中触媒:国内分子筛催化剂赛道的“民营心脏”

（以下内容从天风证券《中触媒:国内分子筛催化剂赛道的“民营心脏”》研报附件原文摘录）
　　China Catalyst Holding （688267 CH） 国内分子筛催化剂赛道的“民营心脏” Initiating coverage: key molecular sieve catalyst market player in China’s private sector TP: RMB 43.05 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 中触媒是国内领先的分子筛催化剂企业，环保政策下盈利快速增长 中触媒是国内领先的特种分子筛催化剂材料民营企业，依托技术和研发优势，自2008年成立以来推出移动源脱硝、钛硅分子筛等分子筛及非分子筛催化材料，业务包括分子筛及催化剂、非分子筛催化剂和催化应用工艺及化工技术服务三大系列，应用领域包括环保、能源、化工等多个领域。 自2018年以来，收入保持55%复合增速，净利润复合增速219.7%，因环保政策趋严，公司与全球汽车尾气催化龙头之一的巴斯夫建立长期合作伙伴关系，移动源脱硝快速增长贡献主要增量。 Policy-backed molecular sieve catalyst leader enjoys rapid profit growth China Catalyst Holding Co (CCH) is a market leader in China’s special molecular sieve catalyst materials private sector. Since its establishment in 2008, CCH’s tech and R&D advantages have enabled the roll-out of molecular sieve and non-molecular sieve catalytic material products such as mobile source denitration and titanium-silicon molecular sieves. Its business covers molecular sieves and catalysts, non-molecular sieve catalysts and catalytic application processes and chemical technology services in application fields such as environmental protection, energy and chemicals. CCH has maintained a revenue CAGR of 55% and net profit CAGR of 219.7% since 2018. In line with tightening environmental protection policy, the company has a long-term partnership with BASF, a global automotive exhaust catalysis leader, and its rapid mobile source denitrification growth has contributed strongly to revenue growth. 催化剂是化学工业的“芯片”，分子筛在环保、化工等领域具备发展前景 催化剂是化学工业的“芯片”，催化剂的研究和开发，是化学工业最核心的问题之一，据招股书披露，约有 90%以上的工业过程涉及催化剂的使用，包括化工、石化、生化、环保等多个领域。 移动源脱硝领域受益于国内“国六”环保政策推进，未来3年创造万吨级别市场，固定源脱硝政策驱动下打开新市场；化工、石化领域国产替代进程加速，环氧丙烷（HPPO）、己内酰胺等领域快速进展，炼油催化剂空间大，已突破的吡啶、烯烃异构化稳定；募投项目超前布局PDH、乙二醇、VOCs光催化等领域，并建设化工中试试验装置，研发到规模化途径打通，打开成长空间。 Catalysis plays key role in chemical industries; green and molecular sieve drivers Catalysts are the “chips” of the chemical industry. Catalysis R&D is a key focus of the chemical industry, as over 90% of industrial processes involve catalysis, covering chemical, petrochemical, biochemical, environmental protection and others, according to prospectus disclosures. The mobile-source denitrification industry benefits from China VI standards as driven by its environmental protection policy, for which we project a 10,000t market over the next three years, while the fixed-source denitrification policy opens up new markets. Domestic substitution is ramping up in the chemical and petrochemical markets, driven by rapid progress in propylene oxides (HPPO) and caprolactam. Market prospects for refining catalysts have expanded on breakthroughs in pyridine and olefins isomerization stability. We see R&D growth and scale-up prospects ahead. CCH’s fundraising projects in PDH, ethylene glycol and VOC photocatalysis are ahead of schedule while the construction of pilot test chemical units has advanced its R&D-to-scale development trajectory. 对标UOP，成长路径明确，广阔赛道中不可忽略的参与者 我们认为投资中触媒的逻辑有以下几点：1、全球环保政策下，移动源脱硝提供可预期的快速增长；2、围绕分子筛催化剂在化工和工业领域逐个突破，拓宽视野，实现从零到一的突破；3、对标UOP，提供催化解决方案工艺包，形成的多元化盈利模式；4、以研发为基础，在更广阔的催化前沿领域进一步突破。 UOP benchmark suggests profit diversity; broad prospects for market participants Our catalysis market investment thesis is based on these four factors: (1) global environmental protection policies are driving predictable and rapid growth in mobile-source denitrification. (2) We focus on molecular sieve catalysts with chemical and industrial breakthroughs occurring one by one. (3) Benchmarking against UOP, catalytic solution process packages would provide profit diversity. (4) We expect further R&D breakthroughs to drive the cutting-edge catalysis market. 投资建议/Investment Ideas 盈利预测和估值：中触媒已经发布2021年业绩快报，预计实现收入5.60亿元，同比增长37.94%，预计实现归母净利润1.32亿元，同比增长43.71%。根据我们对业务板块拆分，预计2022-2023年中触媒营业收入为8.57/12.16亿元，实现归母净利润2.16/3.03亿元。参考可比公司估值，并考虑未来3年收入增速预计将超过35%，按照PEG<1估值，我们给予公司35倍PE，我们预计2022年EPS为1.23元/股，2022年目标价43.05元，给予“买入”评级。 Valuation CCH has reported preliminary 2021E revenue of RMB560m, up 37.94% yoy, and net profit of RMB132m, up 43.71% yoy. We estimate revenue will arrive at RMB857m/1.22bn and net profit at RMB216m/303m in 2022/23E. In reference to peer valuations and our projected revenue growth rates of over 35% in the next 3 years, we assign to CCH a 35x PE, based on PEG of <1. We expect a RMB1.23 EPS, with our target price at RMB43.05 in 2022E. We initiate coverage with a BUY rating. 风险提示：客户过于集中和过多依赖于单个行业增长风险；技术选择偏差的风险；汇率波动风险；安全生产风险；环保政策变化风险；该股为次新股，流通股本较少，存在短期内股价大幅波动的风险；我们关于市场空间的测算存在主观性，或与实际值存在偏差；新能源汽车挤占市场风险；疫情引致的风险；下游客户经济周期变化风险。 Risks include: customer over-concentration; single-market growth risks; technology selection bias risks; exchange rate volatility; production safety risks; adverse environmental policy changes; sharp business fluctuations; risks related to our market size estimate variance from the actual value; NEV market penetration risks; Covid-19 pandemic risks; and adverse changes in downstream customers’ business cycles. 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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