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泰和新材(002254):扩产强化龙头地位 芳纶涂覆产业化在即

Taihe New Materials (002254): Expanding production and strengthening the leading position, the industrialization of aramid coating is imminent

廣發證券 ·  Dec 31, 2023 00:00

Taihe Xincai is a leader in the domestic aramid industry. The company is the first spandex manufacturer in China and a leading aramid company. As of 23H1, the company has an aramid production capacity of about 26,000 tons, of which meta-aramid production capacity ranks 2nd in the world, 3rd in the world, and aramid paper production capacity 2nd in the world; spandex production capacity is 100,000 tons, ranking in the top five in the country.

The aramid market space is vast and technical barriers are extremely high. The company took the lead in breaking technical barriers. The company has mastered advanced aramid production technology. In the long run, downstream personal protection, national defense and military, information and communication industries have a lot of market space. Global supply is mainly dominated by DuPont and Teiji, and technical barriers are high. The company has taken the lead in achieving technological breakthroughs in China and is expected to lead domestic replacement.

Aramid coated diaphragms open up new room for growth. Compared with existing diaphragms, aramid coated diaphragms has the advantages of high temperature resistance, oxidation resistance, and good compatibility with electrolytes. Relying on the advantages of the aramid industry, the company has significant advantages in coating equipment, aramid raw materials and cost control. In the future, it is expected to reduce aramid coating costs and drive an increase in the penetration rate of aramid coating. At present, the company's aramid coated diaphragm pilot line with a production capacity of 30 million square meters has been put into operation.

Relying on strong R&D strength to lay out new projects and build the “Taihe Galaxy”. The company actively lays out in the six major fields of smart wear, green manufacturing, bio-based materials, information and communication, new energy, and green chemicals, and plans to build new projects such as aramid coating for lithium battery diaphragms, green printing and dyeing, and luminescent fibers. The secondary growth curve is rich.

Integrate old and new production capacity to develop high-end spandex. The company has gradually shut down the old production capacity in the Yantai production area and transferred production capacity to Ningxia, where the price of production factors is lower. It is expected that the Ningxia+Yantai dual base layout will be realized, further enhancing the competitiveness of spandex.

Profit forecasting and investment advice. The company's EPS is expected to be 0.45, 0.82, and 1.18 yuan/share in 23-25, respectively. Combined with comparable companies, the company's 24-year performance will be assessed 25 times PE, and the corresponding company's reasonable value will be 20.62 yuan/share, giving a “buy” rating.

Risk warning. Risks such as rising production costs; fluctuating product prices; and increased market competition.

The translation is provided by third-party software.


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