三联虹普: 66及可再生技术龙头,己二腈国产化及ESG推广只是开始,产业红利逐级传导

（以下内容从天风证券《三联虹普: 66及可再生技术龙头,己二腈国产化及ESG推广只是开始,产业红利逐级传导》研报附件原文摘录）
　　Beijing Sanlian Hope Shin-Gosen Technical Service (300384 CH) 66及可再生技术龙头，己二腈国产化及ESG推广只是开始，产业红利逐级传导 PA66 and renewable tech leader to milk market growth potential with adiponitrile substitution and ESG foray BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 三联为国内合成纤维及其原材料行业提供技术整体解决方案，持续将国内外实验室或中试技术系统转化为具备市场化竞争力的成套工艺解决方案，领域涉及涤纶及尼龙，近年在可再生材料方面快速布局。三联提供工艺包及配套核心非标设备进而锁定生产线构建核心竞争力，拥有自主知识产权全流程工艺装备技术，整体达到世界先进水平。 Adding renewable materials to core competencies in polyester and nylon Sanlian Hope provides holistic tech solutions for the Chinese synthetic fiber and raw material markets. Its pilot technology systems for domestic and international laboratories pave the way for marketable and competitive whole-process solutions. From polyester and nylon, it recently expanded to renewable materials. The company’s core competitive competencies in process packages and core supportive non-standard equipment have fixed production lines. Its independent IP rights in globally advanced process equipment and technologies span the whole process. 公司在涤纶及锦纶领域有较强产业引导力，未来有望充分受益高端尼龙国产化带来的发展红利。 其中三联曾于90年代为涤纶国产化奠定重要基础，打破锦纶技术封锁，形成的聚合、纺丝成套技术已覆盖国内80%产能；引领锦纶从2000年30万吨/年增至2019年380万吨/年，成为我国第二大化纤品种。当前以PA66为代表的高端锦纶产业迎来重要国产化拐点，核心原料突破后需进一步攻克聚合环节（即从66盐至切片），形成不同类型聚合物以更好匹配下游应用。 伴随66国产化加快，我们预计未来相关聚合及纺丝环节迎来重要发展周期，三联最早涉足锦纶工程服务，其PA66纺丝-SSP技术路线可有效提升高端锦纶长丝性能品质，占绝对优势地位，未来相关订单或将贡献显著业绩增量。 China ramps up nylon 66: high-end nylon inflection point signals growth ahead Sanlian laid its foundation during the industrialization of Chinese polyester in the 1990s. It overcame a nylon tech block to provide complete sets of polymerization and spinning technologies, covering 80% of Chinese production capacity. Its nylon production capacity rose from 300ktpa in 2000 to 3,800ktpa in 2019, making it the second-largest chemical fiber product in China. High-end nylon, as represented by PA66, has passed an inflection point in Chinese industrialization. After it achieved breakthroughs in core raw materials, it felt a necessity to master polymerization technology (from PA66 salt to slicing) to provide a higher variety of polymer types to better match downstream applications. As the PA66 Chinese market ramps up, the next key step is polymerization and spinning development. As first mover in nylon engineering services, Sanlian’s PA66 spinning-SSP technology dominates the market and delivers performance and quality in high-end nylon filaments. We expect future orders to lift profitability. 此外，公司聚焦资源循环再生实现节能减排，具有成熟技术布局，符合未来品牌需求及产业方向，培育新的核心增长点。 ①控股子公司Polymetrix已成为世界首屈一指掌握从废旧瓶子-分拣-清洗-SSP-再生食品级聚酯瓶片全产业链核心技术的公司，未来环保及ESG政策普及将有效提升再生聚酯产业渗透； ②再生锦纶方面于21年与台华签署合同，率先落地万吨级化学法再生项目，突破物理法生产限制，技术全球领先； ③在生物基高分子材料领域取得重大突破，成功签署国内首条单线年产4万吨Lyocell纤维项目。 截至22Q1末，再生及可降解材料新签合同额已突破21全年水平。 Resource recycling saves energy and reduces emissions; Sanlian’s mature tech aligns with future brand demand and industry direction to add core growth drivers ·Polymetrix: the Sanlian subsidiary is one of the world’s leading green-energy players, with core supply chain technologies that include waste bottles, sorting, cleaning, SSP and recycled food-grade PET bottle flakes. We expect its recycled polyester industry penetration to deepen as environmental protection and ESG policies gain popularity in the future. ·Recycled nylon: Sanlian signed a contract with Taihua in 2021 to lead a 10kt chemical regeneration project, overcoming physical production limitations to provide global leadership in this technology. ·Bio-based polymer materials: it made a major breakthrough when it signed a project to become China’s first production line for 40ktpa Lyocell fiber capacity. ·Renewable and degradable materials projects: the total value of newly signed contracts as of end-22Q1 had already exceeded that for the whole of 2021. 投资建议/Investment Ideas 维持盈利预测，维持买入评级 公司深耕化纤产业链多年，聚合反应工程学领域核心技术壁垒深厚，一方面己二腈国产化有望带动公司下游订单需求增长；另一方面公司近年新拓再生及可降解材料等新方向，受益再生市场快速成长打造新增量。我们预计公司22-24年EPS分别0.8/1.0/1.3元，PE分别25x/20x/16x。 Valuation and risks We maintain our earnings forecast and BUY rating. As a veteran player in the chemical fiber supply chain market, Sanlian Hope has built high barriers in polymerization reaction engineering technology. We expect Chinese marketization of adiponitrile to drive downstream order demand. In addition, its recent forays into new markets such as regeneration and degradable materials have seen fast growth with regeneration market growth potential. We expect EPS to arrive at RMB0.80/1.00/1.30 with PE of 25/20/16x in 2022/23/24E. 风险提示：终端需求不及预期；全球供应链紧张导致项目结算周期波动；外汇波动等风险。 Risks include: lower end-demand than expected; global supply chain tensions leading to cyclical fluctuations in project settlements; and FX volatility. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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

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