2021-11-04 Zhe Shang Securities Co., Ltd. Wang Huajun and Zhang Yang conducted research on Camet Gas and issued a research report "Comet Gas Review report: major Breakthrough in Xenon sales, continuous expansion of Electronic specialties". This report gives a buy rating to Camtel Gas, the current stock price is 12.72 yuan.
Camette Gas (002549)
Main points of investment
Events:
Camet Electronics Special Gas Co., Ltd., a holding subsidiary, signed a "purchase and sales contract". Tianjin Saineng Gas buys 99.999% xenon from the company with a total contract amount of 4.2472 million yuan (including 13% VAT).
The company announced the signing of the first xenon purchase and sale contract, and the category of electronic special gas products has been continuously developed.
The electronic special gas products sold by the company are xenon with specifications and models ≥ 99.999%. Customers will pick up the goods from the company's warehouse within 15 days after the signing of the contract. Since the company's electronic special gas business achieved mass production capacity at the end of last year, three 5N krypton purchase and sale contracts have been announced in the first half of this year, with a total amount of 9.52 million yuan. This is the first time to announce the signing of the purchase and sale contract for xenon products, and the company's range of electronic special gas products continues to expand.
Under the policy of "double control" of energy consumption, the competition pattern of carbon dioxide is improved, and the price of Q4 is expected to increase steadily.
1) according to Baichuan Yingfu data, the average price of liquid carbon dioxide in the third quarter of 2021 was 524 yuan / ton, an increase of 9% over the same period last year. The average price of liquid carbon dioxide in the first half of the year was 385 yuan per ton, down 9% from the same period last year. The price of food-grade carbon dioxide fluctuates less obviously, but the trend keeps pace with it. In addition, in terms of volume, the company has expanded production in Yueyang, Anhui and Fujian this year, and its total production capacity is expected to increase to 710000 tons by the end of last year from 460000 tons at the end of last year. 3) looking forward to the fourth quarter, in the context of the "double control" policy of energy consumption, the closure of some small chemical plants will lead to a relatively limited total supply of carbon dioxide, and the upstream of the company is mainly large central enterprises and multinational corporations with stable operations. we expect that Q4 liquid carbon dioxide business will continue to rise in volume and price.
The work of electronic special gas certification is progressing smoothly and will be gradually expanded, which is expected to become a new growth pole of the company.
China's electronic special gas market is 15 billion yuan, with a compound growth rate of about 20%, which is mainly used in integrated circuits (accounting for 70%) and other fields. The localization rate of electronic special gas in our country is about 15%, and there is a broad space for domestic substitution.
The electronic special rare gas subsidiary was established in 2018, which is a domestic scarce electronic special gas production enterprise with the layout of the whole industry chain from gas source to purification, mixing, testing and sales. The company has a professional gas analysis laboratory, independently developed cylinder treatment technology, purification treatment is higher than the domestic average level. At present, the company is stepping up the progress of international and domestic certification (such as ASML, Taiwan Semiconductor Manufacturing Co Ltd, Semiconductor Manufacturing International Corporation, etc.), and the cooperation with relevant agents (such as Linde, French liquid Air, Dayangri Acid) has been carried out in an all-round way.
Profit forecast and investment advice
It is estimated that the company's homing net profit from 2021 to 2023 is 1.3 yuan 2.1 / 410 million yuan respectively, with a compound growth rate of 78%, corresponding to PE times that of 61-37-19, maintaining a "buy" rating.
Risk Tips:
The production progress of the project is not as expected, and the sales of electronic special gas are not as expected.
In the last 90 days, the stock has a total of 1 agency rating and 1 buy rating; according to the Securities Star valuation analysis tool, the good company (002549) has a rating of 3 stars, a good price rating of 2 stars and a comprehensive valuation rating of 2.5 stars.