Main points of investment
Wanze shares is a listed company controlled by Wanze Group. At present, it is mainly responsible for the superalloy business and pharmaceutical manufacturing business of Wanze Group. Its main business is the R & D, production and sales of microecological preparations, superalloys and their products.
In 2019, through asset exchange and entering the microecological preparation business, the main products of Inner Mongolia Shuangqi, a wholly-owned subsidiary, Golden Bifid and Dingjunsheng are microecological live bacterial products composed of bacteria of human origin, which have been included in the national medical insurance catalogue for many years in a row. it has high market popularity and market share in the subdivision field. In the first half of 2020, Inner Mongolia Shuangqi has an operating income of 218 million yuan and a net profit of 58 million yuan, which is the main source of revenue and profit for the company.
In 2013, the company entered the field of superalloy business. In the field of superalloy business, the company continues to develop and produce precision casting blades, powder metallurgy discs, superalloy master alloys and alloy powders with independent intellectual property rights and international competitiveness. Through the strategic layout of the four major plates, the company is currently one of the private enterprises involved in superalloys, few companies have established a complete R & D system from master alloy, powder metallurgy to superalloy components, and have entered the stage of industrial expansion.
In the field of superalloy business, the company has gradually begun to have substantial business relations with many domestic and foreign well-known equipment manufacturing enterprises or related research institutions, such as CRRC Corporation, Boma Technology, Institute of Engineering Thermophysics of the Chinese Academy of Sciences and GE Transportation, among which there have been batch orders and actual delivery with some enterprises. In the first half of 2020, the company's sales revenue of superalloy materials was 11.2274 million yuan, an increase of 399.74% over the same period last year. According to the Securities Times, in the past two years, the company has obtained the purchase task books for many types of aero-engine blades of a large domestic aero-engine company; in addition, according to the company announcement, the localization development project of a certain engine high-pressure turbine disk has reached the predetermined target. According to the progress of the project, the high-pressure turbine disk will enter the stage of small batch production, with a demand of about 60 pieces in 2021.
We expect the company's 2020-2022 net profit to be 0.8 hundred and ninety-six million yuan, with an EPS of 0.16 plus 0.26 and 0.4 yuan per share, corresponding to the closing price on February 26, which is PE times that of 77-49-31, covering for the first time and giving it a "prudent overweight" rating.
Risk hint: the business of microecological biological preparation fluctuates, and the expansion of superalloy business is not as expected.
