美瑞新材(300848):TPU稳步成长业绩亮眼 募投项目加速成长可期

Meirui New Materials (300848): TPU's steady growth performance, outstanding fund-raising projects can be expected to accelerate growth

中泰證券 ·  08/28/2022  · Researches

Event: on August 28, the company released its semi-annual report of 2022: 2022H1 realized operating income of 793 million yuan, an increase of 50.82% over the same period last year, realized net profit of 56 million yuan belonging to the parent company, an increase of 21.95% over the same period last year, and realized deduction of 44 million yuan of non-home net profit, an increase of 24.84% over the same period last year. 2022Q2 realized operating income of 402 million yuan, an increase of 59.01% over the same period last year, an increase of 2.87% over the previous month, a net profit of 33 million yuan belonging to the parent company, an increase of 42.88% over the same period last year, an increase of 45.8% over the previous year, and a net profit of 27 million yuan for non-parent, an increase of 54.39% over the same period last year and 48.56% over the previous year.


The volume and price of the main business have risen, and the company's performance is eye-catching. In terms of profitability, the company's 2022H1 annual gross profit margin is 13.64%, year-on-year-2.15pct, net interest rate is 7%, year-on-year-1.66pctline ROE is 6.12%, year-on-year + 0.43pct.

The decrease in gross profit margin was mainly due to the increase in the cost of raw materials for TPU products in the first half of the year. The company strictly controls the expenditure, and the result of reducing cost and increasing efficiency is prominent. In terms of period expenses, the period expense rate of 2022H1 Company is 6.44%, compared with the same period of last year-0.25pct. Among them, the sales expense rate is 0.73%, year-on-year-0.19pct, management expenses (including R & D expenses, comparable caliber) rate is 6.27%, year-on-year-0.04pct, financial expense rate is-0.56%, year-on-year-0.02pct. The negative financial expenses are mainly due to the increase in exchange gains. In addition, the company pays attention to R & D and innovation investment, and the R & D expenditure of 2022H1 Company is 36 million yuan, which is + 65.89% compared with the same period last year.

The domestic leader of the TPU industry may usher in a rise in both volume and price. The company focuses on the production of TPU products, the existing TPU production capacity of 85000 tons / year, the gross profit margin level is higher than that of the same industry. In terms of price, according to Wind,2022 in the first half of the year, the prices of TPU film, TPU mobile phone case and TPU shoes were 26040 yuan / ton, 22477 yuan / ton and 21866 yuan / ton respectively, + 10.64%, 8.52% and-2.11% year-on-year. In terms of raw materials, the prices of 2022H1 pure MDI and polymerized MDI are 22141 yuan / ton and 19122 yuan / ton respectively, year-on-year-0.83% and-2.56%. The prices of BDO, HDI and polyester polyol (AA/BG/EG) are 25157 yuan / ton, 76188 yuan / ton and 20514 yuan / ton respectively, which are + 15.96%,-10.45% and + 40.85% respectively. The company is currently under construction with a production capacity of 200000 tons, and after it is put into production, it is expected to get rid of the production bottleneck and become the industry leader; in addition, the company will set up a new subsidiary in 2022, Meirui Shanghai, focusing on developing the application of TPU materials in the automotive industry and related fields, and increasing the added value of its products.

The polyurethane integration project is accelerated. Recently, the HDI project of Henan Meirui, a subsidiary of the company, has obtained the procedures of environmental assessment and energy assessment. the first phase of the project plans to invest 1.5 billion yuan to build 120000 tons of special isocyanate capacity, including 100000 tons of HDI, 15000 tons of CHDI and 5000 tons of PPDI. After the project is put into production, the company will become the seventh mainstream HDI manufacturer in the world. With the localization of adiponitrile, the production cost and price of HDI are expected to decline, driving water-based coatings to replace oily coatings, further improve the permeability of high-end coatings such as wind power and photovoltaic wind power in the new energy field, and open up the market space. In addition, HDI as the upstream of TPU, with the commissioning of Henan HDI project, the company makes up for the shortcomings of raw materials, opens up the whole industry chain of TPU, realizes integrated development, greatly enhances its TPU product competitiveness and development autonomy, drives the TPU industry into the fast lane, and accelerates the growth of market scale.

Profit Forecast and Investment suggestion: it is estimated that the return net profit of the company from 2022 to 2024 is RMB 1.48, 257, 652 million, and EPS is 0.74, 1.29, 3.26 respectively. Maintain a "buy" rating.

Risk tips: large fluctuations in product and raw material prices, lower-than-expected capacity release, lower-than-expected downstream demand, safety and environmental protection factors

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