The company focuses on the R & D and production of catalyst products and applied technology, and is the second batch of state-level special new "Little Giant" enterprises. The company's precious metal catalysts mainly use platinum group metals (platinum, palladium, ruthenium, rhodium, iridium, etc.) as catalytic active components. According to the types of catalytic reactions, they can be divided into two categories: heterogeneous catalysts and homogeneous catalysts. According to the preparation process and specifications, there are more than 300 kinds of catalysts. Heterogeneous catalyst is the most widely used catalyst in industry at present, which is generally composed of active components, promoters and carriers, mainly with precious metals as active components and activated carbon as carriers. The homogeneous catalysts are mainly platinum group metal inorganic compounds or organic metal complexes. The company's precious metal catalysts are widely used in medicine, new chemical materials, pesticides, dyes and pigments, environmental protection, new energy, electronics, basic chemical and other fields.
2018-2022Q1 achieved rapid growth in home net profit. 2018-2022Q1 realized operating income of 6.1,7.08,10.52,15.89 and 314 million yuan, up 31.30%, 16.13%, 48.52%, 51.05% and-2.26% year-on-year, and net profit of 0.43,0.65%, 1.05%, 1.63% and 56 million yuan, up 32.08%, 51.31%, 61.22%, 54.34% and 91.45% over the same period last year. The year-on-year increase in net profit of 2022Q1 is mainly due to the year-on-year increase in sales of catalyst products and the adjustment of product structure.
The company raises funds to vigorously develop precious metal catalysts to accelerate the realization of import substitution. In 2021, the company raised a net fund of 400 million yuan for advanced catalytic materials and technology innovation center, industrialization construction projects and rare and precious metal catalytic materials production and reuse industrialization projects. Among them, the advanced catalytic materials and technology innovation center and the industrialization construction project will produce 75 tons of new phase catalysts and 2 tons of homogeneous catalysts. The industrialization project of production and reuse of rare and precious metal catalytic materials revolves around palladium alumina catalysts for ethylene glycol from coal, platinum-alumina catalysts for alkane dehydrogenation in moving bed, platinum-rhenium catalysts for continuous oil refining, and gold-carbon catalysts for hydrochlorination of acetylene. After the completion of the project, the production capacity of carbon-supported catalysts will be increased by 700t, alumina catalysts will be 1300 tons, and 2000 tons of waste precious metal catalysts will be built.
Profit forecast and investment rating. We estimate that the EPS of the company from 2022 to 2024 will be 2.67,3.6,4.65 yuan respectively. With reference to the valuation of comparable companies in the same industry, we believe that the reasonable valuation range is 40-45 times PE in 2022, corresponding to a reasonable value range of 106.8-120.15 yuan, which is better than the big city rating for the first time.
Risk hint. The production of the expansion project is not as expected; the downstream demand is not as expected.