Aug 07, 2019 Pageview:667
Ministry of Industry and Information Technology: brewing and adding code to support graphene industrialization
The China Securities News reporter learned from authoritative sources that the Ministry of Industry and Information Technology is planning to increase support for the graphene industry from three aspects, including the issuance of guidance on the development of the graphene industry, the establishment of a graphene industry joint innovation center, and the establishment of a graphene industry. Development alliance. Industry analysis believes that the support measures for the graphene industry will accelerate in the fourth quarter, with the rapid expansion of the civilian sector, graphene industrialization is expected to speed up.
Related listed companies include Fang Da Carbon, Huali Family, China Baoan, Super League Cable, Yueda Investment, Zhengtai Electric(30.62 suspension, consultation), Carbonaceous new material (8.91 suspension, consultation), and Zhongtai Chemical(8.37 suspension, Consulting), Kangdexin, Dongxu Optoelectronics and so on.
Policy support
Authorities close to state ministries and commissions have told China Securities Daily that ministries and commissions such as the Ministry of Science and Technology and the Ministry of Industry, Information and Technology are stepping up work on the 13th Five-Year Plan in the field of new materials, and that these documents will eventually be brought together in the National Development and Reform Commission. The NDRC is responsible for coordinating the "13th Five-Year Plan" for related industries.
The industry has consistently predicted that graphene's selection for the new material industry's "13th Five-Year Plan" is almost no surprise. According to industry insiders, the National Natural Science Foundation Committee has allocated more than 300 million yuan to fund graphene related projects. Under the guidance of national strategy, China's graphene research and development, patent ownership and industrialization process have all occupied a place in the world.
The support of relevant ministries for the graphene industry will be vigorously increased in the fourth quarter. Take the ministry of industry and information technology as an example, authorities said, will increase support for the graphene industry from three aspects. The first is to issue guidance on the development of the graphene industry, the second is to establish a graphene industry joint innovation center, and the third is that the Ministry of Industry and Information Technology will establish an industrial development alliance.
China's graphene industry technology innovation strategy alliance secretary general Liyichun told China Securities Daily on the 24th that the graphene innovation alliance is currently organizing members to compile international graphene standards, relying on the alliance to establish project financing, hatching, and mergers and acquisitions. One graphene industry service system. According to it, at present, the alliance has established a 1 billion yuan related fund in cooperation with listed companies such as Dongxu Optoelectronics.
Expanding the Civil Sector
Industry insiders believe that the fourth quarter of graphene industrialization is expected to usher in continued "rain." "In fact, in addition to policy support expectations, industry has also begun to achieve important results in the industrialization of graphene. Mr. Liyichun said new products for graphene's life had been officially launched and were widely used in areas such as seat mats and belts, which would revolutionize understanding of traditional thermal products and methods.
Jiahaiying, head of the business Department of energy conservation technology and new materials in Qingdao High-tech Zone, analyzed the reporter and said that prior graphene was mainly used in the industrial field. Take a graphene company registered in Qingdao High-tech Zone as an example. It has conducted experiments on shock absorption and noise reduction through graphene technology with Chinese cars and other companies. The application in the field of life is expected to become a key area of graphene industrialization.
Liyichun believes that civilian graphene products will become the "killer" of the entire industry. "Before graphene was mostly an additive that improved the properties of the material and was not an overall performance demonstration. The seats and belts of the latest R&D output are heated, and the expansion of civilian fields such as intelligent wear and intelligent wear through intelligent terminals will become killer products in the graphene field. "
Liyichun also revealed to reporters that the global graphene autumn conference will be held in Qingdao on October 28. The main issue is to solve the problem of graphene industrialization. At that time, national ministries such as the Development and Reform Commission, the Ministry of Industry and Information Technology, and the Ministry of Science and Technology will all participate in the meeting. The Ministry of Industry and Information Technology is expected to issue guidance on the development of the graphene industry in China.
The first national graphene innovation base settled in Qingdao
According to sources, Qingdao is relying on Qingdao International Graphene Science and Technology Innovation Park to build the first international graphene innovation center in China and the only national graphene industry innovation demonstration base in the North. Qingdao is making every effort to create an innovative development plateau for Chinese graphene. At present, under the guidance of the national strategy, China's graphene research and development and patent holding has occupied a place in the world. At the same time, private capital flows to the graphene industry, the production and research framework is basically formed, and graphene has entered a period of rapid development. Relevant listed companies deserve the attention of investors.
