美瑞新材(300848):定增赋能公司长期发展 聚氨酯一体化项目加速

Meirui New Materials (300848): Constant increase empowers the company to accelerate the long-term development of polyurethane integrated projects

中泰證券 ·  10/24/2022  · Researches

Event: on October 24, the company released the third quarterly report of 2022: the operating income in the first three quarters of 2022 was 1.166 billion yuan, up 29.1% from the same period last year; the net profit attributed to the parent company was 81 million yuan, up 6.39% from the same period last year; and the net profit from non-return was 64 million yuan, up 6.31% from the same period last year. 2022Q3 realized operating income of 373 million yuan in a single quarter, down 1.2% from the same period last year and 7.32% from the previous year; the net profit attributed to the parent company was 25 million yuan, down 16.83% from the same period last year and 22.98% from the previous year; and the net profit from non-homing was 19 million yuan, down 20.69% from the same period last year and 27.04% from the previous year.


The price of raw materials remains high, and the company's profits have declined significantly. In terms of profitability, the company's gross profit margin in the first three quarters of 2022 was 13.27%, year-on-year-1.53pct; net profit margin was 6.97%, year-on-year-1.45pct-Roe was 8.85%, year-on-year-0.5pct. Q3 single-quarter gross profit margin is 12.48%, quarter-on-quarter ratio-2.23pct; net profit rate is 6.84%, month-on-quarter ratio-1.4pct-ROE is 2.77%, month-on-month ratio-0.84pct. The decline in profitability is mainly due to the sharp rise in raw material costs of TPU products under high energy prices and a year-on-year rise in sales. The company strictly controls the expenditure, and the result of reducing cost and increasing efficiency is prominent. In terms of period expenses, the company's period expense rate was 6.22% in the first three quarters of 2022, compared with the same period last year-0.01pct. Among them, the sales expense rate is 0.73, year-on-year-0.04pct, management expenses (including R & D expenses, comparable caliber) rate is 6.24%, year-on-year + 0.25pct, financial expense rate is-0.75%, year-on-year-0.21pct. 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. In the first three quarters of 2022, the company's total R & D expenditure was 52 million yuan, + 42.71% 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. The entry of Q3PowerTPU products is affected by the epidemic situation, and the terminal demand is under pressure. In terms of price, according to the average price of TPU film, TPU mobile phone case and TPU shoes materials in the first three quarters of Wind,2022 year, the average price of each product in the first three quarters of the year is 24971, 21540, 20967 yuan / ton, + 6.39%, 2.34%, 5.61%, 19,9819168 yuan / ton,-2.06%, 9.26%, 12.62%, 8.21%, 8.62% respectively. In terms of raw materials, the average prices of HDI (East China), pure MDI, BDO and polyester polyol (AA/EG: East China) in the first three quarters of 2022 were 73778MB 21274max 20944max 14,500 yuan / ton, respectively, compared with the same period last year. The average price of each raw material in Q3 in a single season is 69005max 19832max 12568 RMB13045 / ton, compared with the same period last year. 21.82%, 11.05%, 52.09%, 3.94%, 6.97%, 12.76%, respectively. The company's annual output of 200000 tons of elastomer integration project has been approved by EIA in January this year and construction permit in February, and is expected to be put into production at the end of 2023. After putting into production, it is expected to get rid of the production bottleneck and become a leading enterprise in the industry; in addition, the company has set up a new holding subsidiary, Meirui Shanghai, in March 2022, focusing on the application of TPU materials in the automotive industry and related fields, and increasing the added value of products.

The polyurethane integration project is accelerated. Recently, the HDI project of Henan Meirui, a subsidiary of the company, has obtained environmental assessment, energy assessment, safety assessment and "Construction Project Planning license". 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 and open up the market space in the new energy field of wind power, photovoltaic wind power and other high-end coatings. In addition, HDI as the upstream of TPU, with the commissioning of Henan HDI project, combined with local BDO and PTMEG, the company will make up for the shortcomings of raw materials, open up the whole industry chain of TPU, realize integrated development, greatly enhance its TPU product competitiveness and development autonomy, drive the TPU industry into the fast lane, and accelerate the growth of market scale.

Fixed increase plan landed, empowering the company's long-term development. According to the announcement, the company intends to issue shares to a specific object, Mr. Wang Renhong, the company's controlling shareholder and actual controller, to raise a total of no more than 235 million yuan (including capital), and the issue price is 19.06 yuan per share, all of which will be used to supplement working capital after deducting the issuance fee. As of the date of the preliminary plan announcement, Mr. Wang Renhong held a total of 47.54% of the company's shares. Calculated according to the proposed subscription limit of 12329485 shares, after the completion of this issue, the shareholding ratio will be increased to 50.59%, further consolidating the control of the company. Through this fixed increase, the company will enhance its financial strength, improve its capital structure, improve its anti-risk ability and sustainable operation ability, and provide financial support for core business growth and business strategic layout. on the other hand, it also demonstrates the management's determination to the company's long-term development.

Profit forecast and investment advice: due to the recent fluctuations in the prices of raw materials and products, we adjust the company's profit forecast for this year and estimate that the company's net profit from 2022 to 2024 will be 1.22 million yuan (formerly 1.48) / 256 million yuan. 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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