Events:
On February 10, 2023, the company released "Kaisheng New material Research activity Information 20230210". The first phase of the company's "2000 tons / year polyether ketone resin and molding application project" has entered the stage of trial production and commissioning. The company is debugging by model grade. The construction of the first phase of Weifang Kaisheng production base has been completed, and the 50,000 tons / year chloroacetyl chloride project will be put into trial production. Weifang Kaisheng will continue to build 20, 000 tons / year aramid polymer monomer and 10000 tons / year new lithium salt for lithium battery. On February 22, 2023, the company issued a preliminary plan for issuing convertible corporate bonds to unspecified objects (revised version), with a total amount of no more than 650 million yuan (including 650 million yuan) to be raised for a new lithium salt project for 10000 tons / year lithium batteries and supplementary working capital.
Main points of investment:
The company is the leading enterprise of thionyl chloride and aramid polymerization monomer, which lays the foundation for the development of the company. The existing production capacity of thionyl chloride is 150,000 tons / year, and the project construction of 50,000 tons / year under construction has been completed. The company is the largest manufacturer of thionyl chloride in the world. The company uses thionyl chloride as raw material to produce aramid polymerization monomers, the existing aramid polymerization monomer / terephthaloyl chloride production capacity of a total of 31000 tons / year, the planned capacity of 20,000 tons / year, the total production capacity of the planned project will exceed 50,000 tons / year. According to the company's sub-product revenue and gross profit composition, the company's current revenue and gross profit is mainly contributed by thionyl chloride and aramid polymerization monomer to build a solid basic plate of the company.
Extending the industrial chain, polyether ketone ketone (PEKK), the only domestic enterprise with a complete industrialization system of PEKK, belongs to special engineering plastics, with excellent high temperature resistance, mechanical properties, radiation resistance, corrosion resistance and friction resistance and other comprehensive properties, mainly used in 3D printing materials, anti-corrosion spraying, aerospace, automotive manufacturing, oil and gas industry, electronics and appliances manufacturing, human implant medical and other fields.
The company has established a distinctive three-dimensional industrial chain structure, starting with the basic chemical raw materials of chlorine and sulfur, from the fine chemical intermediate thionyl chloride, to the polymerization monomer of high-performance aramid fiber-hydroxyl chloride such as m-/ p-nitrobenzoyl chloride and p-nitrobenzoyl chloride, to the high-performance polymer material PEKK and its related functional products. The company's development of PEKK is a further extension of the p-thionyl chloride-m / p-terephthaloyl chloride industry chain.
The company is the only one with PEKK complete technical system of the industrial chain integration manufacturers.
The production capacity of 1000 tons in the first phase of "2000 tons / year polyether ketone resin and molding application project" has entered the stage of trial production and commissioning, and the company is carrying out commissioning by model grade. At present, the average selling price of the company's PEKK products is about 300000 / ton, and the prices of products of different models and grades are different. The company is carrying out PEKK product certification through domestic and foreign customers, and will gradually open up the market through "quantity" and "price" adjustment in the future, and grasp the rhythm of technology research and development and market development at the same time.
Relying on sulfoxide chloride to enter the new lithium salt LiFSI, open a new pattern of the company's development, according to the company announcement, difluorosulfonimide lithium (LiFSI) is a new electrolyte lithium salt used in lithium battery electrolyte, which is relatively friendly to the environment and has good safety performance. Compared with the traditional lithium salt lithium hexafluorophosphate (LiPF6), the lithium ion in LiFSI is easier to dissociate, so it has higher electrical conductivity, and the thermal stability and safety performance of LiFSI is obviously better than that of LiPF6; when the decomposition temperature is higher than 200 ℃. In addition, it also has a unique effect in improving high temperature storage, low temperature discharge and other properties. In view of the fact that the traditional lithium salt LiPF6 has some problems such as poor thermal stability and easy hydrolysis, which can easily cause the rapid decline of battery capacity and bring safety risks, LiFSI, a new type of electrolyte solute with higher safety and stability, will usher in greater opportunities for development.
Sulfoxide chloride is one of the core raw materials of the new lithium salt LiFSI. The development process of thionyl chloride industrial chain over the years has given the company profound accumulation of chlorination technology; thionyl chloride cycle industrial chain has also established a considerable degree of raw materials and cost advantages for the preparation of LiFSI; at the same time, the company has done a lot of technical reserve and experimental work on the most advanced technology achievements abroad before formally launching the new lithium salt project for 10000 tons / year lithium battery, and achieved good results.
The company strives to carry out the research on the route of preparing LiFSI from thionyl chloride as raw material. at present, it has completed the technical and process reserve of LiFSI and built a 200t / a pilot plant, and completed many batches of safe and stable operation, which has the conditions to promote the landing of LiFSI industrialization. The company intends to continue to take advantage of the outstanding advantages in thionyl chloride industrial chain, chlorination reaction technology and sulfur dioxide separation and recycling process to develop LiFSI to achieve the extension of the industrial chain. In December 2022, the company announced that the total amount of funds to be raised by issuing convertible bonds would not exceed 650 million yuan, mainly for a new lithium salt project for 10000 tons / year lithium batteries, with a construction period of 24 months. According to the announcement time, the company's LiFSI project is expected to be completed and put into production by the end of 2024, which is expected to open a new chapter in the company's development, benefiting from the electrolyte iterative upgrading process and moving towards the blue sea of new energy.
Equity incentive sets high goals to show the company's confidence and determination to develop.
The company issued its first restricted stock incentive plan in April 2022. The number of restricted shares to be granted under this incentive plan is 2.176 million shares, accounting for about 0.5173% of the company's total share capital of 420640 shares, of which 1.976 million shares are granted for the first time, accounting for about 0.4698% of the company's total share capital. The company's equity incentive sets a higher goal, which demonstrates the company's confidence and determination to develop.
According to the conditions of the company's equity incentive unlocking, in order to realize the three-stage unlocking, it is necessary to ensure that the revenue in 2022-2024 will reach 1.88 billion yuan or the non-homing net profit will reach 2.16 million yuan. The corresponding CAGR in 2021-2024 must reach at least 31.04% and 37.51%.
Profit forecast and investment rating estimate that the company's revenue in 2024 will be 1.93 billion yuan, respectively, and the net profit of its parent will be 2.7 million yuan, 406 million yuan, corresponding to PE48/32/21 times. The company is the global leader of thionyl chloride and aramid polymerization monomer acyl chloride, relying on the sulfoxide chloride industry chain to create high-end new materials, aramid monomer, polyaryl ether ketone, new lithium salt LiFSI multi-point flowering, is expected to open a new pattern of the company's development. Cover for the first time, giving a "buy" rating.
Risks suggest that the project production schedule is not as expected, technology development is not as expected, downstream demand expansion is not as expected, raw material prices fluctuate sharply, domestic and foreign epidemics and other force majeure, the international situation is volatile, industry policy changes greatly, and so on.