As one of the three major producing areas of domestic graphite resources, Qingdao has unique advantages in developing advanced carbon materials industry. Qingdao High-tech Zone has created a "1 +5" leading industrial system, and has established the "Qingdao model" of graphene development with "government guidance, institutional support, enterprise main body, production and research integration, and joint development". Create a full-chain incubator that covers "nurseries, incubators, accelerators".
Recently, the National Torch Qingdao Graphene and Advanced Carbon Material Specialty Industrial Base announced that Qingdao is relying on Qingdao International Graphene Science and Technology Innovation Park to build the first international graphene innovation center in China and the only national graphene industry innovation in the North. Demonstration base.
In order to provide guarantees for the cultivation and growth of graphene companies, Qingdao has established the first graphene angel investment fund of 100 million yuan in China. At the same time, the establishment of the Qingdao International Graphite Trading Center, relying on professional trading channels, to provide resources for the development of the graphene industry. At present, Qingdao has attracted nearly 30 graphene projects. It is estimated that by 2023, the output value of Qingdao graphene and advanced carbon materials specialty industrial bases will exceed 30 billion yuan, more than 500 new patents will be added, and more than 200 research and research achievements will be transformed. Formed the largest in the North, with international influence, the characteristics of the sea graphene and advanced carbon materials industry base.
In addition, it is understood that the 2015 China International Graphene Innovation Conference and the graphene Innovation and Entrepreneurship Competition will be held in Qingdao in October this year. Qingdao will actively link international innovation resources and make every effort to create a high level of graphene innovation and development in China.
Graphene enters a period of rapid development
Graphene is a new carbon atom single-layer planar crystal material. Its unique carbon single-layer structure was once considered to be unstable. In 2004, two British physicists successfully separated graphene from graphite and won the 2010 Nobel Prize in physics. As a new star in the material world, graphene is currently known as the best conductive and heat-conducting material at room temperature. It is the highest known material in humans and has extremely high light permeability and a large specific surface area. Graphene's excellent performance makes it potentially transformative in many fields. Areas that have made achievements include heat dissipation materials, flexible touch panels, micro-sensors, secondary batteries, chip materials, and so on.
Under the guidance of national strategy, China's graphene research and development and patent holding has occupied a place in the world. The state clearly lists new materials as an important strategic emerging industry in the "Twelfth Five-Year Plan"; The National Natural Science Foundation Committee has successively allocated more than 300 million yuan to fund graphene related projects; The state has guided the graphene industry to establish a strategic alliance for technological innovation in the graphene industry in China. The number of members of the alliance has reached 53, and six alliance executive directors have supported graphene technology routes, standard strategies, patent layout, international cooperation, and industrial promotion. And reasonable guidance.
At the same time, private capital flows to the graphene industry, and the production and research framework is basically formed. Under the active guidance of industrial parks and venture capital funds, some entrepreneurs set up companies with technology as their capital, and some listed companies used capital as their advantage to intervene in the graphene field. Listed companies participate in graphene research and development through the introduction of graphene technology, the signing of cooperation agreements with scientific research institutions, the establishment of industrial technology investment funds, or the strategic construction of industrial chains. At present, some graphene companies have the ability to produce graphene powder, slurry, thermal conductivity film, functional paint, conductive ink and touch screen, but there is still great room for improvement in product quality and downstream market development.
China Baoan Announcement Comments: Dingzeng Inputs Quality Assets, Real Estate, New Technologies, and Medicine Begins
Event:
On August 15, 2014, the company announced that Beiterui, a wholly-owned subsidiary of the company, had held 57.78 % of the shares in the company. The company intends to purchase a total of 32.15 % of Beiterui's shares by issuing shares to Beiterui's shareholders. After the transaction is completed, the company will hold 32.15 % of Beiterui's shares. Baoan Holdings originally held 57.78 % of Beiterui's shares. The company will directly and indirectly hold 89.93 % of Beiterui's shares; Beiterui's external financial investors will no longer hold Beiterui's shares, and Beiterui's employee shareholders will hold a total of 10.07 % of Beiterui's shares. The estimated value of Beiterui's 100 % stake is approximately 2.252 billion yuan, and the estimated value of the 32.15 % stake in the underlying asset Beiterui is 724 million yuan. According to the 20 trading days before the issuance pricing Benchmark, the average trading price of stocks was 10.02 yuan / share, considering the company's dividend rights and other factors, the company's current stock issue price was 8.33 yuan / share.
