齊翔騰達(002408):新建項目投產 鞏固行業龍頭地位
尼龍66 新材料項目一期20 萬噸/年己二腈裝置建成投產。公司2019 年7 月與中國天辰發起設立天辰齊翔,共同投資建設年產100 萬噸尼龍66 項目。 項目一期繼丙烯腈裝置、己二胺裝置成功開車後,20 萬噸/年己二腈裝置於2022 年8 月順利打通全流程,開車成功併產出己二腈優級產品。該裝置作為國內首套擁有完整產業鏈的工業化尼龍66 裝置,徹底打破國外對我國己二腈的技術封鎖和壟斷。該項目的建成投產將與公司現有產業鏈形成協同效應,有利於優化產品結構和裝置負荷,從而進一步提升公司的市場競爭力。 全球順酐龍頭,順酐擴建項目建成投產。公司於2021 年3 月在原有20 萬噸/年順酐裝置的基礎上繼續投資擴建20 萬噸/年順酐裝置,項目二期10 萬噸/年生產線已於2022 年7 月建設完工,裝置流程已全線貫通並順利產出合格產品,實現一次開車成功。公司是全世界最大的順酐生產企業,通過不斷優化改進,單位生產成本不斷降低,產能和副產品利用率不斷提高。近幾年,順酐下游應用不斷開發,需求總量也在逐步增長。隨着國內“限塑令”的逐步實施,生產PBS,PBAT 等可降解塑料製品的廠商日漸增多,這將極大地帶動上游原料順酐需求的增長。2021 年,公司國內順酐市場佔有率20%左右,佔國內出口份額50%以上。20 萬噸/年順酐擴建項目的建成投產,將與公司原有順酐生產線形成規模效應,有利於進一步擴大國內外市場份額,進一步凸顯公司在順酐領域的生產技術與質量優勢,鞏固公司在順酐行業的龍頭地位,增強公司在同行業的競爭力和話語權,增強公司的綜合競爭力。 公司新項目建設穩步推進。公司在建項目包括30 萬噸/年環氧丙烷項目、20萬噸/年異壬醇項目、10 萬噸/年PMMA 項目、4 萬噸/年順丁橡膠配套20 萬噸/年丁二烯抽提項目等。公司新項目建設正常推進中,預計將在2022 年和2023 年集中釋放產能。PMMA 項目及異壬醇項目預計將於2023 年投產。 投資建議。公司積極佈局延伸、拓展產業鏈的廣度和深度,未來產能投放較多,業績有望持續增長。我們預計齊翔騰達2022~2024 年歸母淨利潤分別為26.43 億元、31.39 億元和35.30 億元,EPS 分別為0.93、1.10、1.24 元。 參照可比公司估值水平,給予其2022 年10-12 倍PE,對應合理價值區間為9.30-11.16 元,維持“優於大市”投資評級。 風險提示。產品價格大幅波動,下游需求不及預期,在建項目進展不及預期。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.