Based on high-quality customer resources, to create catalyst promoters "one-stop supply". The company has ploughed polyolefin catalysts for more than 18 years and antioxidants for more than 16 years. Based on Petrochina Company Limited, CNOOC, Zhejiang Petrochemical, Baofeng Energy, Shenhua and other high-quality customer resources to form a polyolefin catalyst, antioxidant single-compound auxiliaries "one-stop supply" product matrix. In the future, on the one hand, the company will continue to consolidate its main business, expand its production capacity in line with the growth trend of downstream demand, and promote the volume of income and profit to a higher level. On the other hand, based on years of technical accumulation of polyolefin catalysts, polyolefin catalysts are vigorously promoting the industrialization of polyolefin catalysts and extending downstream into new materials, with medium-and long-term growth prospects.
The competition pattern of polyolefin catalyst is good, and the industry welcomes a wave of localization. The domestic substitute demand of catalyst lags behind the expansion of downstream polyolefin for about two years. According to Zhuochuang, the production capacity of polyolefin has increased by about 14.4 million tons in the past two years, so the polyolefin catalyst industry is expected to meet the accelerated growth of domestic demand. Moreover, the technology of polyolefin catalyst industry has been closed for many years. There are only four domestic manufacturers: Dingji, Xiangyang Science and Technology, Beijing Auda and Shanghai Lide, with excellent competition pattern and certain degree of import dependence. In addition, the polyolefin production plant has high depreciation of heavy assets, so it is necessary to maintain a high operating rate. Therefore, the demand for polyolefin catalysts is relatively rigid. To sum up, we believe that the release of the company's new production capacity has a strong contribution to the performance. The company has a production capacity of 220 tons of polyolefin catalyst. After the fund-raising project reaches production, the company's polyolefin catalyst production capacity will increase to 645 tons, and the release of production capacity will boost the performance.
We will improve the upstream support of the antioxidant industry chain and accelerate the expansion of high-end categories. The company's existing antioxidant single agent is 23000 tons, and the fund-raising project will increase to 44500 tons after reaching production, and the production capacity of composite auxiliaries will increase by 20, 000 tons, and there are high-end varieties of antioxidants in the fundraising project. at present, its market is mainly dominated by overseas foreign investors such as BASF, Songyuan and Yabao, and has a rich profit margin. At the same time, the company raised, invested and expanded the production of 15000 tons of alkylphenol, thickening the profit space in the upper reaches of the supporting industry chain.
Promote the industrialization of metallocene catalysts and advance into new materials to spread their wings and take off. POE film has excellent anti-PID performance and strong weather resistance, combined with TOPCon, HJT and other N-type batteries to accelerate production expansion, high-end polyolefin POE particles are expected to meet the high demand. At present, POE particles are completely monopolized by overseas, and the main barrier to production is metallocene catalyst on the eve of domestic breakthrough. The company has ploughed polyolefin catalysts for many years and continues to promote the industrialization of metallocene catalysts. At the same time, on October 28, the company set up a subsidiary to enter the new materials to open up the growth space, cut into the trillion track and set sail.
Profit forecast and investment advice. From 2022 to 2024, we estimate that the operating income of the company will be 7993,1445 million yuan respectively, and the net profit of returning to the mother will be 1.04 million yuan respectively, and the corresponding PE will be 14.6 times that of 39.7 pounds. The volume of the company's fund-raising projects has increased rapidly after reaching production, and actively promote the industrialization of metallocene catalysts and enter into new materials, which has a huge space in the medium and long term. Cover for the first time, giving a "buy" rating.
Risk tips: catalyst capacity release is not as expected, photovoltaic installation is not as expected, product sales price is not as expected, space measurement error risk.