities and digital governance of the construction industry are committed to providing new smart cities with advanced construction / facilities solutions.

Profit forecast and valuation: the company's wholly-owned production Lixing is a leading enterprise in the field of new cosmetic materials packaging in China. In 2019, the company added new science and technology service business through mergers and acquisitions. The income structure is mainly based on basic incubation, system promotion and park carrier, with investment income as the supplement. Lihe Yunji developed anti-virus functional materials from eliminate virus. In addition, the company accelerates the layout of the digital economy, and the company has broad space for growth. We estimate that the operating income in 2022-2024 is 3.4 billion yuan / 3.9 billion yuan / 4.4 billion yuan, respectively, compared with the same period last year, the net profit is estimated to be 720 million yuan / 810 million yuan / 900 million yuan, and 11% compared with the same period last year. For the first time, coverage gives an "overweight" rating.

Risk hints: market competition aggravates risk, raw material price fluctuation risk, business exchange rate fluctuation risk, major customer payback risk, brain drain risk

The translation is provided by third-party software.


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