悦安新材:国产羰基铁粉龙头,双轮制粉工艺驱动平台化发展
（以下内容从天风证券《悦安新材:国产羰基铁粉龙头,双轮制粉工艺驱动平台化发展》研报附件原文摘录）
Jiangxi Yuean Advanced Materials（603596 CH） 国产羰基铁粉龙头，双轮制粉工艺驱动平台化发展 Initiating coverage: carbonyl iron powder leader: dual-core growth drivers with wide-spectrum applications BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 2种粉体平台型协同，3种深加工一体化延伸 国内少数同时掌握羰基铁粉和雾化合金粉制备工艺，羰基铁粉是核心业务，为利润贡献主力军；雾化合金粉是扩充业务，支撑规模化发展。同时，2种基础粉体可深加工为软磁材料、MIM喂料、吸波材料。技术端，掌握“高压循环合成羰基铁”、“常压热分解”、“高性能粉芯用超细羰基铁软磁”核心技术，产品全球领先，实现进口代替；成本端，两种粉体制备过程气体共享；产品端，2种基础+3种深加工粉体构建一站式需求，产线灵活切换；客户端，对接头部品牌，2种基础粉下游高重合度利于产品间的借力开拓。 Synergy: two basic core powders and three deep-process powders Yuean is one of a handful of Chinese companies that have mastered the processing of carbonyl iron and atomized alloy powders. Its core business is carbonyl iron powders, which generate the most profit, while atomized alloy powders support business and scale expansion. Deep-processing both core materials produces three types of powders: soft magnetic, MIM feedstock and magnetic wave-absorbing materials. Tech know-how: the mastery of these core technologies enables import substitution as they represent the forefront of product science: high-pressure cyclical carbonyl iron synthesis, atmospheric pressure thermal decomposition and superfine carbonyl iron soft magnetism for high-performance powder cores. Cost reduction: the two basic powders share the same gas. Production line switching: facilitates the one-stop-shop supply of two basic powders and three deep-processed powders. Customers: the high downstream overlap of the two basic powders raises product synergy; and customers include brand leaders. 基础性羰基铁粉厚雪长坡，泛用性雾化合金粉多点花开 羰基铁粉：当前全球能规模生产下性能最优的铁粉，2016年全球产能2.2万吨，技术及监管壁垒高筑，其应用场景涵盖汽车电子、服务器、吸波材料、高端结构件、金刚石工具、硬质合金、食品添加剂等。其深加工羰基铁软磁，制成小型化一体成型片式电感，兼具小型化、高频化、耐大电流、抗磁和环境干扰等优势，适用体积要求、性能要求、安全要求高，价格较不敏感的电子场景：汽车电子渗透率提升，替代绕线电感趋势显现。 Carbonyl iron has high growth potential; atomized alloys have wide applications Carbonyl iron powders: this is the best-performing market segment, which had a global production capacity of 22,000t as of 2016, presenting high technical and regulatory barriers. Application scenarios include automotive electronics, servers, absorbents, high-end structural parts, diamond tools, cemented carbides and food additives. The deep- processing of soft magnetic carbonyl iron produces miniaturized integrated chip inductors, which have miniaturization, high frequency, high current resistance, anti-magnetic and anti-environmental interference advantages. They suit electronic scenarios that are less sensitive to price and that require volume, performance and safety factors. The penetration rate of automotive electronics has deepened, giving rise to an emerging substitution trend in wound inductors. 雾化合金粉：气/水雾化制备的金属或合金粉体，应用场景涵盖结构件如消费电子、汽车、MIM、3D打印；功能件如智能手机、笔记本电脑、光储、新能源汽车、变频空调、UPS等。结构应用中，MIM工艺优势显现，摄像头支架+智能穿戴+折叠屏铰链渗透率提升，叠加消费电子景气度修复，拉动需求释放。电感应用中，消费电子需求稳定，光储新能源持续高增速。 Atomized alloy powders: metal alloy powder is prepared by gas and water atomization. Application scenarios cover the structural parts of products such as consumer electronics, automobiles, MIM and 3D printers, as well as the functional parts of products such as smartphones, laptops, optical storage, new energy vehicles, inverter air conditioner and UPS. In structural applications, MIM technology advantages improve the penetration rate of camera brackets, smart wearables and folding screen hinges. The market recovery in consumer electronics has also released additional demand. In inductor applications, demand for consumer electronics is stable and solar-power storage continues to grow strongly. 改扩建项目实现产能翻倍，军用吸波＆粉芯软磁打开成长空间 公司募投及自有资金改扩建项目将新增羰基铁粉6000吨+高性能金属或合金粉末4000吨产能。羰基铁粉方面，1-30微米细粉保持30-40%增速，30微米+粗粉存在广阔增量市场，军用吸波材料有望打开远期发展，公司扩产节奏满足下游增速。合金粉方面，2000吨高性能粉芯用软磁材料有望开拓绕线电感的增量市场，实现公司电感应用领域从电子到电力的全覆盖。 