Events:
On August 31, BASF signed a strategic cooperation intention agreement with Garden Group to strengthen cooperation in many aspects, including raw material supply, market development and product development. jointly provide high-quality innovative solutions to customers in a number of key industries in China and overseas markets.
Jinxi Science and Technology Park will be put into production soon, join hands with BASF to speed up the development of 25-hydroxy VD3 market. At present, the company's Jinxi Science and Technology Park 25-hydroxy VD3 project already has the conditions for trial production, and the company will have a production capacity of 1200 tons / year 25-hydroxy VD3 after it is put into production. As a veteran chemical giant in the world, BASF has global sales of nearly 78.6 billion euros in 2021 and has deep technology and market accumulation in nutrition and care. The signing of a strategic cooperation agreement with BASF will help to accelerate the expansion of the company's 25-hydroxy VD3 products. Application in the field of physical nutrition and human health products
Previously, DSM, the company's traditional strategic partner, devoted itself to replacing ordinary VD3 with 25-hydroxy VD3 in the field of animal nutrition, and launched 25-hydroxy VD3 health products for human use. After this contract, the downstream of the company will be bound to Emperor 25 hydroxyl Manji and VBA D3 at the same time. The improvement of permeability and the expansion in the health products market are expected to promote the rapid release of the company's 25-hydroxyl VD3 production capacity, which is expected to support the rapid growth of the company's performance.
Layout of ossifying alcohols, fully active VD3 opens the company's long-term growth space, the company further developed full-active VD3 as ossifying alcohols, and started the industrialization process through the convertible bond project. Fully active VD3 has a large market space in the fields of osteoporosis, psoriasis and renal dialysis. according to the estimation of the feasibility report of the company's convertible bond raising project, the average annual profit of the ossification alcohol project is expected to reach 1.25 billion yuan, opening up the company's long-term growth space.
Earnings forecast, valuation and rating
We maintain our previous profit forecast and expect the company's 2022-24 net profit to be 5.10,6.45,0.93,171977 and 100 million yuan respectively. 4Bing 5 has a corresponding growth rate of 6.30% yuan, and the current stock price corresponding to PE is respectively times that of 20-16-13. In view of the clear growth of the company, we maintain the target price of 23.25 yuan and maintain the "buy" rating.
Risk hints: the production or market promotion of ossified alcohols is not as expected, and the market promotion of 25-hydroxy VD3 is not as expected.
