Event: Kaili Xinlifa cloth reported in mid-2022 that the company's operating income was 847 million yuan, an increase of 18.83% over the same period last year; the net profit belonging to shareholders of listed companies was 128 million yuan, an increase of 54.81% over the same period last year.
Comments:
The company ploughs the field of chemical reagents and auxiliaries and is rich in product structure. The company is engaged in the R & D and production of precious metal catalysts, with hundreds of precious metal catalyst products, mainly platinum, palladium, ruthenium, rhodium, iridium, gold and so on. According to the type of catalytic reaction, it can be divided into two main product categories: heterogeneous catalyst and homogeneous catalyst. At present, heterogeneous catalysts are the most widely used catalysts in industry, which are generally composed of active components, promoters and carriers, while homogeneous catalysts are mainly composed of platinum group metal inorganic compounds or organic metal complexes. In the first half of 2022, the company's product sales and revenue increased as a whole, with revenue growth rates of 28.18% in pharmaceuticals, 44.09% in basic chemicals and 12.87% in pesticides.
The company provides precious metal catalyst processing services and catalytic application technology research and development services. In processing services, precious metal raw materials as turnover materials, do not participate in transaction pricing, the company considers the consumption of processing technology, personnel, equipment and auxiliary materials, and charges processing fees according to the number of products processed.
In the research and development service, relying on years of basic accumulation, understanding and research and development of catalytic reaction, the company provides customers with catalytic application technology development, consultation, process improvement and other services. at the same time to provide customers with more excellent performance and suitable catalyst products.
The company's R & D investment is increasing year by year, and its scientific and technological innovation ability is strong. The company adheres to the development strategy driven by technological innovation, and has many core technologies, such as multiphase precious metal catalyst preparation technology, homogeneous catalyst preparation technology, catalytic synthesis technology and so on.
As an R & D-driven enterprise, the company insists on continuous investment in R & D and has formed a team of technicians and experts engaged in the research and development of precious metal catalysts and other new catalysts for a long time. The company's R & D strength, team and level are in the forefront of the country.
Investment advice and rating: it is estimated that the company's operating income from 2022 to 2024 will be 2.05 trillion yuan, and its net profit will be 2.33 billion yuan. With reference to the comparable company Aladdin's current price-to-earnings ratio of 56.2, the company is given 56 times PE, and the company is reasonably valued at 13.048 billion yuan in 2022, which is 7.34% more than the current market capitalization.
Risk hints: the risk of large fluctuations in precious metal prices, leading to significant fluctuations in income; the risk that the R & D and sales of precious metal catalysts fall short of expectations