凯美特气(002549):实控人增持计划完成 彰显未来发展信心

Kaimei Special (002549): The completion of the actual controller's plan to increase holdings shows confidence in future development

浙商證券 ·  09/29/2022  · Researches

  Key points of investment


On September 29, the actual controller and chairman of the company completed the plan to increase their shareholding.

The company's actual controller and chairman completed the increase in holdings, with a transaction amount of 10 million yuan, showing confidence in the company's future development. The company's actual controller and chairman used centralized bidding methods to increase their holdings by a total of 519,900 shares (0.08% of the total share capital). The average price of the increase was 19.26 yuan/share, with a transaction amount of 10 million yuan. After this increase in holdings was completed, the shareholding ratio of Haoxun Technology, the largest shareholder of the company, was 41.66% (including 90% of the company's actual controller and chairman), and the direct shareholding ratio of the company's actual controller and chairman himself increased to 0.64%. This increase in holdings shows that the company's actual controller and chairman have confidence in the company's future development and are highly appreciative of the company's value.

It is proposed to raise an additional 1 billion yuan to implement projects such as Yizhang Electronic Special Gas and Fujian Hydrogen Hydrogen Peroxide. The company is steadily advancing its plan to raise 1 billion yuan of non-public shares to implement two projects, including Yizhang Kaimet Special Gas and Fujian Kaimet 300,000 tons/year (based on 27.5%) of high clean food grade, electronic grade, and industrial grade hydrogen peroxide. The planned investment amounts for the two projects are 59/52 million yuan respectively.

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 broad coverage showed management's confidence that the equity incentive grant price was 8.19 yuan. A total of 15.2 million restricted shares were granted to 198 incentive recipients (accounting for about 3% of the company's total share capital). 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.

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) The Jieyang Kemet project has a total investment of 1,486 million yuan. After completion of construction, it 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 estimated annual income after delivery will reach 650 million yuan and tax will be 100 million yuan.

Profit forecasts and investment advice

The company's net profit for 2022-2024 is expected to be 2.5/41/540 million yuan respectively, with a compound growth rate of 57%. The corresponding PE is 49/29/22 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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