"Fengkou Research Report · Company" comprehensively covers the military invisible coating consumables of the full temperature. This scarce dragon leader has entered the stereotype production stage, and the order is doubled last year.

The company is one of the few domestic coverage of "full temperature+multi -spectrum" stealth material. It has entered the stage of production batch production. There are nearly 50 backup products to improve future performance space, and the total area of ​​new plant projects is 5 times the original area.

Company essence:

① Minsheng Securities Yin Huiwei is optimistic that the company is one of the very few companies in the country that comprehensively covers the design, research and development and production of high temperature and high temperature stealth materials. From the beginning of 2021 to the end of March 2022, the company has signed a total of about 1 billion yuan in orders for millions of stealth materials. It is about twice the revenue scale of 512 million in 2021, highlighting the strong downstream demand;

② At present, the company has 3 branded stealth materials and 2 licensed camouflage materials into the shape batch production stage. A total of 30 brands of stealth/camouflage materials are composed of 30 brands. Space, the total area of ​​the company's listing and investment projects in 2022 reached 145 acres, which increased significantly compared to the original factory area (less than 30 acres);

③ Hidden materials have obvious consumable attributes. For example, the Israeli Air Force performs stealth coating for F-35i every three months. After calculation, my country's advanced equipment hidden material market is expected to reach tens of billions of yuan in the future;

④ Yin Huiwei expects the company's net profit to return home from 2022-2024 is 3.48/4.95/691 million yuan, respectively, an increase of 49.3%/42.3%/39.5%year-on-year, and the corresponding PE is 78/55/39 times;

⑤ Risk reminder: The risk of product price decrease; the progress of the product in research does not reach expected.

Military special functional materials include stealth materials, camouflage materials and protective materials. It is mainly used in my country's advanced engines, aviation equipment and guidance equipment. With the production of downstream equipment, the industry needs are relatively strong.

Minsheng Securities Yin Huiwei's latest coverage of stealth materials Huaqin Technology (688281), the company's special functional materials realize full temperature, multi -spectrum, and multi -functional coverage, which is intended to create a special functional material solution platform to empower my country's advanced equipment. Great development potential.

The company has realized the designated batch production of 3 branded stealth materials and 2 branded camouflage materials in 2019 and 2020, driving the company's revenue in 2019/2020 an increase of 146%/254%year -on -year. As of the end of March 2022, the company has 32 small batches of trial -making number and 23 pre -research trial brand products. It has sufficient technical reserves and provides guarantees for the continuous performance of performance.

The company actively expands its production and meets the strong demand for downstream, and stabilizes its own leading advantages. In 2022, the company's listing raised 3.16 billion yuan and 680 million for the industrialization of special functional materials. The total area of ​​the project reached 145 acres. Compared with the company's original factory area (less than 30 acres), it achieved significantly.

Yin Huiwei expects the company's net profit to return to her mother from 2022-2024 is 3.48/4.95/691 million yuan, respectively, an increase of 49.3%/42.3%/39.5%year-on-year, and the corresponding PE is 78/55/39 times, respectively.

The company's stealth materials have a wide range of applications, or there are tens of billions of market space in ten years.

The stealth material is fully enabled by advanced equipment's anti -reconnaissance capabilities and is widely used in modern equipment. At present, there are only a few companies such as Huaqin Technology, Jiachi Technology, and Guangqi Technology in China, and the three companies focus on different focus. Among them, Huaqin Technology is one of the very few domestic coverage of the design, research and development of high temperature and high temperature stealth materials in the country. And production company.

The gross profit margin of the company's stealth material has always remained above 60%. From 2018 to 2021, the company's stealth material revenue achieved a significant increase, with a compound growth rate of 83%in three years, and a total of 1.04 billion yuan in 2021.

Yin Huiwei believes that the company's stealth materials may have tens of billions of market space in ten years:

① Obvious consumables: Cracks and damage often occur in stealth coating at high speed and high temperature, while carrier-based aircraft will have more serious rusting situations under the marine climate, and regular maintenance needs to be maintained. For example Maintenance of stealth coating once a month.

②The market space is tens of billions: The United States has widely used stealth technology in the new generation of fighters, bombers, and helicopters in the aviation field. At present, there are 583 stealth fighters. It is estimated that in the next ten years, my country's aviation hair and other advanced equipment stealth materials markets are countless billions of yuan. The company will fully benefit from the rapid growth of the full temperature stealth material market in the future.

Small batch of trial production and pre -research testing plates are guaranteed by the company's failure, and currently the order is full

At present, the company has 3 branded stealth materials and 2 brand camouflage materials entered the stage of production batch production. A total of 30 brands of stealth/camouflage materials are composed of 22 cards. It is in the stage of review and pre -research. In the future, with the development and development of the approval products and pre -research trial products, the company's performance still has great room for improvement.

From the beginning of 2021 to the end of March 2022, the company signed a total of about 1 billion yuan in orders for stealth materials, about twice the revenue scale of 512 million in 2021, highlighting the strong downstream demand, and ensuring the company's future performance growth.

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