三联虹普:国内领先高分子材料服务商,锦纶+再生双极驱动,技术引领实力护航

（以下内容从天风证券《三联虹普:国内领先高分子材料服务商,锦纶+再生双极驱动,技术引领实力护航》研报附件原文摘录）
　　Beijing Sanlian Hope Shin-Gosen Technical Service (300384 CH) 国内领先高分子材料服务商，锦纶+再生双极驱动，技术引领实力护航 Initiating coverage: tech prowess propels new and recycled nylon dual business drivers 投资要点/Investment Thesis 投资要点/Investment Thesis 三联虹普：一站式高分子材料工程技术服务龙头 公司是国内最早进入锦纶工程市场的技术服务提供商之一，成立以来深耕聚酰胺聚合、纺丝等领域，并持续关注国际市场专业技术领域的动态，通过联合兼并、技术创新和市场开拓等手段，在现有核心业务领域的基础上拓宽业务，逐渐演变成为综合性国际工程技术服务公司，为客户提供世界先进的合成高分子材料、新材料及可再生材料生产工艺技术解决方案。 受益再生板块盈利能力显著增强、尼龙高景气度下订单充足，2022Q1实现营收2.14 亿元，同增23.27%，归母净利润0.59亿元，同增15.31%。 One-stop service point: engineering solutions for polymer materials production Profile: Sanlian Hope was one of the first companies to enter the Chinese nylon engineering services market with its experience in polyamide polymerization and spinning. Through mergers, tech innovations and market development, it worked global technological dynamics to broaden its business network. From the initial core business areas, it has evolved into a comprehensive global engineering services company. It currently provides some of the world’s most advanced technological solutions to customers in synthetic polymer production, as well as new and renewable materials. Financials: Sanlian Hope generated revenue of RMB214m in 22Q1, up 23.27% yoy, and net profit of RMB59m, up 15.31% yoy, driven by a significant profit uptrend in the recycling business and sufficient business orders in the nylon boom market. 下游锦纶行业集中度提升，工程技术服务龙头有望从中受益 国产技术推动PA6成本向下，原材料多重利好重塑PA6市场竞争力。早期己内酰胺原材料纯苯成本较高，限制下游PA6增长；现阶段受益于上游原料己内酰胺（CPL）国产化关键技术突破，己内酰胺产能快速扩张，推动行业结构升级。未来伴随规模化技术迭代，己内酰胺边际生产成本还将持续下降，相应价格降低也将传导至下游的锦纶6，有效增强锦纶6产品在终端市场上的竞争力。 Industry growth: increasing concentration of downstream nylon markets Nylon 6: Chinese technological advances lowered the cost of nylon 6 (aka PA6 or polyamide 6) and the multiple raw material advantages reshaped the PA6 market arena. Initially: the high cost of pure benzene, the raw material for caprolactam (CPL) in the early days, had tamped downstream PA6 growth. Currently: key technological breakthroughs in the domestic production of CPL upstream raw materials, along with rapid CPL production capacity expansion, have upgraded the downstream industry structure. In the future: as tech iteration expands scale, we believe that the CPL production cost margin will decline and the price reduction would transmit to downstream material nylon 6. Thus, nylon 6 products in the terminal market would become more competitive. 己二腈国产技术突破，打破100%进口垄断局面，刺激PA66下游需求。相较于尼龙6，尼龙66在工业丝和工程塑料领域优势更为突出，尤其是传统下游汽车领域应用场景远远多于尼龙6。早期尼龙66原材料己二腈主要国外生产商垄断其定价，收割其中产业链溢价，掣肘国内尼龙66生产；现阶段国内华峰集团已经实现己二腈商业化生产；未来伴随己二腈国产化突破，将带动民用PA66切片价格及民用PA66纤维价格下降，逐步扩大PA66使用场景，有效提升PA66市场规模。 Nylon 66: Chinese technological advances in adiponitrile broke a total foreign monopoly and stimulated PA66 (nylon 66) demand in the downstream market. Compared with nylon 6, nylon 66 holds more advantages in industrial filament and engineering plastic applications, and has many more traditional downstream automotive scenarios. Initially: when adiponitrile, the raw material of nylon 66, was monopolized by foreign producers, its prohibitive pricing placed it in the premium end of the supply chain, which constrained Chinese nylon 66 production. Currently: Huafeng Group, a Chinese company, has achieved adiponitrile production on a commercial scale. In the future: we believe that domestic adiponitrile production breakthroughs will drive down prices of civil-market PA66 chips and fiber prices, and gradually expand PA66 application scenarios to lift the scale of the PA66 market. 