公司深耕芳香族酮类精细化学品十余年，在核心傅克反应领域有较强的技术积累，主要产品为DFBP、HAP以及光引发剂，均取得了较为突出的市场领先地位，并拥有一 定的技术及工艺壁垒。公司现有产能合计4200吨，另有8000吨募投产能即将投放，成长空间广阔。Main points of investment:
During the 13th five-year Plan period, due to the strict comprehensive regulation of the chemical industry, the supply and expansion of the company's DFBP, HAP and other core products industry is limited, while the sustained growth of demand-side PEEK and cosmetics market demand, the company's production capacity is gradually stretched; after listing, the company raised 8000 tons of production capacity is now about to be put into production, to solve the shortage of industry supply at the same time, the company's capacity scale has been doubled expansion.
Basic information of the company
The company has been ploughing aromatic ketone fine chemicals for more than ten years, and has strong technical accumulation in the field of core Fourier reaction. The main products are DFBP, HAP and photoinitiators, all of which have achieved a prominent market leading position and have a certain technical and process barriers. The company has a total production capacity of 4200 tons, and another 8000 tons will be put into production soon, so there is a broad space for growth.
The pattern of DFBP industry is rising to good prosperity.
Automotive, aerospace, medical and other fields of rapid development pull special engineering plastics PEEK and its raw materials DFBP sustained rapid growth; and during the 13th five-year Plan period, under the strict regulation of the chemical industry, DFBP capacity expansion is limited, industry supply continues to tighten so that DFBP continues to rise; and DFBP production capacity is concentrated in the company and Yingkou Xingfu, as a leading company in the industry, the company has become the core supplier of major global PEEK manufacturers, fully benefiting from the DFBP upstream.
There is much room for growth in cosmetic raw material business.
Methyl isothiazolinone and other traditional cosmetic antiseptic materials have the risk of sensitization and carcinogenicity, and their use is gradually prohibited or restricted all over the world. As a new cosmetic antiseptic raw material, HAP is safe, non-toxic and has multiple effects such as anti-oxidation, soothing and emulsion stability. It conforms to the upgrading trend of domestic consumption and has a large space for growth. The company is the leader of domestic HAP, deeply binds the international giant Dezhixin of cosmetic raw materials, and is expected to benefit from the high-end, safe and large-scale development of the cosmetics industry in the future.
Earnings forecast, valuation and rating
We estimate that the company's income in 2023-25 will be 8.1 / 1 billion yuan, with a corresponding growth rate of 56%, 31%, 22%, 2.51 million yuan, 2.51 million yuan, 52%, 29%, 20%, 2.43 yuan, and 33%, respectively. In view of the company's DFBP, HAP products industry pattern, and capacity expansion, and with reference to comparable company valuation, we give the company 24 years 20 times PE, the target price of 40.4 yuan, given the "buy" rating.
Risk hint: projects under construction are not advancing as expected, competition aggravates risks, and environmental protection costs rise.
