Haohua Technology (600378): The performance of the new material technology leader is still promising
The event company released the 2019 third quarter report on the evening of October 28, 2019. The company achieved revenue of 33 in the first three quarters of 2019.
3 ‰, an increase of 13% in ten years; net profit attributable to mothers3.
30 ppm, 10-year average1.
9%; net profit after deducting non-return to mother 3.
1.6 billion, an increase of 770% in ten years.
Looking at Q3 in a single quarter, the company achieved revenue of 10 in a single quarter.
500 million, an annual increase of 4.
0%, ring purity 15%; achieve net return to mother 0.
73 ‰, exceeding the upper limit by 22%, which is a decrease of 56% from the previous month;
68 trillion, 60% from the crude oil.
A brief evaluation of the scale of revenue and the gradient of gross profit margin. The performance of the company was under pressure from the performance of the company. The main factors are as follows: ① The revenue of the chain and the gross profit margin replaced 5 cases, the gross profit decreased by 27%, and the absolute value decreased.1.
2 billion; ② period expenses, taxes and additional total reduced by 0.
32 trillion, of which research and development expenses reduced by 0.
20 ppm; ③ Impairment losses, other gains, and investment income decreased by 0 compared to the previous month.
25 trillion; ④ the chain decreased by 0.
The total of the four items mentioned above contributed -0 to the change in net profit attributable to mom.
880,000 yuan, a decrease of 0 from the actual chain.
9.1 billion yuan basically matched.
Chenguangyuan: a leader in fluorine-containing materials technology, targeting the 5G market. Chenguangyuan’s main products are fluorine materials and fluorine-containing fine chemicals. Polytetrafluoroethylene (PTFE) resin is a synthetic product. 18H1 accounts for 69% of Chenguangyuan’s total revenue. Total gross profit.86%.
For PTFE bulk products, the company mainly targets the mid-to-high-end market. For the 5G market, the main products are dispersion method high compression ratio PTFE (5G cable sheath) and suspension method creep PTFE (5G high frequency PCB substrate).
5G has high requirements for dielectric constant and dielectric loss factor. PTFE is one of the few materials that can meet 5G communication requirements.
① Dispersion method for 5G cable sheath High compression ratio PTFE is the only one in the United States DuPont, Japan’s Daikin and Chenguang Institute have batch supply capabilities, and the domestic market is mainly Chenguang Institute.
② Suspension creep-resistant polytetrafluoroethylene company for 5G high-frequency PCB substrates has also accumulated profound technology. The axial products are mainly used in the military and other fields. It is about to increase the 5000-ton capacity in investment projects.Will fully benefit from 5G construction: According to our calculations, the total market space of high-frequency PCB copper clad substrate PTFE corresponding to domestic 5G base station construction is about 8.7 billion U.S. dollars, more than 13 billion worldwide. According to the calculation of 680,000 5G base stations in China in 2020, the market willReached 120,000 yuan.
The company’s 5,000-ton production capacity is calculated at a price of 70,000-100,000 yuan / ton in the related-party transaction report, and it is expected to realize sales revenue3.
Liming Academy, Guangming Academy: veteran manufacturers of special gases, power semiconductors. Liming Academy mainly deploys NF3, SF6 and other fluorine-containing gases. Guangming Academy mainly arranges substitution and ion implantation gases such as phosphane, alkane, borane, and boron trifluoride.
Liming Academy and Korea Daesung established a joint venture company Liming Dacheng to produce NF3. The first phase of 1,000 tons was put into production in 2016, and the second phase of 1,000 tons was also put into production in October 杭州桑拿 2018. Its customers cover mainstream first-line panel manufacturers at home and abroad.
According to the operating data disclosed by the company, the company’s NF3 reached more than 1,800 tons in the first three quarters of 2019, and its annual capacity utilization rate has reached 120%.
The Guangming Academy’s technical layout of gases such as phosphane, silane, borane, and boron trifluoride can be reversed to the period of the “Sixth Five-Year Plan” of the last century. At that time, the Basic Research and New Technology Bureau of the National Science and Technology Commission were respectively designed with Guangming ChemicalInstitute, Beijing Oxygen Plant, Zhejiang University and Baoding Hongxing Single Crystal Silicon Plant have broken through the development of ultra-pure gases and alkane gases. The gas varieties include SiH4, PH3, B2H6, AsH3, BF3, NH3, HCl, etc.
The Special Air Force of Guangmingyuan mainly supplies military industry in small batches. The relocation project is to deploy advanced electrolytic production capacity and aim at semiconductor applications. It is expected to start production in 2019.
Leaders in the field of military project subdivisions. Most of the institutes under the company have more or less military business. According to company announcements, typical products include but do not include military aviation tires, artillery safety tires, military plexiglass, and chemical propellants., Advanced coatings, aerospace non-tire rubber products, etc., among which a number of sub-sector companies are industry leaders.
It is expected that the company’s net profit attributable to the parent in 2019 and 2020 will be 5, respectively.
2 ppm, corresponding to 29 and 25 times of PE, for the first time, it will give an overweight rating.