Tan Tailai (603659): Deepening the Hierarchical Layout
Highlights of the report Event description The company intends to start with 1.
The US $ 4.5 billion acquisition of the target revitalization carbon material held by related party Kuoyuan Enterprise28.
The first-phase 4-pin needle coke device for the revitalization of carbon has been basically completed, and it is currently in the equipment commissioning stage.
The event comment plans to invest in a needle coke company to deepen the monthly industrial chain layout.
Needle coke is one of the necessary raw materials for high-end artificial graphite. According to the 2018 financial report of Chen Tailai, the direct material cost ratio of its adjacent business has reached 40.
9%, of which coke is expected to account for a higher proportion.
Needle coke is mainly used for graphite electrode and negative electrode materials. Since 2017, the surge in demand for electric arc furnace steelmaking and the blowout of the new energy vehicle market have led to the rapid growth of needle coke. According to Xinye Information, domestic needles in June 2017The price of coke is 6400-7500 yuan / ton, and the price of imported needle coke is 500-640 USD / ton. By the beginning of May 2019, the price of domestic coke has risen to 1.
2 million / ton, overseas price 2200-2500 USD / ton.
The continuous adjustment of the price of needle coke has impacted the company’s profitability, and the company’s overall gross profit margin declined in the March 2018 quarter.
12pct, the company’s cost per ton of polyamide raw materials in 2018 increased by 0 compared with 2017.
Considering that the rapid growth of the new energy vehicle market will drive the short-term, and the demand for needle coke will continue to increase, the company’s participation in needle coke company will change the risk of raw material supply and potential price fluctuations, and consolidate the comprehensive competitiveness of effective business.
The graphitization project is gradually put into production, and the monthly inflection point of volume and price appears.
As the world’s leading high-end artificial graphite leader, the company’s products are in short supply due to its leading quality. In 2018, the company’s throughput accumulated up to 111% (calculated 四川耍耍网 at the end of the year), and the company’s growing growth is mainly graphitized substitution.
Therefore, the company controlled Shandong Xingfeng at the end of 2017 and built 5 graphitization projects inside Mongolia, which is expected to gradually reach production within the year.
After the production of Xingfengda in Inner Mongolia, the merger will help the company eliminate the expansion of production capacity, drive the rapid interruption of production and sales, and insert Inner Mongolia’s low electricity price to bring the cost advantage of graphitization projects (the graphene power consumption per ton is 1.
40,000 kilowatt-hours, lower electricity prices in Inner Mongolia), is expected to bring significant improvements in short-term costs, so it is judged that the company’s second half of the year’s half-year 杭州桑拿 business volume and price inflection point is expected to come.
Powered by artificial nylon, it has become a global leader, and its business has contributed to the increase in performance.
As a consumer exception leader, the company has accelerated the development of power products and the layout of the industrial chain in the past two years, and has strongly entered the power market, targeting global leaders such as LG Chem, Ningde Times, Samsung SDI, and trying to reaffirm global competition in the power market.
In addition, the company’s combined business binds leading faucets to achieve rapid volume growth, and businesses such as changing machines, aluminum-plastic films, and wet-based films are also expected to contribute incrementally.
Investment suggestion: It is expected that the net profit attributable to Huatailai in 2019 and 2020 will be 8, respectively.
300 million, corresponding to PE is 26, 20 times, maintaining the recommended level.
Risk Warning: 1.
Production and sales of new energy vehicles, low demand for consumer batteries; 2.
Prices of raw materials such as needle coke rose sharply.