Investment proposals:
The acquisition of high-quality assets has increased its growth momentum, and it has extensively involved the field of new energy and new materials. For the first time, the company has given the company a "overweight" rating. This injection of assets Beiterui(after the company will control Beiterui 89.93 %) is an international major supplier of lithium battery materials, and PE valuation is low, which plays a positive role in increasing the growth space of listed companies. The total estimated value of the assets to be injected is 724 million yuan, and the corresponding PE valuation is 19.89 times. The company's main business is high-tech industry, real estate industry and biomedical industry. At present, the company owns 3.72 million square meters of equity construction of commercial housing projects, which can meet the development needs of more than three years. In recent years, Beiterui has produced and sold two strong markets, and the market share has continued to increase; Progress has been made in the development of unmanned helicopters, natural gas engines, baintic steel, automotive drive systems, and communications equipment in the high-tech field. Mayinglong, the company's controlling company, has developed well. We expect the company's EPS to be 0.26 and 0.32 yuan in 2014 and 2015 respectively. As of August 18, the company closed at 10.26 yuan, corresponding to 39.0 times and 31.7 times of PE in 2014 and 2015 respectively. Due to the company's assets other than lithium battery materials, RNAV is 11.7 yuan; The lithium battery material business was 0.068 yuan / share in 2014. Carefully considering giving 25 times PE, it was equivalent to a value of 1.69 yuan / share per share. As a result, we used 13.40 yuan as the company's target price and gave the company a "increase" rating for the first time.
Meidu Energy: North American oil and gas mergers and acquisitions will accelerate after the completion of employee holdings and the increase of major shareholders
1. Events.
The company launched an employee shareholding plan and raised a total amount of funds of 75 million yuan; The company commissioned Beijing Lingrui Investment Management Co., Ltd. to establish Lingrui Investment-Win-Win 1 employee shareholding plan fund management. The upper limit of the share of the Lingrui Investment-Win-Win 1 employee holding plan fund is 30,000 copies, each of which is 1 yuan. According to 1:3, the inferior share and priority share are established. The assets of the priority share and inferior share of this collection plan will be merged. Operation.
With the scale of the investment of the company, the scale of the employee's shareholding plan fund is 300 million yuan and the company's closing price of 16.64 yuan/share on June 26, 2015. The maximum number of shares that can be purchased is approximately 28.2 million shares, accounting for approximately 1.15% of the company's existing share capital.
2. Our analysis and judgment.
(1) The implementation of the employee shareholding plan shows the company's confidence in its future development.
The stock price of the employee holding plan is expected to be above 10 yuan/share, raising funds of 75 million yuan, and using 1:3 leverage; The total number of people participating in the employee shareholding plan does not exceed 212, including 9 directors, supervisors and senior management personnel of the company; Nine Dongjiangao accounted for 16.27 % of the shareholding plan and held an amount of 12.2 million yuan. The implementation of the employee ownership plan demonstrates the company's confidence in the future development.
The company is currently a diversified industry, including oil and gas, real estate, trade, finance and quasi-financial business. The next three years is the key three years of the company's strategic transformation. As a traditional industry, the real estate business will be gradually degenerated by carrying forward and selling. The company will carry the oil business to achieve a second leap. The oil and gas business is characterized by high profitability and high growth. The company, the United States Energy(MDE), currently owns three oil fields: Woodbine, Devon and Manti; As the company's new oil wells in North America shale oil and gas rolling development, the company will further acquire North American oil and gas assets in the future, growing into a company with a considerable amount of oil and gas equivalent volume.
(2) Major shareholders have subscribed for 60 % of the 8 billion yuan increase, demonstrating their determination and confidence in doing a large oil and gas scale.
The company plans to add nearly $8 billion in strategic U.S. shale oil and gas in December, Among them, the chairman of the major shareholder subscribed for 423 million shares, which cost about 2.35 billion yuan, and the concerted action of the major shareholder controlling Hangzhou Wuhu Investment(70 % of the chairman's investment) and Hangzhou Zhiheng Investment(90 % of the chairman's investment). A total of 430 million shares cost about 2.4 billion yuan. The major shareholders and their concerted actors subscribed for a total of approximately 850 million shares at an increase price of 5.55 yuan, which cost about 4.75 billion yuan, and the locking period was 36 months, fully demonstrating the company's determination and confidence in making a large oil and gas industry through rolling acquisitions.
