Polyimide film can be said to be at the top of the material pyramid, also known as "golden film". PI film is currently the best-performing film insulation material in the world, with excellent mechanical properties, electrical properties, chemical stability and many High radiatio

Today Qicai Chemical 20cm, Ruihuatai rose 11%, the logic is to replace PVDF material polyimide. According to the research of Tianci Materials: [T126] polyimide polymer (PI), the goal is to replace PVDF. Reduce NMP consumption, the adhesion is similar to PVDF, and the high voltage performance is better.

This article introduces the PI gold film company with the largest bottom expected difference and elasticity - Guofeng New Materials 000859

Core highlights:

1. Gold film (high-end electronic grade polyimide film) is the " black technology of Guofeng New Materials" "" new products are bound to explode as PI film replaces PVDF.

2. The gold film products of Guofeng New Materials are comparable to those of DuPont and Toray. The real is made in China to replace , and it will be able to release production capacity and achieve results this year, eliminating the temptation to fill the gap.

3. The controlling shareholder of Guofeng New Materials is Hefei Industrial Investment Holding Group, referred to as "Hefei Industrial Investment ". It is the real king in the field of industrial investment. It has low prices and low prices and has the blessing of ace state-owned assets. It is difficult to keep a low profile in the A-share market. Disaster.

4. The existing business supports a valuation of 6 billion, and new businesses such as gold film bring a net profit increase of 400 million. The valuation growth space is three times 18 billion. This is a conservative calculation.

Guofeng New Materials is a manufacturer A high-tech enterprise specializing in biaxially oriented polypropylene and polyester plastic films. Its products mainly include packaging film materials, pre-coated film materials, capacitor films, polyimide films, polymer functional film materials and electronic information film materials.

1. Brief description of PI film

1.1 Why is PI film called gold film?

One type of high-end film is polyimide film, that is, PI film. Polyimide film can be said to be at the top of the material pyramid, also known as the "golden film" . PI film is currently the best-performing film insulation material in the world, with excellent mechanical properties, electrical properties, and chemical stability. As well as high radiation resistance, high temperature resistance and low temperature resistance (-269 ℃ to + 400 ℃). It can be widely used in flexible displays, integrated circuits, chips, 5G communications, new energy vehicles, electrical and electronics and other fields. The main products of the company's subsidiary Wuhu Guofeng are auto parts that meet the lightweight requirements of new energy vehicles, and are related products in the new energy vehicle industry chain.

PI films are called "golden films", and the market price reaches 600,000-3 million yuan per ton. Among them, the market prices of biaxially stretched electronic films are more than 1 million yuan per ton.

(Excerpted from the 2021 Annual Report)

1. 2 PI film supply situation

PI film production threshold is extremely high and supply is highly concentrated. Because polyimide synthesis is extremely difficult and downstream product processing is difficult, PI film supply is concentrated in a few companies (DuPont of the United States, Ube Kosan of Japan, Jongyon of Japan, and SK Kolon of South Korea).

1.3 PI film demand situation

At present, the demand for PI films in the domestic market is growing rapidly and relies heavily on imports (my country's high-end polyimide film import dependence is more than 80%, which is a technology that is "stuck" by foreign countries). The supply shortage situation in the PI film and PI slurry market cannot be changed in the foreseeable future.

2. Guofeng New Materials has conquered PI film technology, and its production capacity is ready to be released.

According to data, Guofeng New Materials will purchase land for investment and construction in the jurisdiction of Xinzhan High-tech Zone. "Electronic grade polyimide material production base project". The total investment of the project is about 2.38 billion yuan, covering an area of ​​about 150 acres. It is mainly engaged in the research and development, production and sales of new materials such as polyimide films and slurries for flexible circuit board substrates supporting the flat panel display industry. The project is carried out in two phases. The total investment in the first phase of the project is about 900 million yuan. After reaching the production capacity, it is expected to produce 900 tons of polyimide film annually, with an annual output value of about 400 million yuan. The total investment in the second phase of the project is about 1.48 billion yuan. After the production is reached, it is expected to The annual output is 1,300 tons of polyimide film and 2,000 tons of polyimide slurry, with an annual output value of approximately 1.2 billion yuan..

Guofeng New Materials has fully completed the relocation of the production line and technological upgrading. The advanced production capacity has been released in an orderly manner, and the production and sales of related products are booming. 's performance is very impressive. Last year's revenue was 280 million, doubling year-on-year. Revenue in the first quarter of this year continued to grow at a high rate, 30% year-on-year. Coupled with the intensive release of production capacity in the second half of the year when PI film was put into production, the company's performance flexibility is huge.

3, Guofeng New Material Valuation

The biaxially oriented polypropylene film (BOPP film) and biaxially oriented polyester film (BOPET film) business is at full production and sales, and 32,000 tons of functional polyester film will be put into production soon. This year’s original The main business profit will reach 336 million yuan, excluding the projects put into production. A conservative PE valuation of 20 times is given to 6 billion

PI film investment project after the annual output value is 1.6 billion. Referring to authoritative information and calculating with a 25% net interest rate, a PE of 30 is estimated. The value is 16*25%*30=12 billion.

The overall valuation of the traditional plastic film business + gold film business is 18 billion yuan. Recently, there has been an alternative PVDF event catalyzed, and Hefei Industrial Investment has supported low-priced low-end targets.