, the company's business introduction
Xingxin New Materials (001358) is mainly engaged in the research and development, production and sales of organic amine fine chemicals, including piperazine series, amide series, etc., of which piperazine series products are the main products during the reporting period, accounting for about 85% of the main business income in each period, and the downstream application fields cover electronic chemicals, environmental protection chemicals, polymer materials, pharmaceuticals, etc.
After years of development, the company has developed into an industry-leading manufacturer of piperazine derivatives, and has created a complete piperazine derivatives industry chain, covering N-hydroxyethylpiperazine, triethylenediamine, N-methylpiperazine, N-ethylpiperazine, desulfurization and decarburizer and other product lines, which are at the leading level in the industry in terms of piperazine derivatives types, production capacity and performance.
The company has established a circular economy industrial chain with piperazine as the center. The company can not only use six or eight piperazine as raw materials to achieve the production of all piperazine series products, but also have the production capacity of ethylenediamine or hydroxyethyl ethylenediamine as raw materials to produce piperazine, so that the company can choose raw materials with cost advantages between six and eight piperazine, ethylenediamine, hydroxyethyl ethylenediamine three raw materials for production, and can also flexibly adjust the output between different products of piperazine series according to the supply and demand of the downstream market, so that the company can always maintain a competitive advantage when the market environment changes greatly.
The company's customers include world-famous electronics, chemical and pharmaceutical manufacturers such as Dongjin, Shell, Nouryon, Merck, etc., as well as important domestic pharmaceutical and chemical manufacturers such as Jingxin Pharmaceutical, Huahai Pharmaceutical and Huafon Chemical.
The company's main product uses are as follows:
During the reporting period, the composition of the company's main business income is as follows:
, the company's performance
From 2018 to 2022, the company's growth and profitability are as follows:
From January to December 2023, the company expects attributable net profit to be about 16.3 billion to 18.3 billion yuan, down 1240% to 2197%, operating income of about 6$800 million to $72.1 billion yuan, down 6 percent year-on-year90% to 1220%, deducting non-net profit of about 1600 million to 1800 million yuan, a year-on-year decrease of 1304% to 2207%。
, development and comparison with comparable companies
The company's issue price is 41 yuan, 22 million shares are issued, and the lead underwriter: Guosheng **, with a market value of 36 after issuance0.8 billion yuan. The dynamic P/E ratio based on the median 2023 forecast results is 2008, the static P/E ratio is 1726。The market capitalization, price-to-earnings ratio and revenue of comparable companies are as follows:
, Summary
The company mainly produces piperazine and piperazine derivatives. As an industry-leading manufacturer of piperazine and its derivatives, the company's production capacity and product performance are at the leading level in the industry, occupying the main market share of this market segment and having a certain market position. In addition, the company has a complete range of products, which allows the company to flexibly adjust its production focus when product demand changes. However, as piperazine and its derivatives become more and more widely used, it is not excluded that more manufacturers will enter in the future, triggering strong competition.
The company as a whole has good quality and strong profitability. From 2019 to 2020, the company's performance declined due to the decline in the company's gross profit margin due to the increase in the main raw material hexaoctapiperazine**. The decline in the company's performance in 2023 is mainly due to geopolitical factors, friction and less than expected recovery.
The absolute value of the company's issue price is high, the market value of the issue is medium, and the issue price-earnings ratio is relatively low. All things considered, an active subscription level is given.
New rating: positive. I Subscribe to the Plan: Participate.
Notes: The performance of IPO on the first day is related to many factors, and this article is only a brief analysis of the company's business, main financial indicators and valuation. When investors hit the newIndependence requiredThink, and make a decision. If there is a conclusive statement in the article, it is also a personal opinion. We hope that investors will invest rationally.