核心技术覆盖聚合至纺丝全产业链，先发优势+领先技术构筑竞争壁垒。公司是国内最早进入锦纶工程市场的技术服务提供商之一，主营聚酰胺工程技术服务覆盖了聚酰胺全产业链，在国内高品质聚酰胺聚合和纺丝技术服务领域占绝对优势地位；成功切入聚酰胺6上游产业链，积极挖掘CPL-PA6产业链一体化的项目建设机会，从原料端引领产业链价值提升。 Sanlian Hope: core tech covers the value chain from polymerization to spinning Pioneer: its first-mover advantages and leading technology form a competitive barrier. As one of the earliest Chinese companies to enter the market, its core polyamide engineering services cover the whole polyamide industry value chain. With its absolute advantage in premium-quality polyamide polymerization and spinning technology services in China, Sanlian Hope successfully entered the upstream industry of polyamide 6 and is exploring construction project opportunities in the integrated CPL-PA6 value chain, where value enhancement lies in the raw materials segment. 核心客户对高质量发展及数字化转型升级的需求强烈，将持续为公司带来业务增长空间，公司累计在手订单总额连续五年增长，从12.67亿元突破至39.24亿元，订单充足为公司后续业绩持续增长奠定良好基础。以锦纶行业为例，公司与我国前十大锦纶企业中的八家公司具有长期稳定的业务合作关系。 随PA6原料成本己内酰胺向下、PA66上游原材料己二腈国产化技术落地，有望促进下游供需增长，叠加头部客户市场份额提升利好，三联虹普作为工程技术服务龙头有望从中受益。 Full order book: strong demand from its core customers allows Sanlian Hope to drive high-quality development in terms of digital transformation and upgrades, which continues to expand its business growth headroom. Cumulative orders in hand increased for five straight years from RMB1.27bn to RMB3.92bn; order sufficiency sets a good foundation for growth sustainability. In its nylon business, for example, the company has stable long-term relationships with 8 of the top 10 Chinese nylon companies. Potential: PA6 raw material CPL cost reduction and domestic technological production breakthroughs in PA66 upstream raw material adiponitrile would fuel the growth of downstream supply and demand. This would lead to market share increases by market leader customers, which would benefit Sanlian Hope’s engineering services business. 收购再生聚酯国际龙头，布局rPET市场打开成长空间 公司子公司Polymetrix是全球固相聚合（SSP）技术引领者，系国际再生聚酯龙头企业，截至2021年末在全球原生聚酯行业、食品级再生聚酯行业市占率分别为90%、40%。技术壁垒深厚，卡位聚酯瓶片、工业丝及塑料回收等高景气化纤赛道，绑定可口可乐、达能等国际终端品牌客户，携手浙能集团、英科再生加码国内塑料循环市场，下游订单充足，食品级rPET新签订单整体呈快速增长趋势，逐步成长为业绩主要驱动力之一。 Acquisition of global rPET leader opens new market growth potential Virgin and rPET polyesters: Polymetrix, a subsidiary of the company, is a global leader in solid phase polymerization (SSP) technology. As a global leader in recycled PET (the chemical name for polyester), it accounts for 90% of the global virgin polyester market and 40% of the recycled food-grade polyester market as of end-2021. Competitive strengths: high technical barriers; its positioning in the lucrative chemical fiber business, which includes polyester bottle flakes, industrial yarn and plastic recycling; and strong ties with global end-brand customers such as Coca-Cola and Danone. The company is collaborating with Zhejiang Provincial Energy Group and Shandong Intco Recycling to expand the domestic plastic recycling market. Its sufficient downstream orders and new food-grade rPET orders indicate a rapid growth trend, so we expect rPET to become one of its main performance drivers. LYOCELL国产化突破成长空间，携手华为引领化纤行业智能化前行 Lyocell：绿色纤维+优质面料，终端需求扩张与国产化推动产能释放。