On May 12, Meibang Technology opened the subscription, the issue price is 10.74 yuan per share, the subscription limit is 627,000 shares, and the price-earnings ratio is 15.98 times.
Meibang Technology is mainly engaged in the research and development, industrialization and technical services of green manufacturing technology. At present, it has realized the industrialization of self-developed technology in the fields of tetrahydrofuran and toluene oxidation series products, and produces and sells related fine chemicals. At the same time, the company provides solutions to customers in the fields of energy, chemical industry and new materials through technology licensing, key equipment, catalysts, etc., to help customers improve resource and energy utilization efficiency and improve the level of green development.
The company continues to develop new technologies and continuously expands the field of industrialization, forming an echelon of technology and product reserves. The company's existing business layout is as follows:
In terms of industrialized products, the company currently mainly produces tetrahydrofuran and toluene oxidation series products.
Tetrahydrofuran is mainly used as an important raw material in the fields of new chemical materials and pharmaceutical intermediates. Relying on advanced technologies such as reactive distillation, thermal coupling, environmental protection and production system integration, the company uses the by-products in the production and utilization of BDO or the rough-processed product LBDO as raw materials to produce tetrahydrofuran, realizing comprehensive utilization of resources, reducing pollutant emissions and carbon emission. According to the statistics of Zhuo Chuang Information (301299), the subsidiary Meibang Huanyu is one of the largest domestic manufacturers of tetrahydrofuran prepared by LBDO purification method. Reached 11.49%.
Toluene oxidation series products mainly include benzyl alcohol, benzaldehyde and benzoic acid, which are important raw materials for the production of industrial chemicals, pharmaceuticals, pesticides, flavors and fragrances. The company adopts the self-developed toluene air oxidation process to co-produce benzyl alcohol, benzaldehyde and other products, which solves the problems of high emission, high corrosion, and chlorine content in the traditional chlorination process from the source, and produces high-quality, chlorine-free products. , has significant application advantages in the high-end market. According to the statistics of Zhuo Chuang Information, the output of benzyl alcohol of the subsidiary Kelin Bolun ranks among the top three in the country, and it is the only benzyl alcohol manufacturer in China that adopts the technical route of toluene oxidation; the output of benzaldehyde ranks second in the country, and its market share exceeds 20%.
In terms of technical solutions, based on core technologies such as green catalytic reaction processes and processes, the company provides key technical solutions such as patented technology licenses, process packages, key equipment, and catalysts to chemical new material companies such as caprolactam and cyclohexanone. In addition, the company has also accumulated rich technical reserves in the frontier fields of green chemical industry such as mercury-free acetylene method PVC, HPPO method propylene oxide, and biological enzyme method nylon 56.
In terms of finance, in 2020, 2021, and 2022, the company's operating income will be approximately 317 million yuan, 537 million yuan, and 564 million yuan; the net profit will be approximately 25.5011 million yuan, 159 million yuan, and 95.53 million yuan.
It should be noted that the company has the risk that the substantial increase in BDO production capacity will lead to a decrease in the price of THF products. Driven by the growth in demand for degradable plastics such as PBAT, spandex, and NMP downstream of BDO, the current scale of projects under construction and proposed in my country's BDO industry is relatively high. If the planned production capacity of BDO is greatly released in the future and the increase in supply is higher than the downstream demand, it may lead to a further decline in the price of the BDO industry chain, which will have an adverse impact on the issuer's tetrahydrofuran product price and the profitability of the unit product. The company has the risk of fluctuations in operating performance or a sharp decline .
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