Deep ploughing for more than 20 years, domestic graphite industry leader: the company is one of the main suppliers of domestic graphite chemical equipment, engaged in the research and development, production, sales and maintenance services of graphite equipment, committed to providing mass transfer, heat transfer, corrosion-resistant graphite equipment, hydrogen chloride synthesis, hydrochloric acid desorption and other systems, the main products are graphite synthesis furnace, graphite heat exchanger, graphite reaction tower and other types of graphite equipment and corresponding accessories. Widely used in chlor-alkali, organosilicon, pesticides and other industries.
Since its inception, the company has continuously invested in R & D for 20 years. At present, it has completely independent R & D and design capabilities, and its technology is in a leading position in the domestic industry.
The core process broadens the application scene, and the technical index fills the domestic blank: graphite raw materials belong to permeable materials, and the resulting graphite equipment has some pores, so the pores in graphite need to be filled by impregnation. Through independent research and development, the company has formed a unique impregnating agent formula to improve the temperature resistance of the impregnating agent to 250 ℃. It significantly improves the mechanical strength, thermal conductivity and corrosion resistance of graphite materials, expands the downstream application fields, and gradually replaces high-cost corrosion-resistant metal materials such as titanium, tantalum and Haskell alloy, and has a broad market replacement space. At the same time, through continuous technology accumulation, the company has technical advantages in product design temperature, pressure, heat transfer area and other indicators, including synthesis furnace, heat exchanger and other comprehensive technical indicators have reached the international advanced level, technical indicators to fill the domestic gap, and gradually achieve import substitution.
With the continuous improvement of environmental protection policy, the demand for graphite equipment has benefited significantly: with the continuous improvement of China's environmental protection policy, the demand for high-efficiency and energy-saving special equipment in the field of environmental protection is expected to further increase. The company's core product graphite equipment, centering on the themes of high efficiency, energy saving and environmental protection, is expected to fully benefit from the growth of the market scale of the environmental protection industry. According to the company's prospectus, China's total output of waste acid in 2019 is 94.79 million tons. Most of the previous neutralization methods are used to deal with them. With the continuous upgrading of environmental protection, the industry is gradually treated through desorption, evaporation or absorption systems. Need to be applied to a large number of graphite towers, graphite cauldrons, heat exchangers. According to the company's prospectus and the company's previous project experience, for every 100000 tons of waste acid, at least 5 million yuan of graphite equipment is needed. In the next three to five years, if 30 percent of the waste acid is treated, there is a market space of more than 1.5 billion yuan.
Investment suggestion: we expect the company's net profit from 2021 to 2023 to be 1.92,2.40 and 293 million yuan respectively, corresponding to EPS 2.65,3.29,4.02 respectively.
Risk hint: the market demand fluctuates and the downstream application expansion is not as expected.