Main points of investment
This Friday (September 2), Debang Technology, a listed company of Science and Technology Innovation Board, made an inquiry.
Debang Technology (688035): the company is engaged in the R & D and industrialization of high-end electronic packaging materials in the form of electronic grade adhesives and functional film materials. widely used in integrated circuit packaging, intelligent terminal packaging and new energy applications and other emerging industries. From 2019 to 2021, the company achieved operating income of 327 million yuan / 417 million yuan / 584 million yuan, YOY of 65.92% 27.51% and 40.07%, respectively, with a three-year compound annual growth rate of 43.64%. The net profit of returning to the mother was 36 million yuan / 50 million yuan / 76 million yuan, and the YOY was 2212.36%, 40.33% and 51.32% respectively, turning losses into profits in 2019. During the latest reporting period, 2022H1 achieved an operating income of 376 million yuan, an increase of 59.69% over the same period last year, and a net profit of 44 million yuan, an increase of 81.22% over the same period last year. The company expects the net profit attributable to parent shareholders from January to September 2022 to range from 80 million yuan to 91 million yuan, an increase of 60.35% to 82.40% over the same period last year.
Investment highlights: 1. At present, the company has achieved independent control in a number of product technologies in the field of high-end electronic packaging materials, which is the leading enterprise in the domestic high-end electronic packaging materials industry; high-end electronic packaging materials industry is supported by national policies, and the company is supported by the national integrated circuit industry fund, or will better benefit from the trend of domestic substitution in the industry. 1) the company has established a complete R & D and production system in the field of high-end electronic packaging materials and has completely independent intellectual property rights. The company has gained a leading position in many fields of packaging materials in China, and is one of the few or only domestic manufacturers to realize the supply of packaging materials in integrated circuits and intelligent terminals. in the field of new energy applications, it has passed the verification of Ningde era, BYD and other power battery enterprises, and a large number of photovoltaic head enterprises such as Tongwei shares and Ates are in the forefront of market share. 2) the high-end electronic packaging material industry that the company belongs to is a new material industry encouraged by the state. At present, this industry is still dominated by European, American and Japanese manufacturers, and there is more room for domestic substitution. The company is an electronic packaging material manufacturer with the key layout of the national integrated circuit industry. With the support of the industrial fund, the company may better benefit from the development of domestic substitution trend in the industry promoted by the policy. 2. The demand for power battery packaging materials has increased greatly in recent years, and the company has first invested in the production capacity expansion of corresponding products, which can better respond to customer demand and provide strong support for performance growth. Affected by the substantial growth in demand from downstream customers such as Ningde era and BYD since 2021, the corresponding income of two-component polyurethane structural adhesive used in new energy power batteries has increased significantly, with an increase of 152.32% year-on-year to 160 million yuan in 2021. It is expected that the downstream demand for power batteries will continue to be strong in the next few years. In response to the market demand, the company has invested in the 8800 tons of power battery packaging materials in the fund-raising project "High-end Electronic Special material production Project", and is expected to complete the project construction and meet the production conditions in August this year, which is expected to further increase the market share.
Comparison with listed companies in the same industry: the company's main business is the R & D and industrialization of high-end electronic packaging materials. Listed companies with similarities in product structure and downstream application fields, such as Huitian Xinliao, Jingrui Electric Materials, Zhongshi Technology, Saiwu Technology and Shihua Technology, are selected as comparable companies. According to the situation of comparable companies, the average income is 1.895 billion yuan, the average PE-TTM is 40.55X, and the average sales gross profit margin is 29.13%. In comparison, the company's revenue is lower than the industry average, but the gross profit margin of sales is higher than the industry average.
Risk hint: companies that have started the inquiry process still have the possibility that they will not be listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is shown in the text content.