The company was accepted by the Securities Regulatory Commission in February and is expected to complete the increase in the third quarter. The company's strategy after the transformation of oil and gas is to fight for about three years to build the company into a professional oil company with a certain scale and influence.
(3) After the completion of the third quarter, it is expected to accelerate North American oil and gas mergers and acquisitions.
At the end of 2014, the company acquired the Devon oil field block and the Manti oil field block for a total price of US$ 144.79 million. At present, the company has three oil and gas assets such as the Woodbine oil field block, the Devon oil field block, and the Manti oil field block located in the eastern part of Texas, the famous oil and gas producing area of the Eagle Ford area. The oil and gas assets already acquired by MDAE are located in the Eagle Ford area of Texas, which is one of the largest shale oil producing areas in the United States and one of the most active oil and gas exploration areas in the United States. The oil layer in the Eagle Ford area has a large distribution, large oil and gas reserves, and a good base for capacity expansion. The mining cost is lower than that of the bakken and Permian basins in the other two major shale oil producing areas; It is also close to the main refinery area, so the oil price is higher than the WTI oil price. Rich oil and gas reserves, resources and potential development space are fundamental to the growth of the company's crude oil business. Once the international oil price enters the rising channel, the oil industry's inherent high profitability and the rapid growth brought about by the shale oil rolling development model. It will be an important guarantee for the company's high performance growth in the future.
After the debt restructuring, the cost of the company's shale oil can drop to 45 US dollars per barrel, making it more profitable.
Once the United States shale oil is mass-produced, the cost of pure production is actually not high, and it is generally $6-8 per barrel; The taxes and fees in the production chain are mainly production taxes, which are levied on the basis of about 10 % of the realized income. In the previous period, they were generally US$ 6-8 / barrel, and the oil price fell accordingly. The main cost is depreciation cost, which is generally $25-30 per barrel; In addition, sales management costs and pipeline costs are generally around US$ 5/barrel; The main break-even point for American shale oil is around $50 a barrel.
The company's previous acquisition of the Woodbine oil field block, the financial cost of the break-even point is about 45 US dollars / barrel. After the increase, the company will replace loans from overseas financial institutions. After the debt restructuring, the cost of shale oil in the company's Woodbine block is expected to drop to US$ 45 per barrel, which will increase profitability and increase its ability to resist the drop in oil prices.
The development technology of shale oil in the United States is at the leading level in the world. The company has a complete set of oil and gas development systems and technical teams that have been operating for many years in the United States. In addition to the Woodbine reservoir planned for development, the company's oil and gas resources also have three potential layers that have been proved by surrounding oil exploration companies: the Eagle Ford layer, the Buda layer, and the Georgetown layer. Among them, the Eagle Ford layer has been mined in the Manti block, and the daily output of the single well is high; The Buda layer and the Georgetown layer have also achieved good development results in the surrounding well area.
(5) Relatively low oil prices, the acquisition of US shale oil entered the strategic bottom period.
With oil prices falling and incentives to invest in unconventional oil and gas, such as shale oil and gas, capital growth will slow. High debt ratio companies may sell oil and gas assets, which is expected to bring the oil and gas assets acquisition market to the buyer market. Lower oil prices have allowed a considerable proportion of unconventional oil and gas assets and high liabilities to be transferred to enterprises. Purchasers of oil and gas assets can choose to increase the range of assets, and the acquisition costs will be greatly reduced. The acquisition of US shale oil assets will enter the strategic bottom period.
3. Investment advice.
Taking into account the sharp correction of crude oil prices, we lowered our profit forecast for the next two years; The company is expected to issue additional funds in the third quarter. Assuming that the average price of Brent oil is 60 and 80 US dollars per barrel, and the average price of WTI oil is 58 and 70 US dollars per barrel in the next two years, we expect the company's net oil and gas profit for 2015-2017 to be 350 million, 850 million, and 1.75 billion respectively. The real estate settlement contribution performance from 2015 to 2017 is about 150 million per year; Based on the 3.88 billion share capital of this increase, we estimate that the company will fully dilute EPS by 0.13 yuan, 0.26 yuan and 0.50 yuan in 2015-2017 respectively; Maintain the company's medium-and long-term "recommendation" rating.
For details, see the industry depth study last February: Petrochemical Industry: Entering Overseas Oil and Gas at the time, and the company depth study in August: U.S. Capital Holdings(600175): Entering the US Shale Oil Tide, and December Petrochemical Industry: Crude Oil Prices The impact on the shale oil industry-crude oil price research series, etc..
