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兴欣新材(001358):特种精细化学品隐形冠军 全球领先的哌嗪衍生物龙头企业

Xingxin New Materials (001358): Invisible Champion in Special Fine Chemicals, World's Leading Piperazine Derivatives Company

國盛證券 ·  Nov 29, 2023 00:00

We have been deeply involved in the field of piperazine derivatives for more than 10 years, and built a stable moat with all-round barriers. The company focuses on the development and industrialization of piperazine derivatives. After more than 10 years of exploration and development, with piperazine as the core, the company has built a complete piperazine derivatives recycling industry chain. From the acquisition of piperazine, the initial raw material, to flexible control of process routes, to the comprehensive reuse of co-products and by-products in the production process, the entire piperazine derivatives industry chain layout has brought strong industry competitiveness to the company. In terms of technological innovation, the company is an “organic amine” provincial high-tech enterprise research and development center, an invisible champion enterprise in Zhejiang Province, a specialized new small and medium-sized enterprise, and has jointly built the electronic chemicals R&D center of the Zhejiang Shaoxing Research Institute with Tianjin University. The main products are at the forefront of the industry in terms of variety, scale, performance, and production costs.

The company has established long-term strategic cooperation with all three suppliers of upstream raw materials. The company is also the main supplier or sole supplier of similar products in the downstream customer supply chain, with remarkable comprehensive advantages.

The downstream application field of piperazine derivatives continues to expand, and the potential market space is large. The company's products are widely used downstream, involving electronic chemicals, environmentally friendly chemicals, polymer materials, biomedicine and other fields. In the electronic chemicals sector, demand for photoresist strippers continues to grow as OLED shipments increase, while the semiconductor photoresist stripper market opens up new growth space for the company. In the environmentally friendly chemicals sector, the company's patented products have outstanding desulfurizer performance, and the market is expanding rapidly. Downstream demand for the decarburizer business is expected to grow rapidly as the CCUS industrialization wave accelerates; piperazine-type heavy metal adsorbents in the field of waste incineration and water treatment have broad future prospects as a new generation of environmentally friendly materials with excellent performance. In the polymer materials sector, the company has targeted a large number of polyurethane additives and is expected to advance to the largest domestic manufacturer. In the biomedical sector, demand for biological buffers is growing rapidly as an emerging field. As the downstream market for piperazine derivatives expands in new fields, the company has large potential market space and broad prospects in the future.

The fund-raising project focuses on downstream high-growth areas and strengthens the support of the entire industry chain. The company's capital raised is mainly used for the annual output of 14,000 tons of environmentally friendly solvent products and 5,250 tons of polyurethane foaming agent projects, 8800t/a piperazine series products, 74600t/a heavy metal chelating agent, 1000t/a dimorpholine ethyl ether project, R&D building construction, and supplementary working capital. The company's fund-raising projects focus on environmentally friendly chemicals, polymer materials and other fields where downstream demand for piperazine derivatives is rapidly growing, while supporting the production capacity of the upstream core raw material 68 piperazine to further strengthen the competitive advantage of the company's entire industry chain. Many expansion projects and new products in the fund-raising project will be put into operation one after another in 2023. At the same time, a number of new projects reserved by the company are also scheduled to be put into operation in 2024, bringing new profit growth points to the company.

Profit forecast and valuation conclusion: We expect the company's 2023-2025 operating income to be 7.01, 11.03, and 1,730 billion yuan, -9.4%/57.2%/56.9% year-on-year, and net profit of 1.74, 2.60, and 399 million yuan, or -16.7%/49.5%/53.4% year-on-year. Based on relative valuation and absolute valuation, we expect the company's forward fair value range to be between 3,321 and 3,519 billion yuan. Assuming no over-allotment options are used, the price range per share is 37.74 to 39.99 yuan; the corresponding PE range is 15.89 to 16.84 times based on net profit of 209 million yuan in 2022; the corresponding PE range is 16.04 to 17.00 times; the corresponding PE range is 16.04 to 17.00 times; corresponding to 2023-2025 PE is 19.09 to 20.22, 12.77 to 13.53, and 8.32 to 8.82 times, respectively.

Risk warning: risk of profit prediction assumptions falling short of expectations, business risk, technical risk, management and internal control risk, financial risk, legal risk, industry-related risk, and other risks.

The translation is provided by third-party software.


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