Haohua Technology (600378) Company’s In-depth Research Report: High-end materials and high-end materials are imported to replace leading faucets and set sail

Haohua Technology (600378) Company’s In-depth Research Report: High-end materials and high-end materials are imported to replace leading faucets and set sail

Haohua Chemical Group Co., Ltd. is listed under 12 chemical research institutes.

In 2018, the company integrated 12 chemical research institutes affiliated to Haohua Chemical Group, and its business covers fluorochemicals, polyurethane functional materials, electronic chemicals, special 天津夜网 coatings, and fine chemicals such as rubber and plastic products.

After the integration, the company has become a high-tech material company leading in domestic high-end electronic chemicals and military materials technology.

Serving military industry for many years, technology-leading new material platform.

Most of the company’s research institutes are involved in the military industry and have a leading position in materials technology.

Its products are mainly used in important defense fields such as aviation, aerospace, ships, and weapons.

The company has made important contributions in the nuclear industry and in the aerospace fields such as “Liaoning”, “Shenjiu 9” and “Chang’e 3”, demonstrating some leading positions.

5G promotes the development of high-frequency PCBs, and Limingyuan has a large space for high-end PTFE.

5G promotes the development of the PCB industry chain, which has led to a large demand for high-frequency copper clad laminates.

The PCB industry moved eastward, upstream manufacturers entered the high-frequency copper clad laminates and PTFE fields, and the gap with overseas companies gradually narrowed, gradually realizing domestic substitution.

Chenguangyuan has the leading PTFE production capacity, and the modified PTFE material is the industry’s leading technology level.

With the rapid development of semiconductors, there is a large space for import substitution of fluorine-containing special gas.

The development of the domestic semiconductor industry has driven the rapid growth of demand for electronic gases. Fluorine-containing electronic gases are an important part of special electronic gases in the field of electronic information materials.

Liming Academy is a rare high-purity sulfur hexafluoride advanced unit in the country, and its downstream customers are increasing. Guangming Academy is an important special gas production base in China, supporting manned aerospace projects.

Earnings forecasts and investment advice.

We expect the company EPS to be zero in 2019-21.



77 yuan / share, corresponding to the current price P / E ratio is estimated to be 37/32/28 times.

With reference to the estimated level of comparable companies, and considering the differences in the company’s business structure and performance growth rate, we give a PE valuation of 43 times the 2020 performance, corresponding to a reasonable value of 28.

81 yuan / share, covering for the first time, giving the company a “Buy” rating.

risk warning.

Production safety accidents, project construction exceeded expectations, and non-operating income increased significantly.