Actively implement the industrial transformation and lay out the graphene industry in advance
The company has actively implemented the industrial transformation strategy in recent years, and the establishment of graphite and graphite deep processing business with graphene as the core is the main direction of the company's industrial transformation in the future. On January 20, 2016, the patent independently developed by the company successfully passed the pilot test, which opened up the whole technological process and realized the physical and legal modeling preparation of graphene, which can produce graphene products of different specifications with high quality and superior performance. The 100-ton graphene project that the company started construction in August 2015 was completed on October 30, 2016, and began commissioning at the end of 2016. The company is rich in graphite resources. In July 2015, the company invested 37 million yuan to acquire a 43% stake in Qitaihe Dongrun Mining. Dongrun Mining has rich graphite mining reserves, high graphite grade and large scales, which is very suitable for the production of graphene powder. In 2017, the company plans to implement the "60,000 tons / year graphite concentrate concentrator and tailing reservoir project", which has been approved for the record. After the project is put into production, high-quality and rich graphite resources can provide sufficient graphite raw materials for the company to develop high-end graphite characteristic deep processing industry. The company has a number of graphene preparation patents and signed cooperation agreements with a number of scientific research institutes. The company independently developed 5 graphene-related patents and signed technology transfer, patent implementation license and technical service contract with Qingdao Jinmo Automation Technology Co., Ltd. The company has signed cooperation framework agreements with Tsinghua University, Harbin Institute of Technology, Northeast University of Petroleum and Heilongjiang University of Science and Technology. In April 2017, the former Heilongjiang Baotailong Coal Recycling economy Research Institute changed its name to Heilongjiang Baotailong New Energy and New Materials Research Institute. The scope of business covers the research of graphite and its products, graphene and its products, batteries and their positive and negative electrode materials. The company also actively distributes the downstream application industry of graphene, and invests 300 million yuan to build the "annual production of 2000 tons of superconducting graphene / lithium iron phosphate cathode material project", which is scheduled to be put into production in 2017. The company is rich in graphite resources, has a number of graphene preparation technology patents, strong scientific research strength, so in the future graphene downstream application market mature, the company's graphene business development is worth looking forward to.
Circular economy industrial chain helps the company's traditional coal chemical business
The raw coal mined and purchased by the company goes into the coal washing process for washing and processing, the main product refined coal is supplied for coking in the coking process, and the by-product slime and gangue are supplied to the dry quenching power plant; the coke produced by the coking process is mainly supplied to the users of iron and steel plants in the three northeastern provinces, and the by-products coal tar, crude benzene and naphthalene oil are further processed or directly exported. Coke production adopts dry coke quenching, the recovered waste heat is used for power generation and steam production in CDQ power plant, electricity and steam are mainly supplied for internal use of the company, and the remaining electricity is sold on the Internet; the waste heat of the power plant is used for heating the company's production and living areas and several surrounding residential areas, and the waste residue produced by the heating boiler of the power plant is used for the production of building materials after processing. The industrial chain of circular economy helps companies to reduce production costs and improve the efficiency of production and resource utilization.
Investment suggestion: under the existing business, we expect the company's net profit from 2017 to 2019 to be 103 million yuan, 166 million yuan and 183 million yuan respectively, and the corresponding EPS is 0.08,0.12 yuan and 0.13 yuan respectively according to the company's existing equity (excluding additional issues). Considering the growth space brought by the company's future industrial upgrading and transformation, it is given a "overweight" rating with a target price of 12 yuan.
Risk tips: Coke prices fell sharply, graphene industry application development is not as expected.
