This stock was mixed by star fund Ruiyuan growth value in the second quarter and northbound funds increased positions substantially.
So what specialties does this company have?
The company analyzed today, its products are widely used in consumer electronics, , new energy and other fields, and are a basic raw material for capacitors.
is to make metal nickel block, copper rod and silver sand into micron or even nanometer powder .
But the whole production process is not simple, and it becomes more difficult as the particle size of the powder decreases. In the past,
was only produced by Japanese companies in the entire industry. Now this company is expected to replace with domestic production of .
Don't underestimate nickel powder , it is the basic raw material of the hot new energy industry.
nickel powder --> MLCC (chip multilayer ceramic capacitor ) --> circuit board --> new energy storage or new energy vehicle
The core advantage of the enterprise
The core advantage of the metal powder is the size, the size The smaller the value, the higher the added value and the greater the technical difficulty.
High-end metal powder is a technology-intensive industry with strong entry barriers. The smallest size that
can currently sell in bulk is 80nm powder.
The company is actively developing the next generation of 50nm and 30nm nano-nickel powder for MLCC. The production equipment required by
company is designed and assembled by company itself.
The world's second largest MLCC manufacturer Samsung Electro-Mechanics is the company's main customer, The total sales revenue of the top five customers accounted for 86.78% of the main business income.
Downstream customers have a strict supplier certification system, and generally maintain relatively long-term and stable cooperative relationships with qualified suppliers, with relatively strong stickiness.
According to estimates, the global MLCC electrode metal powder market size in 2020 is about 9.9 billion yuan, and will reach 14.5 billion yuan in 2025.
The investment value of the enterprise
On August 18, the company released its semi-annual report, realizing sales revenue of 494 million yuan, an increase of 8.05% over the same period last year.
Net profit was 101 million yuan, a decrease of 9.16% compared to the same period last year, which is related to the rise in the price of raw material nickel in the first half of the year.
As the US raised interest rates, prices of bulk commodities have dropped significantly. From June to August, the price of metal nickel has dropped by more than 20%. The biggest cost of
comes from raw materials and electricity, which account for 44%/26% of production costs respectively.
In the future, the company still has a lot of room for improvement in terms of energy saving.
The company's future development prospect
In 2020, the funds raised by the company will be used for the construction of new production capacity .
is expected to reach production capacity in 2024. After reaching production capacity, the production capacity of nickel raw powder will be 2980 tons, an increase of 73.26%;
copper raw powder production capacity will be 202.4 tons, an increase of 65.36%; the production capacity of silver raw powder will be 60 tons, an increase of 50%. In terms of
new product research and development, the company built a HJT heterojunction battery silver-coated copper powder pilot production line.
nano-silicon powder field of lithium battery anode materials, passThrough the continuous process optimization of the production process, the yield per unit of silicon powder has been effectively improved.
- signed a new order
1. In 2020, the company signed a contract with Samsung Electro-Mechanics. From 2021 to 2023, it will purchase about 500 tons of 80nm-300nm nickel powder every year, and a total of 2,000 tons of this product will be purchased within three years.
2, In 2020, the company signed a contract with Huaxinke, promising to purchase no less than 70 tons of 300nm, 400nm nickel powder from 2020 to 2022, and the total purchase amount should not be less than 210 tons.
3. In December 2021, the company signed a contract with Dongguan Sumoku Electronic Paste Co., Ltd., agreeing to purchase 375 tons in 2022.
The current market value of the enterprise is 16.926 billion yuan, and the dynamic price-earnings ratio is 74.36 times .
Considering the company's new product development of high-end nano-scale powder in the future, as well as the research and development of nano-silicon powder and HJT silver-coated copper powder , it is expected to increase the company's revenue and profits.
This article is for study and discussion only, not as investment advice.
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