凯美特气(002549):股权激励授予完成 电子特气有望高增长

Kaimei Special (002549): Equity incentive grants completed, electronic speciality is expected to grow at a high rate

浙商證券 ·  09/27/2022  · Researches

  Key points of investment


1. On September 26, the listed company issued the “2022 Plan for Non-public Issuance of A Shares (Revised Draft)”.

2. Recently, the first grant of the 2022 Restricted Stock Incentive Plan was completed

The plan is to increase the investment of 1 billion yuan in new projects such as electronic specialty gases to further expand the industrial layout and enrich the product structure. The current non-public offering plan raised 1 billion yuan to implement Yizhang Kaimei Special Gas and Fujian Kaimet 300,000 tons/year (27.5%) of high-clean food grade, electronic grade, and industrial grade hydrogen peroxide projects. The planned investment amounts for the two projects are 59/52 million yuan respectively, a slight decrease from the amount disclosed in the previous plan. The total amount of capital raised in the non-public offering plan remains unchanged.

1. The main products implemented in the Yizhang Kaimei Special Gas Project include electronic grade hydrogen bromide, hydrogen chloride, fluorine-based mixed gas and other products. The IRR is expected to reach 27.4% after completion of the project, and the payback period is 6.2 years.

2. The Fujian Kemet Hydrogen Hydrogen Hydrogen Project is mainly aimed at meeting surrounding demand in southern China while increasing the added value of products rich in hydrogen resources upstream. The IRR is expected to reach 12.9% after the project is put into operation, and the recycling period is 8.3 years.

The first grant of the 2022 restricted stock incentive plan was completed. The wide coverage showed management's confidence that the conditions for the grant of the equity incentive plan had been met. A total of 15.2 million restricted shares were granted to 198 incentive recipients at a grant price of 8.19 yuan (accounting for about 3% of the company's total share capital). The recipients of this award include company general managers, financial directors, directors, middle management, core technical (business) personnel, etc. This time, the equity incentive plan was unlocked over a three-year period. The conditions for unlocking performance were that net profit for 2022/2023/2024 was not less than 1.8/25/350 million yuan, respectively. The total cost of equity incentives this time was 190 million yuan, and the amortization of restricted stock costs in 2022-2026 was 562/6746/6505/3694/17.67 million yuan, respectively.

Traditional businesses are steadily improving. In terms of expanding carbon dioxide production capacity and new products such as hydrogen peroxide to help grow traditional businesses, the company invested a total of 2 billion yuan to expand carbon dioxide production capacity and achieve mass production capacity for new products such as hydrogen peroxide. 1) Fujian Kaimete plans to invest 502 million yuan to implement 300,000 tons/year high clean food and electronic grade hydrogen peroxide projects. 2) Jieyang Kemet plans to implement 300,000 tons of high-clean hydrogen peroxide and related gas purification projects. The total investment of the project is 1,486 million yuan. After completion of construction, the project will achieve a mass production capacity of 300,000 tons/year of high-purity food grade carbon dioxide and 300,000 tons/year of industrial and electronic grade hydrogen peroxide.

Electronic specialty gases have created a new growth pole: the amount of rare gas laser gas continues to be released, cutting into synthetic electronic specialty gases 1) In 2021, rare gases were sold steadily, and relevant certifications were obtained. A total of 19.38 million yuan of sales contracts were signed for rare gases (krypton, xenon, neon). The amount of rare gases is expected to be released in 2022.

2) It is proposed to establish Yizhang Kaimei Special Gas Co., Ltd. to officially enter synthetic gases. The products include halogen gas, VOC standard gas, deuterium gas and other products. The total project investment is 750 million yuan. The project construction period is 3 years. The estimated annual income after delivery is 650 million yuan, tax payments of 100 million yuan, and the internal rate of return is as high as 28%.

Profit forecasts and investment advice

The company's net profit for 2022-2024 is expected to be 255/41/540 million yuan respectively, with a compound growth rate of 57%. The corresponding PE is 53/32/24 times respectively, maintaining the purchase rating.

Risk warning:

Project commissioning progress fell short of expectations, and electronic specialty gas sales fell short of expectations.

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