20230223-国海证券-凯盛新材-301069.SZ-点评报告_重点项目有序推进_依托氯化亚砜产业链进军新型锂盐LiFSI_9页_749kb (1).pdf

2023 02 23()S0350521080004 S0350521080009 S0350122070023 Table_Title LiFSI 301069 300 2023/02/22 1M 3M 12M 2.4%4.4%-24.6%300-1.8%9.0%-10.2%2023/02/22 30.74 52 26.50-48.49 12,930.47 4,317.13 42,064.00 14,044.00 61.64%3.01:2023 2 10 20230210 2000/1000 5/2/10000/2023 2 22 6.5 6.5 10000/:15/5/3.1/2/5/1 2023 2-0.3418-0.2378-0.1338-0.02980.07420.178122/2 22/3 22/4 22/6 22/7 22/8 22/9 22/1022/1122/12 23/1 23/2 300 2 2 2023 2 3/2023 2 1 Wind 3 2 Wind PEKK PEKK 3D/PEKK PEKK-/PEKK 2000/1000 PEKK 30/PEKK LiFSI LiFSI LiPF6 LiFSI LiFSI 200 LiPF6 LiPF6 LiFSI 4 LiFSI LiFSI 10000/LiFSI LiFSI 200/LiFSI LiFSI 2022 12 6.5 10000/24 LiFSI 2024 3-LiFSI 4 LiFSI 5 2022 4 217.60 42.064 0.5173%197.60 0.4698%3 2022-2024 11.88/15.40/19.80 2.16/2.88/4.68 2021-2024 CAGR 31.04%37.51%5 2022/2023/2024 10.3/14.4/19.3 2.7/4.0/6.2 PE48/32/21 LiFSI 6 Table_Forcast1 2021A 2022E 2023E 2024E 880 1028 1442 1932(%)41 17 40 34 193 269 402 618(%)20 39 49 54 0.46 0.64 0.96 1.47 ROE(%)15 19 22 25 P/E 94.74 48.06 32.16 20.92 P/B 16.09 8.99 7.02 5.26 P/S 23.32 12.58 8.96 6.69 EV/EBITDA 82.03 36.82 25.04 16.08 Wind 7 Table_Forcast 301069 30.74 2023/02/22 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E ROE 15%19%22%25%EPS 0.51 0.64 0.96 1.47 37%40%42%46%BVPS 3.03 3.42 4.38 5.85 7%7%7%6%22%26%28%32%P/E 94.74 48.06 32.16 20.92 P/B 16.09 8.99 7.02 5.26 41%17%40%34%P/S 23.32 12.58 8.96 6.69 20%39%49%54%2021A 2022E 2023E 2024E 0.62 0.65 0.69 0.72 880 1028 1442 1932 13.22 11.91 10.78 12.51 555 612 838 1039 17.17 37.37 17.00 36.75 8 10 14 18 10 21 29 39 10%9%12%9%56 51 65 77 6.45 6.88 5.39 8.01-3 0 0 0 5.97 6.57 4.96 7.67/-43 41 58 77 218 305 458 706 2021A 2022E 2023E 2024E 4 4 4 4 678 691 909 1377 222 309 462 710 67 86 134 154 29 40 60 92 51 28 85 53 193 269 402 618 101 109 181 203 0 0 0 0 897 914 1309 1787 193 269 402 618 255 323 364 405 117 153 196 239 2021A 2022E 2023E 2024E 144 174 202 231 89 295 372 626 10 16 22 28 193 269 402 618 1423 1580 2093 2691 0 0 0 0 0 0 0 0 40 45 50 55 99 86 178 142 3 0 0 0 0 3 3 4-141-11-67-30 40 44 62 77-360-176-154-158 139 133 243 223-88-168-150-158 0 0 0 0-285-15-15-15 9 9 9 9 12 7 11 15 9 9 9 9 291-105 0 0 148 142 252 232 0 0 0 0 421 421 421 421 291 0 0 0 1275 1439 1841 2459 0-105 0 0 1423 1580 2093 2691 19 13 218 468 Wind 7 7 2 4 1 5 2 3,300 300 300 300 20%300 10%20%300-10%10%300 10%R3/