Thionyl chloride industry leader, to build an integrated circular industry chain. The company is an R & D-driven innovative new material company, relying on excellent R & D engineering capabilities and years of industrial accumulation, has grown into the world's largest sulfoxide chloride production enterprise, domestic aramid monomer leading company, the only domestic industry chain integration manufacturer with polyether ketone ketone (PEKK) complete technology system. Relying on the advantage of integrated layout of the industrial chain, the company has a leading cost of thionyl chloride products, and its gross profit margin has always been more than 30%, far exceeding that of the same industry. The purity of aramid monomer products is as high as 99.95%, and it has been recognized and deeply cooperated by aramid production giants DuPont of the United States and Teijin of Japan. In the future, it will further extend to PEKK, a high-precision plastic product downstream of the thionyl chloride industry chain. The trial production of 10,000 tons of aramid monomer phase II project will begin in February 2022. The first phase of the 2000-ton project of PEKK is expected to be put into production in the second half of 2022, opening up the growth space.
Thionyl chloride policy constraints capacity expansion, sweeteners and other emerging demand is expected to increase. Sulfoxide chloride has strong corrosiveness, strong irritation and toxicity, and does harm to air and soil to a certain extent. it belongs to high environmental risk products, and the supply end is tight as a whole. Because it has the advantages of high atomic utilization, high selectivity and high product purity, as an excellent chlorination agent, it is widely used in pesticides, medicine, dyes and other fields, and the demand is increasing steadily. According to the announcement, at present, the apparent production capacity of the industry is 480000 tons, and the apparent consumption is 350000 tons. In new areas, sucralose accounts for about 1% of the current demand structure. In 2009-2018, the global demand for sucralose grew by more than 15%, which is good for the growth of demand for thionyl chloride. In addition, the application of thionyl chloride in lithium primary battery and other fields is also expected to bring a large increase in demand for thionyl chloride.
The scale of production capacity is leading the industry, with both cost advantage and quality advantage. The company is the leader of thionyl chloride in the world, with a current production capacity of 150000 tons, showing a super pattern; the scale advantage is combined with the company's unique sulfur dioxide separation and circulation technology, the sulfur dioxide emitted from the production process of aramid polymerization monomer can be used as the raw material of thionyl chloride, almost no exhaust gas is discharged, bringing cost advantage and environmental protection advantage. And the company is located in Shandong Province, there are many chlor-alkali enterprises near its park, and the procurement of raw materials such as liquid chlorine has advantages. The average ton cost of thionyl chloride in 2018-2021 is significantly lower than that of its competitors, and the gross profit margin of the products is always above 30%. At the same time, as an industry standard setter, through the application of lithium primary battery customers, the purity and quality of our products are recognized by downstream customers as the benchmark of the industry.
Aramid monomer giant, layout of high-performance new material PEKK. The purity of the company's aramid monomer products is as high as 99.95%, and it has been recognized and deeply cooperated by the aramid production giants DuPont of the United States and Teijin of Japan. At present, the overall composite growth rate of aramid fiber in the lower reaches is more than 10%, driving the prosperity of the aramid polymerization monomer industry up, and the production capacity will reach 31000 tons in 2022. The company is the only high-end plastic product PEKK production capacity enterprise in China, and the company expects to raise 2000 tons of projects to bring 10.
The revenue increased by 1.1 billion and the net profit after tax reached 342 million yuan.
Profit forecast, valuation and investment rating: the company's homing net profit from 2022 to 2024 is estimated to be RMB 333 million, up 72%, 48%, and 30%, respectively, for 1.53 yuan. Based on the closing price on 2022-7-21, the corresponding PE is 57.4, 38.8, 29.7 times. Cover for the first time, giving a "buy" rating.
Risk hints: the risk of raw material price fluctuations, the risk that product prices are lower than expected, the risk that production capacity is not as expected, the risk that downstream demand is not as expected, and the risk that information lags behind or is not updated in a timely manner.