Zhitong Financial APP learned that Guoxin Securities issued a research report saying that the first Weiyuan shares (600955.SH) "buy" rating, optimistic about the rise in the prices of related products and the performance improvement brought about by the future production of the investment project. It is predicted that the net profit in 2021-23 will be 22max 24 / 2.8 billion, EPS is 3.96ppb 4.455.09 yuan per share, combined with relative valuation and absolute valuation, the reasonable valuation range is 59.21-66.75 yuan.
The main points of Guoxin Securities are as follows:
Company integrated layout of phenolone industry chain
The company is one of the leading enterprises in the domestic phenolic ketone industry chain, and it is also the most complete enterprise in the domestic industrial chain layout. The main products include phenol, acetone, bisphenol A, polycarbonate (PC) and isopropanol. After listing, raise funds to invest in dimethyl carbonate (DMC), propane dehydrogenation to propylene (PDH) and polypropylene (PP) projects.
The phenolone industry chain is expected to be pulled downstream in the future.
The company's phenolone industry chain is a relatively free competition industry chain. For the development of the industry chain, the bank judges:1)The phenolone plant will have less new production capacity in the future. in the future, with the substantial increase in downstream demand, there will be an obvious gap between supply and demand, and the profit of phenolone plant is expected to continue to increase in the future.
2)There is an obvious gap between supply and demand of bisphenol A. driven by the demand of downstream epoxy resin and polycarbonate, it is expected that the price and profit level of bisphenol A will remain high in the future.
3)Driven by the wind power industry downstream, the epoxy resin industry is expected to develop rapidly in the future. in the future, even if the price of bisphenol A rises again, the downstream epoxy resin can still be transferred to the downstream through price increase, so as to ensure the profit of bisphenol A.
The advantage of corporate integration is obvious, and the financial index is in the forefront of comparable companies.
From the perspective of profitability, solvency and operating ability, the company's financial indicators are in the forefront of comparable companies: in the first three quarters of 2021, the company's ROE35.96%, ROA27.07%, asset-liability ratio, liquidity ratio and inventory turnover ratio are all at the best level of comparable companies. It can reflect the effect of the integrated layout of the company, which not only has the cost advantage, but also enhances the anti-risk ability.
Risk Tips:The production progress of downstream polycarbonate and epoxy resin is not as expected; the price of raw materials has risen sharply; the construction of the company's fund-raising projects is not up to expectations; others have led to parking and overhauling of the company's in-production equipment.