Tianci Materials (002709) Investment Value Analysis
Natural gas business: significant integration advantages, liquid hexafluoride and new additives may bring new returns. The company is the largest in the world, and overseas customers are expanding and landing.
The company started the upstream integration of carbon fluoride early, successfully produced its own crystal lithium hexafluorophosphate in 2011, successfully promoted the application of liquid hexafluoro in recent years, and accelerated the development of additives such as LiFSI, DTD, lithium difluorophosphate; meanwhile, some of the company’s hydrofluoroAcid, solvent and other supporting upstream.
Through integrated development, comprehensive competitiveness has been further consolidated.
The company’s earlier liquid 夜来香体验网 hexafluoride crystals have the cost advantage of breakage, and the widespread use of new additives will further increase the company’s profitability. It is expected that the company’s business of this scale will bring significant returns.
Daily chemical business: stable operation, global competitiveness, is the company’s niche business.
In recent years, the company’s new products such as Kabo and surfactants have begun to be used.
In terms of market, we have maintained our advantages in the field of shampoo and shower gel, successfully developed the skin care and make-up market, and made certain breakthroughs in new 3D printing and agricultural markets.
It is expected that the company’s daily chemical business is expected to maintain a medium-speed development.
Preliminary and related business: The company’s excessive expansion of restructuring and related business in 2017-2018 brought breakthrough financial burdens. After two digestions in 2018-2019, the settlement of historical issues was basically completed.
At present, the company focuses on iron phosphate doping in this field, and is expected to turn a profit in 2020.
Investment suggestion: It is expected that the company’s daily chemical business will grow steadily, short-term business will grow rapidly, and long-term business will turn a profit.
We expect profit to return to zero in 2019-2021.
7 trillion, adjusting the target price to 37-41 yuan, maintaining a highly recommended level.
Risk warning: company profits, lithium ore, Zhongtianhong lithium and other companies will take over control; competition between serial cross-head companies will cause prices and profits to gradually decline; daily chemical raw material price fluctuations will affect gross margins.