"Fengkou Research Report · Company" card position "Super Capacitor+Sewage Treatment" upstream new materials. This "dark horse" energy storage material technology is the only one overseas in China.

The card "Super Capacitor+Sewage Treatment" upstream new materials. This "dark horse" has the only electrode material currently realized in the field of supercapacitors. It is also the only head supplier comparable to the level of foreign technology in the country. At the same time, new production capacity is added Accelerate release and continue to seize the VOCS governance industry and sewage treatment of 100 billion -level markets.

Company essence:

① Zhejiang Shang Securities Mary is optimistic about the company's activated carbon in environmental protection fields such as VOC recycling/water treatment, which has a very broad market space. The compound growth rate of the latter in 2018-23 reached 28.40%/16.38%, and the market capacity is expected to reach 666.6/581.95 billion respectively Yuan;

② activated carbon is currently the only electrode material in the field of supercapacitors. The company is the only supercapacitors charcoal manufacturer comparable to the level of technology in the United States. It

③ Sodium silicate can be used to make silicon compounds such as white charcoal black and silicone. The downstream demand is strong. In 2021, the company owns 270,000 tons of sodium silicate. Line at the forefront of the industry and open up the second growth curve;

④ Mali expects the company to achieve a net profit of 2.07/2.50/3.07 million yuan in the 2022-14 year, a year-on-year increase of 36.09%/20.72%/22.98%, corresponding to 29/24/19 times;

⑤ Risk reminder: Repeated risk of epidemic, less production capacity expansion is less than expected.

Under the target of carbon neutrality, the replacement of coal -to -charcoal has a wide space for refreshment, especially in environmental protection fields such as sewage treatment. The demand for wood activated carbon is better.

Zhejiang Shang Securities Mali tapped the Magnolia Charcoal Lifa Yuanli (300174). The company has the largest domestic production capacity of the company. The capacity of high value -added business such as medicinal charcoal, granular charcoal, and supercapacitance charcoal is expanded in an orderly manner. Energy storage new material industry import replacement acceleration.

The scale of the company's wooden activated carbon production and sales has grown from 500 tons to over 110,000 tons at the time of construction; sodium silicate business has cooperated with Germany for many years and intends to add 160,000 tons of capacity; The industrial chain continues to extend downstream, and the carbon and silicon industry chain are integrated.

Mali expects the company to realize the net profit of 2.07/2.50/3.07 million yuan in 2022-24, a year-on-year increase of 36.09%/20.72%/22.98%, and the corresponding PE is 29/24/19 times.

Growth of wood carbon high: support of environmental protection policies+strong downstream demand+new production capacity of the company

The activated carbon application field is wide and the demand side is driven. Mali expects the compound growth rate of the activated carbon market in 2019-24: 8.43%:

① The compound growth rate of the VOCS treatment industry/sewage treatment 2018-23 reached 28.40%/16.38%, and the market capacity is expected to reach 666.6/581.95 billion yuan, respectively. Activated carbon has very broad market space in environmental protection fields such as VOC recycling and water treatment;

② Super activated carbon production is sold in two. It is estimated that the compound growth rate of 2021-26 will reach 13.84%, and the demand for new energy storage new materials activated carbon is strong.

The company's wooden activated carbon business is highly highlighted:

① The powder -like charcoal business has grown steadily, and the drug charcoal with a high value of added value. The company's production license qualifications are complete, and the industry supervision becomes strict.

② The company's bamboo -based granular charcoal technology is far ahead of domestic peers, or accelerates alternative coal granular charcoal.

③ activated carbon is currently the only electrode material in the field of supercapacitors. The company is the only super capacitor charcoal manufacturer comparable to the level of technology in the United States. Essence

The sodium silicate industry has a good prosperity, and the company opened the second growth curve

Sodium silicate can be used to make silicon compounds such as white carbon black and silicone. With the global organic silicone market size increased from US $ 15.3 billion in 2016 to US $ 18.5 billion in 2019, downstream organic silicone products have risen, driving sodium siliconicate prosperity Raise.

In 2021, the company had 270,000 tons of sodium silicate. In 2021, the company was built and put into production a "80,000 -ton solid water glass" production line. The water glass production can jump at the forefront of the industry and open the second growth curve. In addition, the company intends to set up a joint venture with Yili Kerry Golden Fish Food and Food Co., Ltd., which is committed to promoting the healthy development of rice shells, rice shells to produce water glass, and activated carbon, and promotes the continuous expansion of the company's production capacity.

The company reached a strategic cooperation with Germany Winchuang, and set up an associate subsidiary to win Chuangchuang Jialian ("EWS") to operate white charcoal black business. 100%of the water glass consumed by the company was provided by the company. EWS is one of the few suppliers in the domestic white carbon black industry that has obtained tire certification. The company is expected to seize the opportunity of the green tire industry chain to open the market.

Recently in this column clean energy series:

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