Main points of investment
Next Monday (February 13) there is a main board listed company "Suqian Liansheng" inquiry.
Suqian Liansheng (603065.SH): the company's main business is the R & D, production and sales of polymer anti-aging auxiliaries and their intermediates, including hindered amine light stabilizers, compound auxiliaries, intermediates and polymerization inhibitors, etc.
From 2019 to 2021, the company achieved operating income of 995 million yuan / 1.215 billion yuan / 1.734 billion yuan, YOY of 14.89%, 22.14%, 42.74%, and a compound annual growth rate of 26.06%. The net profit of homing was 130 million yuan / 179 million yuan / 234 million yuan, and the YOY was 285.58%, 38.30%, 30.65% respectively, and the annual compound growth rate of three-year net profit was 90.99%. In the latest reporting period, the company achieved operating income of 1.792 billion yuan in 2022, an increase of 3.36% over the same period last year, and a net profit of 246 million yuan, an increase of 5.21% over the same period last year. The management of the company expects the net profit of 2023Q1 to be 57 million yuan to 67 million yuan, down 15.47% from a year earlier to 28.09%.
Investment highlights: 1. The company is one of the major manufacturers of light stabilizers in the world; in recent years, the company continues to develop new light stabilizers and further enrich the product line, laying a good foundation for performance growth. The company is one of the leading light stabilizer manufacturers in the world. According to the industry data released by MarketsandMarkets, the company's hindered amine light stabilizer series products will have a global market share of 19% in 2021 and about 13% in the global light stabilizer market, ranking in the forefront of the industry. At present, the company's more mature light stabilizers include light stabilizers 944, 622, 770, etc., which are the mainstream varieties of light stabilizers in the market, and are widely used in agricultural film, automobile interior and exterior decoration, home appliances, artificial grass and other fields. On this basis, the company continues to expand its product line of light stabilizers and launches several new products with special properties, including light stabilizers with low alkali and acid resistance, light stabilizers 2020 with better processing performance, light stabilizers 3853 for polyolefin modified plastics, light stabilizers 292 for coatings, etc., of which 119 achieved mass production in 2019, with sales revenue of 78 million yuan and revenue proportion of 5% by 2021. At the same time, NOR hindered amine light stabilizers such as 123and 114,585 light stabilizers in fund-raising projects will also be gradually put into production, and the development and commissioning of many new products are expected to provide a good basis for the company's revenue growth. 2. Around the core product light stabilizer, the company has a good layout in both the upper reaches of the vertical industrial chain and the horizontal product line. 1) based on the core light stabilizer products, the company has expanded to the upstream raw material intermediates of light stabilizers, and successfully mass-produced key intermediates such as triacetone amine and tetramethylpiperidinol, which has a good integration advantage. And the company will further strengthen the intermediate business to help the development of core products. The company plans to increase the annual production capacity of dimethyl sebacate, the intermediate of light stabilizer product 770, and its main intermediate, pentamethylpiperidinol, by 15000 tons, 3853, 2020, 292 and 12000 tons, respectively. In addition, according to the projects under construction disclosed in the prospectus The company is also carrying out production capacity construction of hexanediamine, the key intermediate of light stabilizer 944, and sebacic acid, the key intermediate of light stabilizer 770. In view of the fact that the intermediate products produced by the company give priority to their own use, the continuous strengthening of the intermediate business is expected to bring better impetus to the growth of the core business. 2) in the horizontal product layout, the company has realized the outsourcing and matching sales of ultraviolet absorbers, antioxidants and other products, and basically achieved the full coverage of products in the field of anti-aging auxiliaries for polymer materials. In addition, the company has broken through the core technology of ultraviolet absorbers, and the preparation and construction of products has entered the implementation stage.
Comparison with listed companies in the same industry: the company's main business is the production of polymer anti-aging auxiliaries and intermediates; according to the similarity of the main business, Lianlong and Scenic shares are selected as comparable listed companies. According to the above comparable companies, the average income of the industry in 2021 is 2.099 billion yuan, the arithmetic average (PE-TTM) is 40.88X, and the gross profit margin of sales is 28.12%. Comparatively speaking, the company's revenue scale is lower than the industry average, but the gross profit margin is higher than the industry average.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.
