The company is committed to becoming an internationally competitive supplier of fluorobenzene compounds, mainly involving pharmaceutical intermediates, pesticide intermediates, new materials and electronic chemicals. The company pays attention to independent innovation, adhere to the main business to be refined and strong, adhere to product transformation and upgrading. On the one hand, it focuses on the R & D and production of new products such as high-end pharmaceutical and pesticide intermediates and electronic chemicals; on the other hand, it acquires fluorite mines, arranges multiple raw material production capacity, and improves the product industry chain. The company will gradually contribute to its performance over the past 20 years, Gaobao Mining, a subsidiary of Gaobao Mining, plans to build 80,000 tons of fluorine-containing fine chemicals and expand hydrofluoric acid, and the company is actively developing new material intermediates and electronic chemicals; in the long run, the company continues to move towards high-end products and has good growth by extending the industrial chain to reduce cyclical fluctuations. Coverage for the first time, no rating.
Focus on fluorine-containing fine chemicals, products to diversification, high-end development. The company is an important enterprise of fluorine-containing fine chemicals in China, and its products are widely used in fluorine-containing medicine, fluorine-containing pesticides, new materials and electronic chemicals and other fields. Due to the national attention to environmental protection and safety and the rapid development of the electronic information industry, the demand for fluorinated fine chemicals will continue to grow.
The company continues to increase investment in new technologies, new processes and new products to promote the diversification and high-end development of the company's products. In the fund-raising project, the "1500 tons annual BPEF project", which mainly supplies Japanese high chemistry, has been completed in 19 years, and is now being supplied in small batches. The "50 tons nenofloxacin cyclic acid project" is expected to be trial-produced in May 20.
The company is developing a series of new material intermediates of bisphenol fluorene and electronic chemicals of quaternary ammonium fluoroborate. The successful research and development of the project will greatly improve the technical content and added value of the company's products.
The acquisition of Gaobao Mining and Changxing fluorite, the industrial chain continues to improve. The company not only develops new products to push downstream, but also continues to improve the industrial chain. The company completed the acquisition of Gaobao Mining in September 19. Gaobao Mining's main hydrofluoric acid is one of the company's main raw materials. In October 19, Gaobao Mining signed a project investment contract with the Management Committee of Qingliu Economic Development Zone, intending to invest 300 million yuan in the construction of 20,000 tons of fluorobenzene, 7000 tons of sodium fluoride, 50,000 tons of potassium fluoride and 30,000 tons of anhydrous hydrogen fluoride, which will further guarantee the supply of many raw materials of the company. In December 19, Gaobao Mining completed the acquisition of Changxing fluorite, and the industrial chain extended to the upstream fluorite mine. From then on, the company has the whole chain of fluorite → hydrofluoric acid → fluoride salt → fluorine intermediate → fluorine-containing applied products.
Investment rating. The company's integrated industrial chain in the field of fluorine-containing fine chemicals will continue to improve, and the investment capacity and the research and development of new products will promote the company to achieve rapid growth. We estimate that the company's income from 2019 to 2021 will be 757 million, 1.313 billion and 1.539 billion respectively, the net profit will be 48 million, 125 million and 191 million respectively, the EPS will be 0.34,0.88,1.34 yuan respectively, and the PE will be 81.9,31.3,20.5 times respectively. Coverage for the first time, no rating.
Risk hint: the risk of raw material price fluctuation and the risk that production capacity is less than expected.