◎ The reporter noted that the market is better than the praise technology (603826, sh), the gross profit margin of Global New Materials is better than Kuncai Technology (2020 gross profit margin), but the market valuation But there is an approximately 107 times that of Kuncai Technology, the latter P / E ratio is about 107 times, while the world’s new international is 33.5 times. Is the current market estimate too low? Each reporter Wang Fan has edited Chen Junjie in July this year, the new material manufacturer Global New Material (06616, HK) officially landed in Hong Kong stocks.
At November 23, after four months of listed, the first investor meeting will meet the first investors.. Global new materials international products are pearlescent pigments, related traditional pigments, pearl pigments have no fading, healthy environmental, high stability, bright color, etc.
, widely used in industrial coatings, plastics, textiles and leather, cosmetics and automotive coatings. With the limited resource of the raw materials, the world’s new products have gradually extended upstream, develop artificial synthetic mica products..
The “Daily Economic News” reporter learned that the investor meeting, the market value level, the progress of the fundraising project, the future planning and rising space of the two major products, become the focus of investors. Vice President of Global New Materials, Executive Director Zhou Fang Chao said at the meeting, in terms of pearlescent pigment products, the company will force the automotive grade and cosmetic level market; in terms of manual synthetic mica, the internationally developed organic synthetic mica A new generation of lithium-ion battery diaphragm materials, excellent heat resistance, the future is the development direction of the company. Yield improvement items will be complicated in 2025, the pearlescent pigment is a high-grade pigment formed by a substrate such as mica, and subverts the traditional pigment, safe and environmentally friendly because of the interference of light.
Faded, belonging to the strategic emerging industry. As a domestic important pearley paint manufacturer, Global New Materials 2018 – 2020 achieved operating income of 318 million yuan, 441 million yuan, 569 million yuan, returned to the net profit of 77.4 million yuan, 103 million yuan, 148 million yuan, The gross profit margin is 46.
2%, 49.5%, 49.9%, and the first half of 2021 rose to 52.
7%.. “Daily Economic News” reporter noted that compared to the pearl paint in the same industry listed company Kuncai Technology (603826, SH), the gross profit margin of Global New Materials is better than Kuncai Technology (2020 gross profit margin is 40.
18%) However, the market valuation is not as good as Kuncai Technology, the latter P / E ratio is about 107 times, while the world’s new international is 33.5 times. Is there a low market estimate? On November 23, the International Vice President of Global New Materials, Executive Director, Executive Director, said in responding to investors: “The company’s market value is currently a certain distance from competitors, but we believe that the market value is a process of growth, to continue Do your performance and fundamentals, while communicating with investors, let investors find the company’s value.
“It is worth mentioning that the current production of Global New Materials is an annual output of 18,000 tons of pearlescent pigments and annual output 8,000 tons of artificial synthetic mica, prospectus disclosure, the existing production facilities of the first phase of the production plant have been almost full of load operation , All-year usage is close to 100%. Therefore, the increase in production has become the top priority of the international expansion of global new materials..
It can be seen from the use of listing funds, and the fundraising fund is important for building the second phase of the production plant for the production of pearlescent pigment products (design annual output is 30,000 tons) and production of synthetic cloud village synthetic mica factory (annual output year production) 30,000 tons). Zhou Fang was in the meeting, the two projects will be completed in the fourth quarter of this year and the fourth quarter of next year, and it will be fully achieved by 2025..
The development of new energy battery materials for synthetic mica-based substrate showed that the market size of 2020 Global pearlescent pigments was 189 billion yuan, and it is expected to rise to 44.6 billion yuan by 2025..
Diversified demand in the downstream of pearlescent pigments, China’s overall annual complex increase rate is as high as 24% in the next five years. Coatings are the largest application field downstream of pearlescent pigments, and pearlescent pigments are usually used in pearlescent paints; the pearlescent pigment certification cycle in the automotive sector is the longest, once inspected will be bound to the car factory firmly; the ratio of pearlescent is probably At 5% -10%, it is expected to penetrate into all kinds of make-up dishes with excellent decorative effects..
Regarding the development of downstream product applications, Zhou Fang is in the investor meeting: “Automobile and cosmetics are the fastest downstream industries, and the company’s current focus. “He quoted third-party data pointed out that due to the new cargo, due to the new penetration, production and automotive ownership, the compound year increase rate of the global car peart pigment market is expected to be as high as 47.1%; the cosmetics market is subject to Hui is an increase in consumption upgrade and appearance, which is expected to be 32.
8% composite annual increase in 2021 to 2025.. “At present, the company’s cosmetic-grade-grade paint has entered a number of well-known domestic and famous cosmetics companies at home and abroad, and this year’s sales accounting has exceeded 10%; related to the automotive-grade pearled pigment, the company began research in 2015, and successfully passed in 2018 The most stringent inspection standard for automotive-level products, that is, the two-year weatherability of Hainan Island, with the conditions of entering the automobile vehicle factory and repairing the paint, the parts market, has already achieved mass sales.
Zhou Fang Super. It is worth mentioning that during the production of pearlescent pigments, mica is an important raw material, which is the source of the guess of pearlescent pigment, which has good insulation, high temperature resistance, heat insulation..
Natural mica is mineral resources, subject to foreign imports. In order to break through the restrictions acquired by mica resources, import replacement, synthetic mica technology has gradually become a new competitive barrier in the pearlescent pigment industry, and the industrial chain has formed a trend of integration upstream, and many companies have also begun to explore new applications of synthetic mica..
The reporter learned that synthetic mica has good application prospects in the new energy sector, coating mica material on the battery diaphragm, is expected to increase the spatial stability of the diaphragm without affecting lithium ion transmission, thereby reducing Risk of positive and negative contact and short circuit. Zhou Fang said, in the synthetic mica field, future companies will focus on developing new energy battery materials with synthetic mica-based substrates, currently developing a new generation of lithium-ion battery separators. According to the current results, the product is highly temperature resistant, which can significantly improve the safety of battery; good absorption and liquidity, the battery cycle performance is effective; high porosity, so that the battery is small, the energy conversion rate is high.
He revealed that the new energy battery material for synthetic mica is expected to be introduced to the market in 2022.