Events:
According to the company's performance forecast, the net profit attributable to shareholders of listed companies is expected to be 145 million yuan to 170 million yuan in 2018, an increase of about 34% to 57% over the same period last year; the deduction of non-net profit for shareholders of listed companies is 131 million yuan to 156 million yuan, an increase of 26% to 50% over the same period last year.
Comments:
The company is a comprehensive solution provider for smart factories in the field of chemical and lithium materials. The company specializes in providing engineering consulting design and general contracting services for petroleum and petrochemical, coal chemical and other industries, and has Class A qualification for design consulting in chemical, petrochemical, pharmaceutical, construction and other industries. The company acquired Nanda Zijin in September 2017 and entered the lithium materials intelligent equipment manufacturing industry to provide integrated solutions for intelligent design and intelligent manufacturing for lithium materials manufacturers. After integration, Nanda Zijin has changed from a single production line supplier to an intelligent factory general contractor, and the synergy effect is significant.
The trend of high nickel is obvious, and the professional EPC contractor has a bright future. High nickel ternary is the best way to improve the energy density of batteries at the current stage, and the permeability of 811 is expected to reach 10% in 2020, which will lead to an upsurge of investment in domestic high nickel production lines. According to statistics, the planned production capacity of 811 in China has reached more than 200000 tons, and the estimated space can reach 14 billion yuan according to the investment of 700 million yuan / 10,000 tons. At the same time, 811 technical barriers are extremely high, and the production process has stringent requirements on temperature, humidity, magnetic foreign bodies, corrosion resistance and automation, and the scale of superimposed new production capacity is more than 10,000 tons, so it is particularly difficult for enterprises to build their own production lines. third-party professional solution providers will have a bright future.
The company has obvious advantages, full of orders, and is expected to rise rapidly in the future. Nanda Zijin is committed to the development of powder automation equipment and undertakes the first fully automatic production line of lithium cobalt / lithium manganate / lithium iron phosphate and other cathode materials in China. The company's main customers are Dangsheng, Palmer, Shanshan, Menggu and so on. At present, the domestic market share is close to 90%, and the advantage is obvious. If the company successfully acquires Hantaike, it will bring the coordination of technology and customers (Umico, Samsung, LG). The company announced in 2018 that lithium electricity had an order of 2.2 billion, and the second phase of the 560 million Red Horse project was signed in the second half of the year. The confirmation period is generally 12-14 months, which is expected to bring greater performance flexibility in the future. Under the trend of high nickel, the company is expected to rise rapidly in the future.
The petrochemical industry is steady and improving, and the traditional business will maintain steady growth. The downstream demand for chemical products has maintained growth, while environmental protection and capacity removal policies have promoted the supply and demand of most traditional chemical industries to return to a balanced level, and the prosperity of the industry has improved significantly. The company has a leading position in the fields of synthetic fiber, synthetic rubber, synthetic resin and coal chemical industry for many years. In the future, with the gradual improvement of the industry environment, the chemical business will maintain steady growth.
The company is a comprehensive solution provider of domestic scarce lithium electric materials smart factory, covering for the first time to give a "highly recommended-A" rating! We expect the company's net profit for 18-20 years to be 164 million yuan, 300 million yuan and 439 million yuan, and EPS is 0.52,0.96 and 1.40 yuan, respectively. The current share price of 15.00RMB corresponds to the PE of 28.7x, 15.7x and 10.7x in 18-20 years, giving the "highly recommended-A" rating for the first time.
Risk hint. The promotion of high-nickel is not up to expectations, and the competition in the industry is intensified.