Zhou Fangchao, Tus Lwm Thawj Coj ntawm Ntiaj Teb Tshiab Cov Khoom Siv Thoob Ntiaj Teb: yav tom ntej, peb yuav tsom mus rau kev tsim cov khoom siv roj teeb tshiab raws li cov khoom siv hluavtaws.
◎The reporter noticed that compared with Kuncai Technology (603826, SH), a listed company in the same industry of pearlescent pigments, the gross profit margin of Global New Materials International is better than that of Kuncai Technology (gross profit margin in 2020 is 40.18 percent ), but the market valuation But it is not as good as Kuncai Technology, which has a price-earnings ratio of about 107 times, while Global New Materials International is 33.5 times. Is the current market valuation too low?
Txhua tus kws sau xov xwm Wang Fan txhua tus editor Chen Junjie
Thaum Lub Xya Hli xyoo no, cov khoom siv tshiab thoob ntiaj teb thoob ntiaj teb (06616, HK), cov chaw tsim khoom tshiab, tau tsaws ntawm Hong Kong Tshuag lag luam. Thaum Lub Kaum Ib Hlis 23, plaub lub hlis tom qab sau npe, Ntiaj Teb Tshiab Cov Khoom Siv Thoob Ntiaj Teb tau tuav nws thawj lub rooj sib tham ua lag luam.
Global New Materials International's important products are pearlescent pigments, which are related to traditional pigments. Pearlescent pigments have the advantages of non-fading, health and environmental protection, high stability, and bright colors. They are widely used in industrial coatings, plastics, textiles and leather, cosmetics and automotive coatings. As the raw material natural mica mineral resources are limited, in recent years, Global New Materials International has gradually extended upstream to develop artificial synthetic mica products.
The reporter of "Daily Economic News" learned at the investor meeting that the market value level, the progress of fundraising projects, the future planning and growth space of the two major product lines have become the focus of investors' attention. Zhou Fangchao, vice president and executive director of Global New Materials International, said at the meeting that in terms of pearlescent pigment products, the company will focus on the automotive-grade and cosmetic-grade markets; in terms of synthetic mica, Global New Materials International's research and development is based on synthetic mica. It is a new generation of lithium-ion battery separator material with excellent heat resistance, which is the company's key development direction in the future.
Txoj haujlwm txhim kho kev tsim khoom yuav ua tiav los ntawm 2025
Pearlescent pigment yog qib siab - cov xim xim tsim los ntawm txheej txheej oxide zaj duab xis (txheej txheej) nrog cov khoom siv hauv paus xws li mica. Nws subverts tsoos pigments vim qhov cuam tshuam ntawm lub teeb. Nws muaj kev nyab xeeb, ib puag ncig tus phooj ywg, thiab tsis ploj mus. Nws belongs rau kev lag luam tawm tswv yim tawm tswv yim.
Raws li lub chaw tsim khoom tseem ceeb ntawm pearlescent pigments nyob rau hauv Suav teb, Ntiaj Teb Tshiab Cov Khoom Siv Thoob Ntiaj Teb tau ua tiav cov nyiaj tau los ntawm 318 lab yuan, 441 lab yuan, thiab 569 lab yuan raws li xyoo 2018 txog 2020, thiab cov nyiaj tau los ntawm niam txiv yog 77.4 lab yuan, 10,300. yuan, thiab 148 lab yuan. Cov nyiaj tau los tag nrho yog 46.2 feem pua, 49.5 feem pua, thiab 49.9 feem pua, nce mus rau 52.7 feem pua hauv thawj ib nrab xyoo 2021.
The "Daily Economic News" reporter noticed that compared with Kuncai Technology (603826, SH), a listed company in the same industry as pearlescent pigments, the gross profit margin of Global New Materials International is better than that of Kuncai Technology (gross profit margin in 2020 is 40.18 percent ) , but the market valuation is not as good as Kuncai Technology, which has a price-earnings ratio of about 107 times, while Global New Materials International is 33.5 times.
Is the current market valuation too low? On November 23, Zhou Fangchao, Executive Director, Vice President of Global New Materials International, said in response to investors' questions: "The company's market value is currently a certain distance from its competitors, but we believe that the market value is a process of growth. Do a good job in performance and fundamentals, and at the same time have more communication with investors, so that investors can discover the value of the company."
Nws tsim nyog hais tias tam sim no cov khoom tsim tawm ntawm Ntiaj Teb Cov Khoom Siv Tshiab Ntiaj Teb yog 18, 000 tons ntawm pearlescent pigments thiab 8, 000 tons ntawm hluavtaws mica ib xyoos twg. Daim ntawv tshaj tawm tau tshaj tawm tias cov chaw tsim khoom uas twb muaj lawm ntawm thawj theem ntawm cov chaw tsim khoom yuav luag tag nrho. Kev siv txhua xyoo yog ze rau 100 feem pua. Yog li ntawd, kev nce hauv kev tsim khoom tau dhau los ua qhov tseem ceeb tshaj plaws rau Ntiaj Teb Tshiab Cov Khoom Siv Thoob Ntiaj Teb kom nthuav dav kev lag luam.
Nws tuaj yeem pom los ntawm kev siv cov peev nyiaj tau los ntawm cov npe uas cov nyiaj tau los yog siv rau kev tsim kho thib ob -theem cog cog rau kev tsim cov khoom siv pearlescent pigment (cov tsim tawm txhua xyoo yog 30 ,000 tons) thiab Luzhai hluavtaws mica cog rau kev tsim cov khoom hluavtaws mica chips (cov tsim tawm txhua xyoo yog 30,000 tons). Zhou Fangchao tau hais hauv lub rooj sib tham tias ob txoj haujlwm yuav ua tiav thiab muab tso rau hauv lub quarter thib plaub ntawm lub xyoo no thiab lub quarter thib plaub ntawm xyoo tom ntej, thiab yuav ua haujlwm tag nrho los ntawm 2025.
