Hao Hua Technology (600378): Product Analysis Carding
Key assumptions for profit forecasting: Hypothesis 1: PTFE supply and demand need to be improved, prices have stabilized, and the company’s 5,000-ton project has been put into production (an actual increase of 3,000 tons). The product structure has been upgraded and profitability has increased.Sales volume is 1.
2. Tax-included prices are 5.
100,000 yuan / ton, the growth rate of other fluorine materials business was 25%.
Hypothesis 2: The growth in demand for semiconductors and panels guarantees that the company’s nitrogen trifluoride is running at full capacity. From 2019 to 2021, the sales volume of nitrogen trifluoride will return to 2,200 西安耍耍网 tons, and the price including tax will be 16.
520,000 yuan / ton, other gas business growth rate of 10%.
Assumption 3: Special rubber and plastic products, fine chemicals, engineering consulting and technical services, and other business growth rates are 25%, 20%, 3%, and 3%, respectively.
Net profit is expected to be 5 in 2019-2021.
6.1 billion, 6.
5.1 billion yuan, 7.
5.3 billion, the net profit attributable to mothers in the next three years will be 12.
8% of the composite material was covered for the first time and was given a “hold” rating.
Risk warning: product prices rise sharply; downstream demand is less than expected; industry competition is intensifying.
Comparable companies estimate: As of the closing price of February 18, 2020, Nanda Optoelectronics, Jacques Technology, 南宁桑拿 Guangwei Composites, and New Zebang are comparable companies. The corresponding average PE in 2019-21 is 59 times, 46 times and 36 times.The company’s corresponding PE in 2019-21 is 29 times, 25 times, and 21 times.