New capacity; military magnetic-wave-absorption & soft magnetic powder drivers Yuean raised funds for asset ownership through capital reconstruction and expansion to add 6,000t production capacity for carbonyl iron powders and 4,000t for high-performance metal alloy powders. We expect carbonyl iron powder products of 1-30 microns to maintain 30-40% growth rates while we see broad growth potential for over-30-micron coarse powders. We expect military-grade magnetic-wave-absorbing materials to become a long-term growth driver and we believe its production expansion will keep pace with the downstream market growth rate. We expect its 2,000t capacity for high-performance core alloy power to process soft magnetic materials will drive new growth in wound inductors, which would give Yuean full coverage of inductance applications from electronic to electrical products. 投资建议/Investment Ideas 投资建议与盈利预测： 作为国内羰基铁粉龙头，核心技术+成本+客户优势显著，双轮粉体驱动打造立体式竞争力，同时军用吸波材料、复合软磁粉、粗粉有望打开新增成长空间。受益汽车电子景气度传导和产品渗透率提升，扩产项目年底释放新增产能，营收利润有望快速增长，预计公司2021-2023年营收分别为4.06/5.35/6.76亿元，归母净利润分别为0.90/1.14/1.51亿元，2022年目标价45.14-51.79元/股，首次覆盖，给予“买入”评级。 Executive summary As China’s carbonyl iron powder leader, Yuean’s advantages are built on its core technologies, cost management and customer profile. Its dual-core powder drivers create wide-spectrum competitiveness. And we expect its military-grade magnetic-wave-absorbing materials, soft magnetic composite powders and coarse powders to become new growth drivers. Benefiting from the automotive electronic boom and rising product penetration, we expect its expansion works to result in the rollout of new production capacity by the end of the year, which would lift revenue and profit growth. We expect revenue of RMB406m/535m/676m and net profit of RMB90m/114m/151m in 2021/22/23E. With our target price range of RMB45.14-51.79 for 2022E, we initiate coverage of the company with a BUY rating. 风险提示：需求波动风险，项目建设不及预期风险，原材料波动风险，羰基铁粉在冶金零部件占比低的风险，客户集中度较高风险，政府补助不可持续的风险，存货减值的风险，中美贸易摩擦导致的经营风险。 Risks include: demand fluctuations; worse-than-expected project construction; raw material fluctuations; falling proportion of carbonyl iron powder in metallurgical parts; customer over-concentration; unsustainable government subsidies; inventory impairment; and operational risks from Sino-US trade tension. 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
Jiangxi Yuean Advanced Materials（603596 CH） 国产羰基铁粉龙头，双轮制粉工艺驱动平台化发展 Initiating coverage: carbonyl iron powder leader: dual-core growth drivers with wide-spectrum applications BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 2种粉体平台型协同，3种深加工一体化延伸 国内少数同时掌握羰基铁粉和雾化合金粉制备工艺，羰基铁粉是核心业务，为利润贡献主力军；雾化合金粉是扩充业务，支撑规模化发展。同时，2种基础粉体可深加工为软磁材料、MIM喂料、吸波材料。技术端，掌握“高压循环合成羰基铁”、“常压热分解”、“高性能粉芯用超细羰基铁软磁”核心技术，产品全球领先，实现进口代替；成本端，两种粉体制备过程气体共享；产品端，2种基础+3种深加工粉体构建一站式需求，产线灵活切换；客户端，对接头部品牌，2种基础粉下游高重合度利于产品间的借力开拓。 Synergy: two basic core powders and three deep-process powders Yuean is one of a handful of Chinese companies that have mastered the processing of carbonyl iron and atomized alloy powders. Its core business is carbonyl iron powders, which generate the most profit, while atomized alloy powders support business and scale expansion. Deep-processing both core materials produces three types of powders: soft magnetic, MIM feedstock and magnetic wave-absorbing materials. Tech know-how: the mastery of these core technologies enables import substitution as they represent the forefront of product science: high-pressure cyclical carbonyl iron synthesis, atmospheric pressure thermal decomposition and superfine carbonyl iron soft magnetism for high-performance powder cores. Cost reduction: the two basic powders share the same gas. Production line switching: facilitates the one-stop-shop supply of two basic powders and three deep-processed powders. Customers: the high downstream overlap of the two basic powders raises product synergy; and customers include brand leaders. 基础性羰基铁粉厚雪长坡，泛用性雾化合金粉多点花开 羰基铁粉：当前全球能规模生产下性能最优的铁粉，2016年全球产能2.2万吨，技术及监管壁垒高筑，其应用场景涵盖汽车电子、服务器、吸波材料、高端结构件、金刚石工具、硬质合金、食品添加剂等。其深加工羰基铁软磁，制成小型化一体成型片式电感，兼具小型化、高频化、耐大电流、抗磁和环境干扰等优势，适用体积要求、性能要求、安全要求高，价格较不敏感的电子场景：汽车电子渗透率提升，替代绕线电感趋势显现。 