Sinoma Science & Technology (002080) Company’s First Coverage Report: Multipoint Resonance of Lithium-Ion Doped Faucet Upwards
The shape of the lithium-ion battery giant has begun to take shape, and its multi-business margins are improving. For the first time, it has been given a “buy” rating. Sinoma Science and Technology is a leading company in the special materials field with a technological advantage.potential.
The single industry’s heavy assets and technology-intensive attributes determine the strong and strong. At present, domestic capacity expansion is concentrated in Shanghai Enjie, Sinoma Science and Technology and Star Source Materials. The industry concentration will continue to increase; in the future, oligopoly may also form globally.In summary, the company’s scale business is expected to go global and become a global giant.
At the same time, the company’s blade and fiberglass business is already globally competitive, and in the future it will benefit from the industry ‘s prosperity margins: wind power will usher in rush installation in 2020, and blade demand will rise; the fiberglass industry is expected to come out of the bottom.
We expect the company’s EPS to be zero in 2019-2021.
12 yuan, the current total corresponding to PE for 2019-2021 is 16.
8x coverage for the first time, giving a “buy” rating.
Acquired Hunan Zhongli to achieve a strong alliance, decentralized business to meet the strategic possibility period The company’s capital increase in August 20199.
9.7 billion acquired 60% equity of Hunan Zhongli. At present, the company’s restructuring capacity has reached 9.
600 million square meters, has formed a better scale effect and growth foundation.
The company has high-quality customer resources and has basically covered the mainstream battery manufacturers at home and abroad.
Benefiting from the volume of downstream customers in the short term, the company’s expansion is expected to grow rapidly; in the medium to long term, we are optimistic about the integration and synergy between Sinoma Lithium Membrane and Hunan Sinolithium.
The leader of wind power blades directly benefited from the rebound of the industry’s prosperity. Benefited from the replenishment of wind power and the continuous improvement of the wind abandonment rate in the Three North Region. The domestic installed capacity in 2020 will usher in a deterministic high growth.32-35GW.
The large-scale trend of wind power blades is stable, and the industry concentration has continued to increase.
Sinoma Blades, as the leader of domestic wind power blades, will directly benefit 西湖阁体验网 from the upward prosperity of the industry and the upgrade of product structure.
The fiberglass industry is expected to gradually come out of the bottom, and the company’s profit level can be restored. We expect that there will be no significant incremental supply in the industry in the first three quarters of 2020, and downstream demand will gradually recover, and the fiberglass price is expected to show a period of inflection point.
The company’s glass fiber production capacity ranks second in the country. By adjusting the product structure and increasing the proportion of high-end products to improve profitability; by upstream locking raw materials and energy, optimizing production processes, replacing new and old production capacity to reduce production costs, and further improving core competitiveness.
Risk 杭州桑拿 reminder: the amount of reduction is less than expected, the price of raw materials for leaves rises, and the price of glass fiber continues to fall