Guoen Co., Ltd. (002768): Composite material production capacity of integrated new material integrated platform released one after another

Vigorously develop the field of new materials and build an integrated platform: Guoen is a relatively scarce growth stock in the 都市夜网 chemical industry. Since its listing, its revenue and net profit have maintained a rapid compound growth of more than 40%.

The company has strong resource integration capabilities, relying on the integration of plastic modification business to produce sports lawns and light display materials; it extends horizontally into the field of fiber-reinforced lightweight materials, explores the non-metal composite material sector, and deepens the new energy vehicle and special vehicle markets.
The company always adheres to the integrated operation mode of the new material platform, forming horizontal and preliminary synergistic effects, realizing the rapid development of various businesses and helping the performance to improve steadily.

Broad downstream application space, introducing advanced technology to continuously develop new products: The company introduces German advanced technology and world-leading FRP assembly lines, develops thermoplastic / thermoset carbon fiber glass fiber composite materials, and constantly develops new customers and develops new products for downstream.

Fiber composite materials are representative of lightweight materials, widely dispersed in new energy vehicles, 5G, rail transportation, smart home, electronics and other fields.

According to the forecast of the US glass fiber composites industry, the global fiber composites market will grow to 8 in the next 5 years.

The annual strength of 5% is strong and the market space is broad.

The company’s 19-year outlook for composite materials has been put into full production, achieving import substitution, and the growth has changed from quantitative to qualitative.

The functional material plate absorbs multiple points of the integrated platform, which helps the company’s growth: the functional material plate mainly includes artificial turf, light display materials, and hollow capsules.

The artificial turf is rapidly heavy, and Guoen Sports Turf uses the advantages of the entire industry chain to win multiple projects. In 19 years, the turf business is still committed to maintaining rapid growth; Guoye Optoelectronics has developed many strategic customers such as Hisense, TPV and Haier, taking the leadDeveloped optical subdivision diffuser products. In 2018, Yiqing Biological completed 32 technical transformations and completed BRC certification to vigorously expand domestic and foreign markets.

The rapid growth of the functional materials 杭州桑拿 segment is an important boost for the company’s future development.

Investment suggestion: Since 19 years, the company’s revenue and profit volume of new materials business will significantly increase, thereby driving rapid performance growth and qualitative change.

We expect the company’s net profit for 2019-2021 to be 4 respectively.

15, 5.

7, 7.

30,000 yuan, corresponding to PE 16, 11, 9 times, maintain Buy-A rating, 6-month target price of 30 yuan.

Risk warning: raw material prices fluctuate, downstream demand is less than expected, etc.