Taihe New Materials (002254): Spandex layout optimized, aramid production expansion drives growth
Introduction to this report: After the company’s spandex production capacity was shifted to the Ningxia plant, the cost advantage became apparent; the aramid technology led, the profit margin increased, and the production capacity was further expanded.
Investment Highlights: The first coverage is given an “overweight” rating with a target price of 12.
We estimate that the company’s net profit attributable to its mother for 2019-2021 will be 1.
900 million, 3.
100 million, 4.
600 million, EPS is 0.
31 yuan, 0.
51 yuan, 0.
75 yuan, the growth rate is 22%, 63%, 46%, corresponding to PE is 34/21/14.
We use segment assessment to give the company a market value of 77 in 2019.
9.4 billion, corresponding to a target price of 12.
76 yuan, 19 years away from the current sustainable.
The spandex 四川耍耍网 production capacity was gradually shifted to Ningxia. After the cost dropped, the losses gradually turned into profit.
The spandex industry is in a period of deep integration, and the company invested in Yantai Park1.
5 Introduce high additional balanced spandex to replace the old capacity. Invest 6 conventional spandex in Ningxia factory. The cost will decrease by RMB 1,000 / ton after the production.The net profit reached 1,200 yuan and the net profit was 90 million yuan, turning losses into profits.
Aramid capacity expanded and profitability increased significantly.
After the new capacity is put into production in 2021, the company will have zero.
6 cationic para-aramid production capacity, 1.
2 Insert meta meta aramid production capacity, according to the increase of application areas, respectively according 深圳桑拿网 to 3.
Calculating the net profit of 20,000 yuan and 20,000 yuan / ton, the company will achieve a net profit of 3 in the aramid sector in 2021.
70,000 yuan, ranking 2018 profit increased by more than 90%.
The localization of aramid is accelerated, and the production capacity of environmental protection is cleared.
Regarding the company’s positioning in the market as an alternative to traditional chemical fiber manufacturing enterprises, we believe that the company, as a leading company in the domestic aramid industry, belongs to the core technology of new materials companies, and can truly compete with overseas companies.
In particular, aramid’s main application areas are military protection and optical fiber, and trade friction will accelerate localization; at the same time, environmental protection will become stricter and the industry’s backward production capacity will be cleared naturally, and the company’s market share will further increase.
Risk warning: The project is put into production less than expected; the price of spandex continues to fall; the price of aramid raw materials rises.