Kev txhim kho cov khoom siv roj teeb hluav taws xob tshiab raws li hluavtaws mica
Raws li cov ntaub ntawv tshawb fawb ntawm CITIC Securities, lub ntiaj teb kev lag luam loj ntawm pearlescent pigments nyob rau hauv 2020 yog 18.9 billion yuan, thiab nws yuav tsum tau nce mus rau 44.6 billion yuan los ntawm 2025. Cov downstream thov rau pearlescent pigments yog diversified, thiab tag nrho cov compound txhua xyoo. kev loj hlob ntawm Tuam Tshoj nyob rau hauv tsib xyoos tom ntej no yog siab li 24 feem pua. Coatings yog qhov loj tshaj plaws downstream daim ntawv thov ntawm pearlescent pigments. Pearlescent pigments suav txog li 10 feem pua ntawm cov xim pearlescent. Pearlescent pigments nyob rau hauv automotive teb muaj lub sij hawm ntev tshaj ntawv pov thawj. Thaum lawv dhau qhov kev tshuaj ntsuam xyuas, lawv yuav ruaj khov rau lub Hoobkas tsheb. Qhov feem ntawm pearlescent pigments nyob rau hauv eyeshadow yog hais txog ntawm 5 feem pua -10 feem pua, nws yuav tsum nkag mus rau hauv txhua yam ntawm pleev tais nrog zoo nkauj nyhuv.
Regarding the development of downstream product applications, Zhou Fangchao said at the investor meeting: "Automotive and cosmetics are the fastest rising downstream industries, and they are also the company's current focus of development." He cited third-party data and pointed out that in the automotive market, due to penetration The growth rate, production and car ownership are expected to increase at a compound annual growth rate of 47.1 percent from 2021 to 2025 in the global automotive pearlescent pigment market; in the cosmetics market, benefiting from consumption upgrades and increased appearance awareness, it is expected to grow from 2021 to 2025. The CAGR to 2025 is 32.8 percent .
"At present, the company's cosmetic-grade pearlescent pigments have entered a number of well-known domestic and foreign cosmetic companies, and this year's sales have accounted for more than 10 percent ; regarding automotive-grade pearlescent pigments, the company has been researching since 2015, and successfully passed in 2018. The most stringent inspection standard for automotive-grade products, that is, the two-year weather resistance exposure test in Hainan Island, has the conditions to enter the auto OEM, refinish paint, and spare parts markets, and has now achieved mass sales." Zhou Fangchao Express.
Nws yog tsim nyog hais tias nyob rau hauv cov txheej txheem ntawm zus tau tej cov pearlescent pigments, mica yog ib qho tseem ceeb raw cov ntaub ntawv, lub hauv paus ntawm luster ntawm pearlescent pigments, thiab kuj muaj zoo rwb thaiv tsev, kub tsis kam, rwb thaiv tsev kub thiab lwm yam ntxwv. Ntuj mica yog cov khoom siv ntxhia thiab raug xa mus rau txawv teb chaws. Txhawm rau rhuav tshem cov kev txwv ntawm kev nrhiav tau cov peev txheej mica thiab paub txog kev hloov pauv hloov pauv, cov tshuab hluavtaws mica tau maj mam dhau los ua qhov kev sib tw tshiab hauv kev lag luam pearlescent pigment. Kev lag luam saw tau tsim ib qho kev sib koom ua ke ntawm cov dej ntws, thiab ntau lub tuam txhab kuj tau pib tshawb nrhiav cov ntaub ntawv tshiab ntawm hluavtaws mica.
Tus neeg sau xov xwm tau kawm tias hluavtaws mica muaj qhov zoo ntawm daim ntawv thov kev cia siab nyob rau hauv lub tshav pob ntawm lub zog tshiab. Txheej mica cov khoom ntawm lub roj teeb cais yuav tsum txhim kho qhov ruaj khov thiab tiaj tus ntawm cov khoom sib cais yam tsis muaj kev cuam tshuam cov permeability ntawm lithium ions, yog li txo qhov kev pheej hmoo ntawm luv luv Circuit Court vim kev sib cuag zoo thiab tsis zoo.
Zhou Fangchao tau hais tias nyob rau hauv kev lag luam ntawm hluavtaws mica, lub tuam txhab yuav tsom mus rau kev txhim kho cov khoom siv roj teeb hluav taws xob tshiab raws li cov khoom siv hluavtaws yav tom ntej, thiab tam sim no tab tom tsim cov tiam tshiab ntawm lithium{0}}ion roj teeb cais. Raws li cov txiaj ntsig tam sim no, cov khoom lag luam muaj qhov kub thiab txias tsis kam, uas tuaj yeem txhim kho kev nyab xeeb ntawm roj teeb; Kev nqus dej zoo thiab khaws cia, thiab txhim kho lub roj teeb ua haujlwm zoo; siab porosity, yog li ntawd lub internal kuj ntawm lub roj teeb yog me me, thiab lub zog conversion tus nqi siab. Nws tau tshaj tawm tias cov khoom siv roj teeb hluav taws xob tshiab raws li cov khoom siv hluavtaws yuav tsum tau nthuav tawm rau lub khw hauv xyoo 2022.
