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Western Superconductor (688122): a leader in high-end titanium alloy new materials

Western Superconductor (688122): a leader in high-end titanium alloy new materials
Summary of the report: High-end titanium alloy materials: the pillar main business, the industry highlights.The company’s main business is R & D, production and sales of high-end titanium alloy materials. It is the main R & D and production base for aviation titanium alloy materials in developing countries, and a major supplier of new and new types of fighter aircraft and large aircraft titanium alloy materials.(1) The number of downstream military aircraft is growing and the domestic market is expected to be domestically produced, and the amount of titanium alloy used in a single aircraft is gradually increasing.(2) The company’s scientific research strength is strong.There is no doubt that new R & D projects are constantly emerging, and are strongly supported and subsidized by the government. Low-temperature superconducting materials: pioneers in the domestic superconducting industry, scientific research and innovation to promote development.Western Superconductor is currently the only domestic company that realizes the commercial production of superconducting wires, and is also the world’s main replacement of titanium ingots, superconducting wires and superconducting manufacturing processes.The company permanently assumes the task of supplying superconducting materials for the fusion engineering experimental reactor project in China, and actively develops the magnetic resonance imager business and develops the magnetron straight pull single crystal silicon technology to expand the company’s superconducting product development space. High-performance high-temperature alloy materials: accumulated for many years to achieve the extension of the industrial chain.As one of the emerging suppliers of the highest superalloy materials in the country, the company has successively 杭州桑拿网 undertaken the formulation of multiple superalloy materials for key domestic defense equipment.The main purpose of the funds raised by the company in the science and technology board is again aimed at high-temperature alloy projects. Earnings forecast and forecast The company’s net profit attributable to its parent in 2019-2021 is 1, respectively.45, 1.66, 1.89 ppm; EPS is 0.33, 0.38, 0.43.Using the comparable company evaluation method and considering the company evaluation in the New Third Board period, we believe that the reasonable division interval is (30, 41) and the corresponding market value interval is (43).69, 59.70) billion yuan, the pricing range is (9,14) yuan / share. Risk warning: The downstream application of the product is less than expected, the company’s product gross margin declines, the customer concentration 杭州夜生活网 is high, and the risk of military application policy changes.