Aofu Environmental Protection (X19129): Focus on honeycomb ceramic technology to expand industrial waste gas treatment equipment

Aofu Environmental Protection (X19129): Focus on honeycomb ceramic technology to expand industrial waste gas treatment equipment

Company introduction The company was established in 2009. Its main business is honeycomb ceramic carrier, VOCs exhaust gas treatment equipment, energy-saving heat storage body. In 2018, the revenue accounted for 73%, 23%, and 3% respectively.

The company’s performance increased rapidly, and profit margins fluctuated significantly.

The company’s 2016-2018 CAGR of revenue was 64%, and it increased by 27% to 2 in 2018.

4.8 billion.

Affected by the fluctuation of the gross profit margin of the honeycomb ceramic carrier and the change in business structure, the company’s profit margin has changed significantly. The gross profit margin / net profit margin increased by 14 / 22ppt to 60% / 29% in 2017, and decreased by 12 / 10ppt to 47% / 19% in 2018.

Affected by this, net profit increased 8 times to zero in 2017.

560,000 yuan, down 16% to 0 in 2018.

470,000 yuan, CAGR of 2016-2018 is 176% The company’s equity is relatively scattered, and the chairman is the leader of technology research and development.

The actual controller of the company, Pan Jiqing, Yu Chuang and Wang Jianzhong respectively held company shares.

76%, 16.

39%, 16.

12%, totaling 51.

twenty three%.

Among them, the company’s chairman Pan Jiqing is the leader in technology research and development and has won the 2014 National Science and Technology Progress Award.

Affected by the history of financing, the company’s equity was scattered and dispersed, with a total of 62 shareholders.

Business Prospects Industry space potential, the company estimates that the global / Chinese market space will be about 25 billion / 8.8 billion US dollars by 2025.

1) Global market: The company estimates that the global honeycomb ceramic carrier market size will be 741 million liters in 2025, according to 33.

With an acceleration 夜来香体验网 of 71 yuan / liter, the global market demand for ceramic honeycomb ceramic carriers will be 25 billion US dollars in 2025.

2) Chinese market: Based on the average output of Chinese commercial vehicles in the past five years, the company expects that China’s new vehicle market will generate 228.1 million liters of space in 2025; assuming that China’s light commercial vehicles and heavy commercial vehicles DPF vehicles will have market demand in 2022 andAppeared in 2023, the company expects the market size of China’s DPF auto market to reach 32 million liters by 2025.

The company’s investment in research and development exceeds the industry average, and its share has continued to increase.

The company’s R & D expense ratio is always higher than the industry average, and it is higher than the industry by 2016-2018.



The company’s market share in the domestic honeycomb ceramic carrier continues to rise, increasing by 4 in 2017/2018.

56ppt / 1.

43ppt to 8.

06% / 9.


Capital expenditure plan According to the prospectus, the company’s foreseeable major capital expenditure in the future Investment project of the raised funds: DPF carrier Shandong base project (2.

4.6 billion yuan), DOC, TWC, GPF carrier production project (1.

8.5 billion yuan), automation technology transformation project of honeycomb ceramic carrier production line (0.

30,000 yuan) and R & D center construction project (0.

6.6 billion).

Risk policy risk, R & D failure risk, exchange rate risk, product gross margin fluctuation risk.