Kaimei Special Gas (002549): The third quarter was affected by electronic specialty gas delivery; improvement is expected in the fourth quarter

浙商證券 ·  11/01/2022  · Researches

Main points of investment


In the first three quarters of 2022, the company achieved revenue of 545 million yuan, an increase of 12% over the same period last year, and a net profit of 116 million yuan, an increase of 13% over the same period last year. Of this total, revenue in the third quarter was 181 million yuan, down 2% from the same period last year, while net profit was 33 million yuan, down 25% from the same period last year.

Affected by the pace of order delivery, the third-quarter results are lower than expected, the fourth-quarter results are expected to improve the company's third-quarter results are lower than expected, mainly affected by weak demand in the main business and the pace of electronic special gas confirmation. 1) previously, the company has announced two electronic special gas orders of 0.48 million yuan respectively in the third quarter, and most of them are expected to confirm revenue in the fourth quarter due to the pace of order delivery. 2) in the carbon dioxide business, the food grade is relatively stable, while the industrial level is affected to a certain extent due to weak demand, epidemic and other factors.

With the announcement of large-scale delivery of electronic special gas orders, revenue is expected to improve significantly in the fourth quarter.

Electronic Special Gas has been recognized by the global semiconductor head enterprises, and the signing of the strategic framework agreement will open large-scale supply. according to the announcement, the company's strategic partner (sales platform company) is an integrated enterprise focusing on semiconductor materials, equipment and services. has signed a supply framework agreement with a number of global semiconductor head enterprises, completed several companies' electronic special gas products in the client certification and began to supply on a large scale.

According to the announcement, the strategic partner will directly support the global semiconductor head enterprise with the Camite brand, and follow up to assist the company to become the strategic supplier of the global semiconductor head enterprise.

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

It is proposed to raise an additional 1 billion yuan for the implementation of Yizhang electronic special gas, Fujian hydrogen peroxide and other projects, and is steadily advancing the company's plan to raise 1 billion yuan in non-public offerings. It is used for the implementation of Yizhang Camet special gas, Fujian Camet 300,000 tons / year (27.5%) high clean food grade, electronic grade and industrial grade hydrogen peroxide projects, with a planned investment of 595.2 million yuan respectively.

Among them, the main products of Yizhang Camet special gas project include electronic grade hydrogen bromide, hydrogen chloride, fluorine-based mixed gas and other products. It is estimated that after the completion of the project, the annual income will be 650 million yuan and the IRR will reach 27%.

In 2022, the restricted stock incentive plan was awarded for the first time, and the coverage widely demonstrated the management confidence that the equity incentive award price was 8.19 yuan, and a total of 15.2 million restricted shares (about 3% of the company's total share capital) were awarded to 198 incentive targets. The equity incentive plan is unlocked in three years, and the performance unlocking conditions are that the net profit in 2024 is not less than 1.8 billion yuan, 2.5 billion yuan, respectively.

Traditional business is steadily improving, carbon dioxide capacity expansion, hydrogen peroxide and other new products contribute to the growth of traditional business, the company invested a total of 2 billion yuan to expand carbon dioxide production capacity and achieve mass production capacity of new products such as hydrogen peroxide. 1) Fujian Camet plans to invest 520 million yuan to implement 300,000 tons / year high clean food and electronic grade hydrogen peroxide project. 2) Jieyang Camet project has a total investment of 1.486 billion yuan. after the completion of the construction, it will achieve the mass production capacity of 300,000 tons / year of high-purity food-grade carbon dioxide and 300,000 tons / year of industrial and electronic hydrogen peroxide.

Electronic special gas to create a new growth pole: rare gas laser gas continues to release, cut into synthetic electronic special gas company is committed to become China's leading professional electronic special gas and mixed gas research and development and production and processing as one of the electronic special materials supplier, the enterprise positioning "professional, refined, special", customers aim at the global advanced technology semiconductor head enterprises, focus on high gross margin, good cash flow products.

1) the first phase of electronic special gas (Yueyang): rare gas (krypton, xenon, neon, etc.) and laser mixed gas, the production capacity will be released continuously. 2) the second phase of electronic special gas (Yizhang): synthetic gas. The products include halogen gas, VOC standard gas, deuterium gas, mixed gas and other products, which are expected to reach production by 2025.

Profit forecast and investment advice

The company's homing net profit from 2022 to 2024 is expected to be 250.41 million yuan respectively, with a compound growth rate of 57%, corresponding to PE of 48-29-22 times, maintaining the buy rating.

Risk hint: the project production schedule is not as expected, and the electronic special gas sales are not as expected.

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