报告名称：Phichem Material(300398)Consolidate advantages in light-curable materials
报告类型：点评报告
报告日期：2016-03-18
研究机构：中金公司
股票名称：飞凯材料
股票代码：300398
页数：6
简介：Lower-than-expected earnings in 2015
Operating revenue +7.4% YoY to Rmb432mn;attributable NP +16.8% YoY to Rmb105mn, implying Rmb1.01EPS, lower than expected, mainly because photoresist andultra-pure alumina projects didnˇt go into production asexpected. It plans to offer a cash dividend of Rmb0.2 per share.
Sales volume of UV-curable coating materials for opticalfiber grew steadily; GM +3.3ppt; the company enjoyssynthesis technology for key raw material oligomer resin; it keptimproving its manufacturing processes to reduce productioncosts. Revenue from electronic chemicals surged 70% to~Rmb50mn; photoresist and ultra-pure alumina projectsstarted trial production in 4Q15; supplementary chemicals forphotoresist such as Cu/Ti etching solutions & photoresiststripping solutions have started to be sold on a small scale.
Trends to watch
ESOP to align listcoˇs interests with those of shareholdersand employees.
New materials to enrich product lines and build diversifiedprofit drivers.
Leader of UV-curable coating materials for optical fiber tofurther enlarge market share.See page 3 for Trends to watch in full.
Earnings forecast
As prices and sales volume fell due to fierce competition inlight-curable coating materials market, Phichem guide net profitto fall 10~35% YoY in 1Q16. Trim 2016e EPS by 5% toRmb1.33; introduce 2017e EPS at Rmb1.75.
Valuation and recommendation
The stock is trading at 41x/31x 2016/17e P/E; trim TP by 29%to Rmb65 (implying 49x 2016e P/E), Maintain BUY.
Risks
Progress in project construction or new product promotionsdisappoints; falling prices of light-curable coating materials.
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