Lyocell具有“绿色纤维”和优质面料的双重属性，原料丰富、生产过程无污染且兼具天然纤维和合成纤维的多种优良属性，未来市场需求有望实现大幅增长。同时Lyocell国内产能增速快于进口，进口依存度下降，国内市场快速放量未来可期。公司积极研发突破国际技术壁垒，并稳步推动技术向生产项目转化。 工业AI集成应用方案助力化纤龙头，强强联合构筑AI工业生态模式。公司与华为云展开战略合作，优势互补为化纤及原材料行业打造基于“端-边-云”的智能解决方案，提升行业针对生产需求端的数据分析能力，推动释放生产柔性潜能。相关工业AI集成应用解决方案业务的展开因疫情受到限制，但后疫情时期有望实现突破式增长。 Lyocell breakthroughs; Huawei collab drives chemical fiber intelligentization Domestic production: as a green-market fiber with high-quality fabric applications, Lyocell is seeing terminal demand expansion and domestic production has led to capacity roll-outs. With Lyocell’s green and quality attributes, rich raw materials, pollution-free production processes and both natural and synthetic properties as an excellent semi-synthetic fabric, we expect future market demand to drive significant growth. With domestic Lyocell production capacity growing faster than imports, reducing import dependence, we expect the Chinese market to expand rapidly in the future. We believe the company’s intensive R&D efforts will break international technical barriers, as it gradually transforms technological advances into production projects. Huawei Cloud: industrial AI integrated application solutions empower the chemical fiber leader and strengthens its joint-cooperation AI industrial ecosystem model. Its strategic cooperation with Huawei Cloud combines the complementary advantages of both partners to create intelligent solutions for the chemical fiber and raw material industry based on terminal-edge-cloud collaboration. It harnesses the industry’s data analysis capability to enhance the production and demand markets, so as to improve production elasticity. Although industrial AI integrated application solution business rollouts were limited by the pandemic, we expect breakthrough growth in the post-pandemic period. 投资建议/Investment Ideas 首次覆盖，给予买入评级 公司多年来深耕聚酰胺产业链，同时横向拓展新材料、再生材料等方向，一方面锦纶原材料上游成本端陆续突破，有望刺激下游需求；另一方面，再生及可降解材料赋能新增长点。 我们预计2022-24年营收分别为11.44亿、14.73亿、18.48亿元，归母净利分别为2.52亿、3.19亿、4.06亿元，EPS分别为0.79、1.00、1.27元/股，对应PE分别为22.90、18.06、14.20倍。可比公司2022年平均PE估值为27.40倍，给予公司2022年合理PE 27.40倍，对应股价为21.64元。 Valuation and risks The company has built out its business in the polyamide value chain for many years, while expanding horizontally into new and recycled materials. We expect upstream nylon raw material cost breakthroughs to stimulate downstream demand. We also believe its recycled and biodegradable materials business will bring new growth drivers. We expect revenue of RMB1.14bn/1.47bn/1.85bn in 2022/23/24E, net profit of RMB252m/319m/ 406m; EPS of RMB0.79/1.00/1.27; our corresponding PEs are 22.90x/18.06x/14.20x. Relative to the average peer PE of 27.40x, we assign a reasonable 27.40x PE for Sanlian Hope in 2022E, which derives our target price of RMB21.64. We initiate coverage with a BUY rating. 风险提示：外部条件不确定性；供应链紧张导致业务收入因项目结算周期波动；商誉减值及外汇等风险 Risk include: external uncertainties; supply chain tensions leading to cyclical project settlements volatility, affecting business revenue; goodwill impairment; and foreign exchange risks. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

点此查看微信公众号原文全部内容>>

大部分微信公众号研报本站已有pdf详细完整版：https://www.wkzk.com/report/（可搜索研报标题关键词或机构名称查询原报告）