Carbonyl iron has high growth potential; atomized alloys have wide applications Carbonyl iron powders: this is the best-performing market segment, which had a global production capacity of 22,000t as of 2016, presenting high technical and regulatory barriers. Application scenarios include automotive electronics, servers, absorbents, high-end structural parts, diamond tools, cemented carbides and food additives. The deep- processing of soft magnetic carbonyl iron produces miniaturized integrated chip inductors, which have miniaturization, high frequency, high current resistance, anti-magnetic and anti-environmental interference advantages. They suit electronic scenarios that are less sensitive to price and that require volume, performance and safety factors. The penetration rate of automotive electronics has deepened, giving rise to an emerging substitution trend in wound inductors. 雾化合金粉：气/水雾化制备的金属或合金粉体，应用场景涵盖结构件如消费电子、汽车、MIM、3D打印；功能件如智能手机、笔记本电脑、光储、新能源汽车、变频空调、UPS等。结构应用中，MIM工艺优势显现，摄像头支架+智能穿戴+折叠屏铰链渗透率提升，叠加消费电子景气度修复，拉动需求释放。电感应用中，消费电子需求稳定，光储新能源持续高增速。 Atomized alloy powders: metal alloy powder is prepared by gas and water atomization. Application scenarios cover the structural parts of products such as consumer electronics, automobiles, MIM and 3D printers, as well as the functional parts of products such as smartphones, laptops, optical storage, new energy vehicles, inverter air conditioner and UPS. In structural applications, MIM technology advantages improve the penetration rate of camera brackets, smart wearables and folding screen hinges. The market recovery in consumer electronics has also released additional demand. In inductor applications, demand for consumer electronics is stable and solar-power storage continues to grow strongly. 改扩建项目实现产能翻倍，军用吸波＆粉芯软磁打开成长空间 公司募投及自有资金改扩建项目将新增羰基铁粉6000吨+高性能金属或合金粉末4000吨产能。羰基铁粉方面，1-30微米细粉保持30-40%增速，30微米+粗粉存在广阔增量市场，军用吸波材料有望打开远期发展，公司扩产节奏满足下游增速。合金粉方面，2000吨高性能粉芯用软磁材料有望开拓绕线电感的增量市场，实现公司电感应用领域从电子到电力的全覆盖。 New capacity; military magnetic-wave-absorption & soft magnetic powder drivers Yuean raised funds for asset ownership through capital reconstruction and expansion to add 6,000t production capacity for carbonyl iron powders and 4,000t for high-performance metal alloy powders. We expect carbonyl iron powder products of 1-30 microns to maintain 30-40% growth rates while we see broad growth potential for over-30-micron coarse powders. We expect military-grade magnetic-wave-absorbing materials to become a long-term growth driver and we believe its production expansion will keep pace with the downstream market growth rate. We expect its 2,000t capacity for high-performance core alloy power to process soft magnetic materials will drive new growth in wound inductors, which would give Yuean full coverage of inductance applications from electronic to electrical products. 投资建议/Investment Ideas 投资建议与盈利预测： 作为国内羰基铁粉龙头，核心技术+成本+客户优势显著，双轮粉体驱动打造立体式竞争力，同时军用吸波材料、复合软磁粉、粗粉有望打开新增成长空间。受益汽车电子景气度传导和产品渗透率提升，扩产项目年底释放新增产能，营收利润有望快速增长，预计公司2021-2023年营收分别为4.06/5.35/6.76亿元，归母净利润分别为0.90/1.14/1.51亿元，2022年目标价45.14-51.79元/股，首次覆盖，给予“买入”评级。 Executive summary As China’s carbonyl iron powder leader, Yuean’s advantages are built on its core technologies, cost management and customer profile. Its dual-core powder drivers create wide-spectrum competitiveness. And we expect its military-grade magnetic-wave-absorbing materials, soft magnetic composite powders and coarse powders to become new growth drivers. Benefiting from the automotive electronic boom and rising product penetration, we expect its expansion works to result in the rollout of new production capacity by the end of the year, which would lift revenue and profit growth. We expect revenue of RMB406m/535m/676m and net profit of RMB90m/114m/151m in 2021/22/23E. With our target price range of RMB45.14-51.79 for 2022E, we initiate coverage of the company with a BUY rating. 风险提示：需求波动风险，项目建设不及预期风险，原材料波动风险，羰基铁粉在冶金零部件占比低的风险，客户集中度较高风险，政府补助不可持续的风险，存货减值的风险，中美贸易摩擦导致的经营风险。 Risks include: demand fluctuations; worse-than-expected project construction; raw material fluctuations; falling proportion of carbonyl iron powder in metallurgical parts; customer over-concentration; unsustainable government subsidies; inventory impairment; and operational risks from Sino-US trade tension. 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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