Tao Yigong and Liang Younan recently conducted research on Lanxiao Technology and released a research report "Performance Continues to Grow with High Quality and Quality Returns", this report gives a ** rating to Lanxiao Technology, and the current stock price is 4152 yuan.
Lanxiao Technology (300487).
Core viewpoint: Event: The company announced that in order to practice the "investor-oriented" business philosophy of listed companies and safeguard the interests of all shareholders of the company, the company will take measures to effectively promote the "double improvement of quality and return", enhance investors' sense of gain, and enhance the company's quality and investment value.
The performance continued to grow with high quality. The company recently released its 2023 performance forecast, which is expected to achieve a net profit attributable to the parent company of 66.9 billion yuan-85.5 billion yuan, a year-on-year increase of 2450%-59.13%, the main reason for the increase is that the company's production and sales of adsorption separation materials continued to grow, and the stability and sustainability of profitability were further enhanced; Benefiting from the increase in the sales proportion of high value-added products such as life sciences, the comprehensive gross profit margin was further improved, highlighting the company's technical barriers and core competitiveness; Projects in the field of lithium extraction from salt lakes have been progressing in an orderly manner, and large projects such as Jinhai Lithium have been completed and revenue has been recognized. The company's net profit attributable to the parent company increased from 05.1 billion, an increase of 669~8.5.5 billion yuan, 8 years, the net profit attributable to the parent has increased by more than 13 times. In 2023, the company's main financial indicators have steadily improved, continuing the trend of high-quality growth.
The dividend rate continued to increase, and the cash repurchase was completed, with a high return on investment. As of February 2, 2024, the company's stock price has increased by about 18 times since its listing, which has generally brought investors a high return on investment. At the same time, the company has paid a cumulative dividend of nearly 500 million yuan, and the dividend rate has increased from more than 20% in 2020 to more than 40% in 2022 in the past three years. At the same time, the company has made it clear that it will ensure that the cash distribution ratio every three years is not less than 30% of the average distributable profit in the three years. On November 28, 2023, the company passed the share repurchase plan and planned to carry out a cash repurchase of 2000 30 million yuan, and the company has completed the repurchase, with a total of 550,000 shares repurchased, with a transaction range of 4972~52.87 yuan, with a total amount of 28.39 million yuan.
Continued cash dividends and buybacks will bring good investment returns to shareholders.
Led by innovative technology platforms, the growth momentum of emerging fields such as life sciences is strong. Through continuous technological innovation and breakthroughs, the company continues to explore new application scenarios with adsorption material technology as a platform, and has sustainable growth momentum in many emerging fields such as life sciences, semiconductors, energy conservation and environmental protection, and new energy in the future.
Life Sciences: The company has become a major leader in the field of peptides with SepLife2-CTC solid-phase synthesis support and Sieber resin, benefiting from the significant increase in sales of GLP-1 peptide drugs worldwide, and the shipment volume of the company's related products has increased significantly. According to the company's announcement, the global market size of GLP-1 diabetes and obesity** drugs will be about $16 billion in 2021 and is expected to grow to about $40 billion in 2030, which will provide a broad potential market space for solid-phase synthetic carriers and Sieber resins.
Energy conservation and environmental protection: During the reporting period, the company's metal **, CO2 capture, VOCs treatment, industrial sewage treatment and other related adsorption materials continued to grow at a high rate. The company's multi-series adsorption products and whole-line technologies have contributed to a wide range of fields under the dual carbon goal strategy, and the future market space is huge.
Water treatment and ultra-purification: The high-end drinking water market has rigid characteristics and a large market space, but the quality standards are strict and the certification is demanding, and it has been occupied by a few foreign manufacturers for a long time. After several years of hard work, the company has formed long-term contracts with leading customers. In terms of ultrapure water, relying on the injection homogenization technology, ultrapure water resin has achieved a landmark breakthrough.
Lithium extraction from salt lakes: The company has become a global leader in lithium extraction technology from salt lakes, and has gradually established the brand image of "DLE Leader" (leader of original halogen direct lifting technology) among international customers. Up to now, the company has completed and is implementing a total of 12 industrialization projects for lithium extraction from salt lakes; There are about 90 pilot projects. Since the beginning of this year, it has successively won the bid for 5,000 tons of Xinjiang Guotou Luo Potassium Project, ** Ma Mi Co Project, and 3,000 tons of Argentine Hanacolla Project, with corresponding amounts of 05 billion yuan, 10 billion yuan, 25 million US dollars, to achieve a breakthrough in Xinjiang in China and overseas, the continuous expansion of salt lake lithium extraction business at home and overseas, will continue to enhance the company's comprehensive competitive advantage, this field still has great growth potential in the future.
Valuation analysis and rating description: It is estimated that the company's net profit attributable to the parent company in 2023 and 2025 will be 796/10.13/12.8.1 billion yuan, corresponding to PE of 2609x/20.51x/16.23x。The company is a leader in the field of special adsorption materials, and in the future, continuous breakthroughs in emerging and high-tech barriers such as life sciences, semiconductors, and new energy will continue to open up new growth space for the company, and the company is optimistic about its long-term growth and maintains the "recommended" rating.
Risk warning: the risk that the company's project promotion and market expansion are not as expected.
*According to the calculation of the research report data released in the past three years, the research team of Lu Hao of China Securities Construction Investment has conducted in-depth research on the stock, and the average accuracy of the past three years is as high as 9518%, and its **2023 attributable net profit is 76.4 billion, and the **PE converted according to the current price is 2745。
The latest profit** breakdown is as follows:
A total of 11 institutions have rated the stock in the last 90 days, with 9 ** ratings and 2 overweight ratings. The average institutional price target over the last 90 days is 7495。
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