Successful transformation, continue to focus on the core business of new chemical materials, a number of industrial chains have outstanding competitive advantages.
In recent years, the company continues to adhere to the strategic transformation, from the trade business to a comprehensive chemical enterprise with new chemical materials as the main business. In the process of transformation, the company adheres to the "science first", takes technological breakthroughs as the guide, continues to strengthen scientific and technological innovation, and creates an innovation-driven enterprise. The company continues to focus on the new chemical material industry, the strategic transformation has achieved fruitful results, and the proportion of the chemical industry has gradually increased. It takes the key industrial chain as the core, continues to extend the chain, complement chain and strong chain, and gradually forms a number of leading industrial chains. It has outstanding competitive advantages in epoxy resin, polymer additives, aramid, engineering plastics, aromatics and other industrial chains. And create an industrial base pattern with Lianyungang base as the core and multi-base coordinated development, effectively supporting the construction of the industrial chain. At present, the company has a deep industrial foundation and the embryonic form of leading chemical new materials enterprises, which has laid the foundation for the future development of the company; a number of key projects have been gradually completed, opening up more development space for the company's performance. In 2021, the company achieved an operating income of 80.6 billion yuan and a net profit of 2.175 billion yuan (including the investment income from the sale of Yangnong Chemical, which is a non-recurrent profit and loss), up 49% and 608% respectively compared with the same period last year. We expect to achieve an operating income of 83.2 billion yuan in 2024 and a net profit of 2.524 billion yuan.
Lianyungang C 3 project has gradually landed, and the company's performance is expected to promote the construction of a global leading integrated epoxy resin industry chain.
The company has been ploughing the epoxy resin industry chain for many years, and the Lianyungang C 3 project will help the company to build the world's leading epoxy resin industry chain. The company's Lianyungang carbon Trinity project includes 600000 tons of PDH, 650000 tons of phenol / acetone, 240000 tons of bisphenol A, 400000 tons of PO and 150000 tons of ECH, followed by 240000 tons of bisphenol An expansion project and 180000 tons of epoxy resin project.
At present, 150000 tons of ECH and 180000 tons of epoxy resin have been completed and put into production, and other projects will be put into production from 2022. The company already has a production capacity of 250000 tons of ECH and 350000 tons of epoxy resin, both ranking first in the country, among which Lianyungang 150000 tons of ECH is the world's first hydrogen peroxide device independently developed by the company. The landing of the carbon Trinity project will significantly improve the company's performance, and will create an integrated whole industry chain pattern of "PDH propylene-phenolketone-bisphenol A & ECH- epoxy resin", promoting the company to become the world's leading epoxy resin enterprise.
The world leader in the field of rubber antioxidant, multi-measures to create the world's leading polymer additive industry chain.
The company has a leading global market position in the field of rubber antioxidants and has formed a long-term and stable cooperative relationship with downstream mainstream tire enterprises. The company's original 6PPD antioxidant production capacity of 140000 tons, Thailand base of 25000 tons has been completed and put into production, realizing the international layout of production capacity. Through self-construction and mergers and acquisitions, the company continues to expand the polymer additive industry chain. The first phase of the new polymer additive project in Lianyungang base, mainly 192000 tons of accelerants (including intermediates), will make the company a head enterprise of accelerators; through the merger and acquisition of Jiangsu Fubia to enter the field of plastic additives such as flame retardants and light stabilizers, it will form effective coordination with the new materials industry.
Para-aramid production capacity is the first in China, and the aramid industry chain has full potential and is expected to become the main force of domestic substitution.
Aramid is one of the three high performance fibers in the world. Para-aramid has outstanding performance advantages such as high strength and high modulus, and has a broad application space in the future. However, para-aramid is monopolized by foreign giants, and the output of domestic para-aramid is low and its quality is poor. There is a strong demand for domestic substitutes. By the end of 2020, the company completed the 5000-ton para-aramid plant, becoming the largest supplier of para-aramid in the country; after plant commissioning in 2021, the company entered a stable production period, with an annual output of 2725 tons. The company is actively exploring aramid downstream products, including aramid non-weft cloth, pulp, staple fiber and other production capacity. The company's aramid industrial chain already has a good industrial foundation, at present vigorously develop high-mold and high-strength aramid products, there is more room for development in the future.
ABS and PA66 have landed one after another, promoting the continuous growth of the company's engineering plastics industry chain.
Through key mergers and acquisitions of ABS, technological breakthroughs and new projects of PA66 and key intermediate hexanediamine, the company continues to grow in the engineering plastics industry chain: (1) ABS industry chain:
The company successfully acquired Elix Polymers, a Spanish ABS manufacturer, and entered the field of ABS. Elix, born in Bayer, is the leading ABS supplier in Europe, with a production capacity of 170000 tons of all kinds of ABS, occupying the market share of European specialty ABS40%. Through Elix's advanced production, operation and technical experience, the company has accelerated the promotion of ABS China strategy. Yangzhou 24000-ton modified ABS project will be completed in 2022, and Lianyungang 400000-ton ABS polymerization project has been announced. (2) PA66 industry chain: PA66 has long been subject to the foreign monopoly and supply bottleneck of adiponitrile. Through independent technological breakthroughs, the company successfully developed a process for the production of hexanediamine without adiponitrile, and directly prepared hexanediamine from upstream raw materials through two-step reaction, which is expected to change the domestic PA66 pattern. At present, 40, 000 tons of PA66 and 25000 tons of hexanediamine have been completed and put into production in Zhongwei base of Ningxia, forming the first set of whole process technology of "catalyst preparation-hexanediamine synthesis-nylon 66 polymerization" in China.
Actively cultivate strategic emerging industrial chains such as lithium materials and electronic chemicals, and open up a new pattern of the company's development.
(1) Lithium material industry chain: the company is committed to building the industrial chain pattern of lithium electric material-lithium battery-lithium battery recycling. Based on new chemical materials, with lithium materials as the core, the layout of 10000 tons / year ternary cathode materials, the current stable operation of the production line, continuous improvement of product quality, products into the mainstream downstream customer supply system, and actively explore lithium iron phosphate; in order to coordinate the development of lithium materials industry chain, appropriately cultivate lithium battery business; through the technical layout of the key links of the industry chain, build a 3000-ton lithium power recovery pilot line. (2) Electronic chemicals industry chain:
Based on Lianyungang C3 and other projects, focusing on high-purity reagents and high-purity gases, the company distributes the electronic chemical industry chain. at present, three projects of high-purity ammonia, sulfuric acid and chlorine have been completed.
Profit forecast: it is estimated that the revenue of the company in 2022, 2023, and 2024 will be 772, 793 / 83.2 billion yuan, respectively, and the net profit will be 14.46, 19.68 / 2.524 billion yuan respectively, corresponding to PE12.4/9.1/7.1 times. The first phase of the company's C3 project will be launched soon, which will greatly improve the company's performance; the company is the leader of epoxy resin and polymer additives, and has a leading level in the field of high-performance materials such as para-aramid, PA66 and ABS, and actively cultivate lithium materials, electronic chemicals and other industry chains. With the deepening of the transformation and the gradual landing of major projects, the company's performance is expected to maintain sustained and steady growth. As the core industry platform of Sinochem's material science, the company continues to focus on the main business of new chemical materials and continues to expand the upstream and downstream industrial chain, which will have more room for growth. For the first time, coverage gives a "buy" rating.
Risk tips: project production schedule is lower than expected, raw material prices fluctuate sharply, chemical products market falls sharply, domestic and foreign epidemics and other force majeure, international situation turbulence, industry policy changes, and so on.