On September 28, the company issued an announcement on the acceptance of the wet diaphragm production line. The company officially delivered a wet diaphragm production line to Jiujiang Guanli.
The localization rate of papermaking equipment has been gradually increased. The company's current products are mainly household paper intelligent equipment, household paper film packaging materials and so on. The intelligent equipment of household paper mainly includes automatic extraction paper towel production line, automatic paper rolling production line, automatic handkerchief paper production line and so on. Among them, the 800 multi-channel automatic handkerchief paper production line and 5600 large-width automatic paper drawing and folding machine independently developed by the company fill the gap of similar products in China, and the technology is in the leading level in China. At the same time, the company also provides packaging materials products, the project has been put into production, the company has realized the "equipment + materials" business development model. According to the research information released by the company, the data released by the Household Paper Association in 2022 show that the household paper industry has an annual growth space of 2%. At present, the company's main customers are mainly downstream leading household paper enterprises, including Heng Anxin Printing, Qingfeng Jinhong Leaf, Zhongshunjie soft Vader.
2023H1 realized operating income of 176 million yuan,-26.57% compared with the same period last year; realized net profit of 48.8207 million yuan,-42.01% compared with the same period last year; and realized net profit of 36.8375 million yuan,-55.28% of the same period last year. The main reason is that due to the obvious slowdown in the production expansion rate of customers of household paper smart equipment in 2023, which directly affects the expansion and sales of the company's household paper smart equipment, and most of the existing production capacity is tilted to lithium diaphragm equipment in 2023, affecting part of the household paper orders, after the new construction site is completed and put into production, household paper production is expected to be restored.
Cut into the lithium diaphragm equipment, has been officially delivered, optimistic about the future volume. Based on the overlap of the existing household paper equipment and packaging materials business in the manufacturing process and lithium battery diaphragm production process, the company accelerates the landing of lithium diaphragm equipment business. At the same time, we have carried out in-depth cooperation with Guanli New Materials to quickly realize the complementarity of "diaphragm production technology + mechanical manufacturing technology". Recently, the company announced that a wet diaphragm production line worth 88 million yuan was signed with Jiujiang Guanli on June 10, 2022, which has been officially delivered to Jiujiang Guanli and has passed acceptance.
For many years, China's diaphragm production line depends on imports. At present, there are only four major diaphragm equipment manufacturers in the world, namely, Japan Steel Institute, Toshiba of Japan, Bruckner of Germany, and Isop of France. The equipment system of importers is more mature, but its long delivery cycle, can not be customized and other adverse factors directly affect the slope climbing speed of the diaphragm project capacity. On the other hand, the global equipment production capacity is limited, and most of the production capacity has been locked by large manufacturers, resulting in higher prices, so it is imperative for diaphragm manufacturers to promote the localization of equipment under the pressure of cost reduction. At present, the company has achieved a new breakthrough in the localization of wet lithium diaphragm equipment, which is expected to become the company's second growth curve in the future.
Investment suggestion: as a leading papermaking equipment company, the company is now cutting into lithium diaphragm equipment. Considering that the company's production capacity is tilted to lithium diaphragm equipment, the company is expected to achieve a net profit of 189 million yuan, 312 million yuan and 667 million yuan respectively from 2023 to 2025, corresponding to 26 times, 16 times and 7 times of PE respectively.
For the first time, coverage was rated as "overweight".
Risk tips: the risk of macroeconomic fluctuations, the risk of lower-than-expected demand growth, the risk of rapid technology iteration, the risk of new customer development not as expected, the risk of industry policy fluctuations.