Main points of investment
Next Tuesday (October 17), there will be a gem listed company "Huibai Xincai" inquiry.
Huibai New material (301555): the company is mainly engaged in the research and development, production and sales of special formula modified epoxy resin.
From 2020 to 2022, the company achieved operating income of 1.432 billion yuan / 1.689 billion yuan / 1.775 billion yuan, YOY of 159.79%, 17.89% and 5.14%, respectively, with a compound annual growth rate of 47.67%. The net profit of homing was 56 million yuan / 67 million yuan / 64 million yuan, and the YOY was 148.42%, 19.21%, 4.54%, respectively, and the annual compound growth rate of three years' net profit was 41.39%. During the latest reporting period, the company's operating income from January to June 2023 was 715 million yuan, down 23.46% from the same period last year, and its net profit was 31 million yuan, up 99.14% from the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 46 million yuan from January to September 2023, an increase of 8.57% over the same period last year.
Investment highlights: 1. The company is the main supplier of epoxy resin for domestic wind power applications, with outstanding market share. In line with the trend of large-scale and lightweight wind power blades and the development trend of offshore wind power to deep water and far sea, the company has accumulated 20 core technologies. The products have been applied to customers such as Zhongfu Lianzhong, Mingyang Intelligence, New Materials of the Times, Vision Energy, Guodian, China Science and Power, Tianshun Wind Energy and so on. Among them, the YD110 large-scale offshore wind power blades formed by Zhongfu Lianzhong and Yunda shares were successfully offline in May 2022, which is currently the longest wind power blade successfully offline in China; at the same time, the proportion of Mingyang Intelligent Purchasing wind turbine blades for offshore wind power has increased significantly, from 43% in 2020 to 72% in 2021. With the "annual production of 20,000 tons of epoxy resin for wind turbine blades" put into production in 2020, the company's market share of epoxy resin for wind power blades increased from 9.63% in 2019 to 15.87% in 2020, and further increased to 22.86% in 2021. 2. The core technical personnel of the company have rich experience, and the new composite materials use epoxy resin to open the space for future growth. The chief technical adviser, Toshihiko Kawamoto, once served as the chairman and research fellow of Japan Dongdu Kasei Co., Ltd., which is an established epoxy resin enterprise in the world. China Petroleum & Chemical Corp Yueyang Petrochemical General Plant in 1985 from its introduction of 3000 tons of epoxy resin plant is the first set of advanced epoxy resin production equipment imported from China; later, he served as vice president of Hongchang electronic technology and technical consultant of Sanguang Co., Ltd. has more than 30 years of experience in the resin industry. The company attaches great importance to technology and product investment, and the amount of R & D expenses is higher than the average of comparable companies in the same industry. it has successfully developed a new type of composite epoxy resin with a rich product line, contributing 11.89% of its revenue in the first half of 2023. Among them, epoxy resin for flame retardant composite materials is used by Zhuzhou Electric Locomotive Guangyuan Technology Co., Ltd. and BYD in high-speed rail, motor cars, buses and other fields; in addition, the new composite epoxy resin can also be used in lightweight parts of new energy vehicles, medical equipment, sports equipment, hydrogen storage bottles and many other scenes, a wide range of downstream applications may be expected to open the future growth space.
Comparison of listed companies in the same industry: considering business and product types comprehensively, Hongchang Electronics, Shangwei New Materials and Polymerization Technology are selected as comparable listed companies of Huibai New Materials; from the above comparable companies, the average income in 2022 is 1.794 billion yuan, the sales gross profit margin is 11.99%, and the comparable PE-TTM (arithmetic average) is 45.52X. In comparison, the company's revenue size and gross profit margin are on average comparable to those of the industry.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation and so on. The specific risks of listed companies are shown in the text.