Antai Technology: Accelerating the advancement of new metal materials
The company's core business is high-tech new materials industry, including super hard and refractory materials, functional materials, biomedical materials, fine metal products, advanced manufacturing technology and industrial engineering. In the first half of 2011, the income of superhard and refractory materials accounted for 43.83% of the main revenue, and the income from functional materials, fine metal products and engineering technology accounted for 19.52%, 19.46% and 15.42% of the main income. Biomedicine The smallest proportion of materials, only 0.52%. As the company's new materials and products accounted for 75.7% of the main revenue in 2010, the company announced on October 21, 2011 that the company's industry classification is classified as "C69 (metal products industry)." Superhard and refractory materials: the backbone of the company's profitability Superhard and refractory materials mainly include diamond saw blades, high speed tool steels and refractory materials. (1) Diamond saw blade. The current production capacity is 5.6 million pieces, 90% of which are exported, 40% of which are in the US market. There are many types of diamonds, and the price difference is relatively large. As the company's products are mainly concentrated in low-end areas such as construction, the company implemented capital increase for the project to improve product structure and expand to oil drill bits. (2) High speed tool steel. In the second quarter of 2011, the new project was put into operation, and the production capacity was increased from 15,000 tons to 40,000 tons. The company currently works with the French company Erasteel, which is the main agent of the company's casting high-speed tool steel. This business will be an important profit growth point for the company. (3) refractory materials. Mainly used for the lining of sapphire production furnaces, the company is the only company in China that produces LED semiconductor refractory materials, which can produce different products for different companies. At present, the company's production capacity is 500 tons. After the new project is put into production, the production capacity can reach 1,630 tons. Functional materials: greater development potential (1) Broadband amorphous materials. Due to the technical difficulty of broadband amorphous materials, process parameters and formulations have been adjusted. The company's production capacity is 40,000 tons, and the finished product rate is relatively low. State Grid and the company set up a joint venture company, marking the national network optimistic about the amorphous transformer, to achieve the company's amorphous strip business upstream and downstream. (2) Narrow-band amorphous materials. At present, the company's production capacity is more than 1,000 tons, and the total revenue does not exceed 300 million yuan. The price difference between low-end products and high-end products is relatively large. (3) Magnetic materials. The company currently has a bonding capacity of 300 tons and a sintering capacity of 2,000 tons, including 1,000 tons produced in the second half of the year. The rare earth used by the company is mainly purchased from Baotou Steel Rare Earth. Fine metal products: After the acquisition of Sanying, the production capacity of welding wire has increased significantly. (1) Flux cored wire. This product is mainly used in the shipbuilding industry. At present, the company still has some stock orders. After the company acquired Tianjin Sanying, the production capacity increased from 30,000 tons to 75,000 tons. The equipment of Tianjin Sanying is equivalent to the level of the company. This business accounts for about 60% of the welding business. (2) Special welding materials. At present, the production capacity is more than 1,000 tons, and it can reach more than 5,000 tons after expansion. (3) Powder metallurgy. With a production capacity of 1,000 tons, it will maintain stable development in the future. 4 strategic projects The company invested 850 million yuan to build four strategic projects aimed at improving the company's future competitiveness. The 4 major projects are expected to be completed by the end of 12, the production cycle is 3 years, and the capacity utilization rate is expected to be 30-40%, 50-60% and 80-90% respectively. Valuation and Investment Proposal We expect to achieve 39.86, 52.16 and 6.036 billion yuan in revenue in 11-13 years respectively. The net profit attributable to the mothers is 3.22, 4.67 and 603 million yuan respectively. It is expected that the earnings per share will be 11-13 years. 0.38 yuan, 0.55 yuan and 0.71 yuan, the corresponding price-earnings ratio is 47.8X, 33X, 25.6X. For the first time, the “overweight†rating was given. risk warning The broadband amorphous ribbon technology cannot be effectively broken. The production capacity of Tianjin Sanying cannot be effectively improved, and the high-speed tool steel capacity climbing plan is blocked. UV Marble Sheet,UV PVC board for wall,PVC Marble Wall sheet，3D Marble wall sheet Linyi Dongtai Decoration Materials Co., Ltd , https://www.dongtaiwood.com