Antai Technology (000969) Company Express: Lightening the load is expected to benefit from the development of the hydrogen era

Antai Technology (000969) Company Express: Lightening the load is expected to benefit from the development of the hydrogen era

The company is a new material industry platform of China Iron and Steel Research Group and a leading company in the domestic metal new material industry.

The controlling shareholder of the company is China Iron & Steel Research Group, with a controlling proportion of 35.

51%, the actual controller is the SASAC of the State Council.

The company inherits the scientific research strength of China Iron and Steel Research Institute, and has established a complete technical innovation system. It has a research and development team with academicians from the Chinese Academy of Engineering, well-known experts and more than 60 doctors as its core.

In 2018, the company selected the best to support the strong, dealt with the stalemate, and achieved revenue of 50.

54 ppm, an increase of ten years8.

46%; net profit attributable to mother -2.

1.8 billion, turned a loss in one year.

According to the announcement, the company regards the four major segments of special powder metallurgy materials and products, advanced functional materials and devices, high-quality special steel and welding materials, and environmental protection and high-end technology service industries as its core business segments. In 2018, the gross profit accounted for 37%,31%, 25% and 8%, of which the environmental protection and powder sector grew faster, increasing 57% and 21% each year.

We will speed up structural adjustments, reduce burdens, optimize resource allocation, and enhance core competitiveness.

According to the announcement, the first reorganization of the company is a clear strategic business segment, focusing on the main business. In 2018, it implemented asset replacement and bad debt extraction for welding and other businesses that could not be expanded, which dragged down the year’s performance, but further optimized the allocation of the company’s future and concentrated resources.The foundation has been consolidated; the second is to enhance core competitiveness. The company promoted the reorganization of seven subsidiary companies to a mixed-ownership employee-owned company to achieve mechanism innovation. In 2018, a strategic plan for one enterprise and one policy was determined, and the business structure and products were further adjusted.Structure and build core industries.

The advance deployment of hydrogen fuel cell business is conducive to the advent of the hydrogen energy era.

According to company news, the company ‘s hydrogen fuel cell business has been strategically deployed for many years. It is mainly undertaken by its subsidiary, Antai Environment. It is a supplier of key materials and stacks for hydrogen fuel cells and an integrator for hydrogen energy preparation and utilization.Research and development, and participated in Beijing’s fuel cell layout and hydrogen energy utilization planning.

The hydrogen energy was written into the government work report for the first time in 2019. According to company news, in March 2019, the Quartet including the Strategic Consulting Center of the China Iron and Steel Research Institute and the Engineering Institute jointly established a hydrogen energy technology and industrial innovation center.High growth.

The upstream rare earth resources are injected, and the synergy effect of the upstream and downstream industry chains is enhanced.

According to the announcement, the controlling shareholder promised to complete the injection of Shandong Rare Earth’s controlling power by October 31, 2019 (China Steel Research held 44 of it.

76% shares), seeking to strengthen the company’s 佛山桑拿网 rare earth permanent magnet business integration strategy.

Investment suggestion: Buy-A investment rating, 6-month target price of 8.

79 yuan.

Benefiting from the accelerated development of the hydrogen energy industry, the rapid growth of the fuel cell business, and the steady growth brought about by the company’s powder material and other optimized industries, the company is expected to be in 2019?
In 2021, the EPS will be 0.

15, 0.

31 and 0.


We believe that the company has a long-term scientific research strength and technical barriers. Considering a certain estimated premium, it will give the company a dynamic price-earnings ratio of 60x in 2019 and a 6-month target price of 8.

79 yuan.

Risk reminders: 1) The company’s performance growth is lower than expected; 2) The hydrogen energy development rate is lower than expected; 3) The rare earth business injection is lower than expected.