凯美特气(002549):签战略合作协议 电子特气将大规模供应全球半导体头部企业

Kaimei Special Gas (002549): Signed a strategic cooperation agreement to supply leading global semiconductor companies on a large scale

浙商證券 ·  10/10/2022  · Researches

Key points of investment


On October 10, the listed company announced that the company's holding subsidiary Yueyang Kemet Electronic Special Rare Gases Company signed the “Materials Business Strategic Cooperation Agreement”.

Electronic specialty has been recognized by leading semiconductor companies around the world, and the signing of a strategic framework agreement will begin large-scale supply. According to the announcement, the company's strategic partner (sales platform company) is a comprehensive enterprise focusing on semiconductor materials, equipment and services. It has signed supply framework agreements with many leading global semiconductor companies, completed certification of electronic specialty gas products from several companies to clients and began large-scale supply of electronic specialty gas products from several companies.

According to the announcement, the strategic partner will directly support leading global semiconductor companies with the Kemet brand and subsequently assist the company to become a strategic supplier for leading global semiconductor companies.

The actual controller and chairman of the company completed an increase in holdings, with a transaction amount of 10 million yuan, demonstrating confidence in the company's future development

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 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.

Among them, 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 estimated annual revenue after completion of the project is 650 million yuan, and the IRR will reach 27%.

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 create a new growth pole: the continuous release of rare gas laser gas, the synthetic electronic specialty gas company strives to become China's leading supplier of electronic special materials integrating R&D, production and processing of special electronic gases and mixed gases. The company positions itself as “specialized, precise and special”, and customers target leading semiconductor companies that have mastered the world's advanced processes, focusing on high gross profit and good cash flow products.

1) Electronic Special Gas Phase I (Yueyang): Production capacity for rare gases (krypton, xenon, neon, etc.) and laser mixing gas will continue to be released. 2) Electronic special gases phase II (Yizhang): synthetic gases. The products include halogen gas, VOC standard gas, deuterium gas, mixed gas, etc., and production is expected to reach 2025.

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 45/27/20 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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