Super Cable: Determined to become an integrator in the cable industry
Investment highlights
The company's cable products are mainly sold to the power industry
The company's main business is the production and sales of wire and cable materials and connectors. Downstream customers are concentrated in power grid companies and power generation groups, as well as other industry customers such as petrochemicals. According to the results released, the company's revenue in 2013 was 4.398 billion yuan, an increase of 134.06 % year-on-year. The net profit of shareholders belonging to listed companies was 166 million yuan, an increase of 208.50 % year-on-year, and the increase was mainly due to the new acquisition of subsidiaries at the end of 2012. Table.
Expand business scope through integration of mergers and acquisitions to increase scale and market share
The cable industry has been in a recession for the past two years because of overcapacity, as electricity consumption has fallen and electricity investment has fallen. Therefore, in early 2012, the company proposed the development goal of "in the next two or three years, the company plans to use the capital market as a platform, use acquisitions and mergers as a means to optimize the allocation of corporate resources and accelerate the adjustment of product structure". In 2012, the company completed the acquisition of Pearl Cable, Remote Cable, and Xizhou Electromagnetic Lines through the non-public issuance of stocks, expanded the company's business in power cables, military cables, mining cables, and electromagnetic lines, and improved the company's product structure. It also enhances overall competitiveness. We believe that the cable industry is large, but the industry concentration is low. In the current period of industry downturn, it is particularly suitable for industry integration and mergers. Most listed companies belong to companies with better scale and texture in the industry, and they have more advantages in financing. Therefore, as a platform for integration of mergers and acquisitions is worthy of optimism. In addition, the company has a relative first-mover advantage because it has established the development goal of integrated mergers and acquisitions earlier and has accumulated experience in handling cases through the previous large-scale mergers and acquisitions.
The progress of graphene cables deserves attention
Recently, the company announced the joint venture with Jiangnan Graphene Research Institute, Xi'an Jiaotong University Technology Transfer Co., Ltd. and Changzhou Sixth Element Materials Technology Co., Ltd. to establish Super Graphene Power Technology Co., Ltd., and the joint venture company will carry out graphene materials. Applied research and industrial promotion in the field of wire and cable. Graphene has excellent conductive properties, good mechanical properties, and thermal conductivity. The use of cables made of this material has significantly reduced the resistivity of polymer semiconductor materials, which can greatly improve the effect of homogenized electric fields. The service life and reliability of the cable will be greatly improved. We believe that the joint venture company has the background and ability of R&D and manufacturing. The degree of future technology maturity and customer recognition will determine the progress of large-scale promotion of graphene cable, and its prospects deserve attention.
Profit forecasting and valuation
We predict that from 2014 to 2015, the company's EPS will be 0.36 and 0.39, respectively, and the PE corresponding to the closing price on March 7 will be 24.3 and 22.4 times, respectively, giving the "neutral" investment rating for the first time.
Risk tips
1, merger and acquisition integration effect is less than the expected risk; 2, the risk of brain drain.
Enc new material(8.91 suspension, consultation): Graphene industry layout continues to advance
Investment highlights:
For the first time, it covers additional ratings. The estimated earnings per share for 2015-2017 is 0.01 / 0.02 / 0.03 yuan(without taking into account the investment returns from the enterprise in the graphene materials incubator), taking into account the company's leading position in the graphite processing field, combined with comparable new materials and graphite-carbon company valuations, giving a target price of 17.3 yuan per share.
Graphite resources → product layout completed. In 2013, the company began to transform, gradually stripped the real estate business, and invested in the graphite industry. It has successively participated in Sanyan Mining(refractory carbon production) and Oyu Group(graphite mine resources, graphite paper, electrode graphite production) to obtain graphite resources and processing capacity.
The graphene technology transformation platform has taken shape. The company invested in the establishment of the silver-based carbon new materials research institute and the Jidong Aoyu carbon graphite investment company, built the Changzhou graphene incubator, and plans to prepare the "graphene and advanced carbon industry investment fund." Technology investment + technology incubation will significantly increase the conversion rate of graphite material technology under the framework of the listing platform.
Technology transformation + industrialization supports accelerated graphite technology excavation efficiency and transformation to products. At the same time, the company has set up a graphene technology transformation platform and a graphite product production platform, and has created a technology discovery → R&D → industrialization chain to provide interface for technology research and development and integration in related fields in the future. The layout of new materials in the future will be further accelerated.
Risk Note: Investment returns are less than expected risk.
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