The invisible champion of nuclear fuel transport container, there is a wide space for domestic substitution.
The company ploughs high-end process equipment, and its main products include nuclear fuel transport containers, photovoltaic equipment, chemical pressure equipment and so on. Among them, the talent team of nuclear power is strong and brave, and the qualification certification barrier is high; it has successively participated in the relevant projects of CNNC and CGN; the ANT-12A new fuel transport container developed to achieve mass production. The fixed increase project will break the shackles of existing capacity, and the company is expected to continue to benefit from the accelerated approval of nuclear power units. We estimate that the company's operating income for 2022-2024 will be 1.21 billion yuan, respectively, and the net profit from its mother will be 1.19 billion yuan, 1.85 / 268 million yuan, respectively. The current share price will correspond to 16.8 pounds of PE 25.9 pounds 11.5 times. Cover for the first time, giving a "buy" rating.
The approval of nuclear power units in China has been accelerated, and the domestic substitution of new fuel and spent fuel containers and the considerable increment of the market have been accelerated. At present, there are 54 nuclear power units in our country. According to the current approval situation and optimistic expectation, the remaining number of nuclear power units in China will reach 62 in 2025 and 96 in 2030. At present, the domestic replacement of new fuel transport containers in China has been opened, and the increment of spent fuel storage containers is considerable due to the demand for spent fuel off-reactor storage. We estimate that the market space of transport containers for nuclear fuel refueling in China will be 2.03 billion yuan in 2022, about 2.63 billion yuan in 2025, and 4.08 billion yuan in 2030, and the market space for spent fuel containers will be 88.1 trillion yuan in 2025.
Enter into photovoltaic silicon equipment, benefit from silicon production capacity expansion
According to our incomplete statistics, since June 2020, 24 domestic enterprises plan to expand the production of polysilicon by 505.05 tons, and the production capacity of silicon materials has expanded rapidly. The increase in market demand for photovoltaic silicon will be transmitted to upstream pressure vessel equipment manufacturers through the shortage of silicon wafer market, and the performance of the company's fluidized beds, reactors and other products is expected to boost.
Petrochemical refinery equipment upgrade + BDO and urea boom transmission, help performance growth benefit from large-scale, high-end upgrading, to meet the structural opportunities of high-prosperity industry. Traditional petrochemical equipment industry ushered in upgrading replacement demand, natural gas industry chain BDO, urea and other downstream demand rapid growth, degradable plastics bring long-term growth space. The company is able to produce four major pieces of urea (urea synthesis tower, carbon dioxide stripper, high-pressure condenser, high-pressure scrubber) with strong technical strength and is expected to benefit.
Risk hint: the approval progress of nuclear power units is not as expected, the domestic replacement of nuclear fuel transport equipment and the research and development of spent fuel equipment is not as expected.