Main points of investment
The Q1 performance increased significantly, mainly due to the volume and price rise of hydrofluoric acid and sulfuric acid products. KuaiBao achieved operating income of 1.034 billion yuan in 2020, an increase of 45.83 percent over the same period last year, and net profit of 124 million yuan, an increase of 327.49 percent over the same period last year. At the same time, the company issued a forecast of first-quarter results, and estimated that the net profit of Q1 is about 37 million yuan to 39 million yuan, an increase of 355.63% to 380.26% over the same period last year. The company's performance turned from loss to profit in 2020, mainly due to the acceleration of business development, the simultaneous growth of main business income and profit margin, and the contribution of Gaobao Technology, a subsidiary. The performance of 2021Q1 exceeded market expectations, and its sales revenue increased by 91.04% compared with the same period last year, mainly due to the rebound of hydrofluoric acid scene. The average price of 2021Q1 was 9651 yuan per ton, up 23.79% compared with 20Q4. At the same time, the company's sulphuric acid line was expanded and completed, and the volume and price of sulphuric acid sold out increased.
New materials ushered in the landing period, the growth of new projects gradually release the company to expand BPEF, DFBP and other important new material products, and gradually have the ability to stabilize production and supply and expand. BPEF production capacity has reached 1500 tons / year and plans to expand 2000 tons / year, and is expected to gradually release in the future; DFBP is an important monomer of PEEK material, with an annual production capacity of 5000 tons, which will be gradually put into production next year; fluoropolyimide can be used in OLED display devices, and quaternary ammonium fluoroborate can be used in supercapacitor electrolyte. There is a great demand for new products in the future, the company has stored the relevant core technology, and the growth of new projects is expected to be released gradually.
Based on pharmaceutical and pesticide intermediates, enter the upstream to build the fluorine fine chemical industry chain company based on fluorine-containing medicine and pesticide intermediates, the newly built nenofloxacin 50 tons / year capacity plant was put into production in May last year, and it is expected to gradually scale up this year. At the same time, the project of 2pm, 3pm, 5pm, 6-tetrafluorobenzene series pesticide intermediates is planned. At the same time, the company extends upstream to acquire Gaobao technology, Changxing fluorite layout hydrofluoric acid (50,000 tons / year) and fluorite (60,000 tons / year) resources, realize raw material self-sufficiency and improve the supply chain, and gradually build the whole industry chain of fluorine fine chemical industry.
Profit forecast and valuation
The company is an advantageous enterprise in the domestic fluorine fine chemical industry, and the new material project ushered in the landing period. It is estimated that the net profit from 2020 to 2022 will be 1.24000,000 yuan, and the current share price corresponding to PE will be times as much as 21-18-12.
Risk tips: product prices fall; the project schedule is not as expected; the epidemic continues to spread.
