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东风股份(601515):拟加码新材料布局 多元化转型进一步推进

Dongfeng Co., Ltd. (601515): the diversified transformation of the layout of new materials to be added is further promoted.

中金公司 ·  Oct 19, 2022 00:00  · Researches

The current situation of the company

Recently, the company announced that the company plans to pay cash and issue shares to buy the equity of Shenzhen Bosheng New Materials Co., Ltd. Upon completion of the transaction, the company will have a 100% stake in Bosheng Xincai.

In addition, the company plans to jointly establish Hangzhou Sihan equity investment partnership (limited partnership) with Huzhou Saize Jiye Private Equity Fund Management Co., Ltd., of which the company plans to contribute 99.75%. The main investment direction is new energy, energy storage, new materials and high-tech industries.

Comment

Further improve the business layout of new materials. Based on the gradual extension of the business layout of new materials based on the base membrane business, the company has expanded to the related fields of new energy, high barrier and degradable materials, and has developed new material products such as lithium battery diaphragm support and protective film, aluminum-plastic film, building energy-saving film, etc., and has established a good cooperative relationship with Enjie shares. Bosheng Xinliao, which is proposed to be acquired, was previously a controlling subsidiary of the company. Bosheng Xinliao's main products are dry power lithium-ion battery separators, which are one of the few domestic enterprises with mass production of 12 μ m dry separators. Its downstream customers cover mainstream power battery industry leaders such as BYD. With the rapid climbing of Bosheng production capacity, its income grew rapidly and profits turned into profits in 2022. In addition, the company's proposed Hangzhou Sihan will also focus on new energy, energy storage, new materials and other fields. We believe that this acquisition and investment is expected to further improve the layout of the company's new materials business, promote the application of the company's new materials products in the field of battery separators, and strengthen the company's core competitiveness.

Pay attention to the progress of the company's diversified business transformation. In terms of tobacco label business, the company's traditional main business tobacco label business is sound. With the structural upgrading of the traditional cigarette industry, the company is actively developing medium-and high-end tobacco label business and striving to optimize its product structure. Tobacco label revenue has resumed growth since 2021, contributing to stable cash flow. In addition to the tobacco label business, the company pays close attention to the development opportunities of new energy, pharmaceuticals and other industries, and actively distributes new materials, medicine bags and other businesses by means of acquisition and endogenous, so as to promote diversified transformation. In terms of bag business, the company acquired subsidiaries such as Chiba bag, Shoujian bag, Huajian bag, Fuxin Huakang and other subsidiaries, realizing the coverage of PVC hard film, PVDC hard film, pharmaceutical packaging bottle, forming and stamping composite hard film and other pharmaceutical packaging materials, and has accumulated high-quality customers such as Beijing Sinovel and Broad Biology, and Class I pharmaceutical packaging business plate has begun to take shape. In terms of new materials business, in addition to the field of new energy, the company's new membrane materials are widely used in food and drug packaging (high resistance diaphragm), automotive field (automotive glass film, automotive paint protective film), construction field (architectural glass energy-saving film) and other fields. we suggest that we actively pay attention to the development of new materials business.

Profit forecast and valuation

Keep the earnings forecast for 2022amp 2023 unchanged, and the current share price corresponds to the price-to-earnings ratio of 15pm / 12x for 2022amp / 2023. Maintain an outperform industry rating and a target price of 6.00 yuan, corresponding to a price-to-earnings ratio of 21cm in 2023, which is 40% higher than the current stock price.

Risk.

New business progress is not as expected; industry policy changes.

The translation is provided by third-party software.


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