Shanshui Technology Log in to GEM dye, pesticide and pharmaceutical intermediate high -quality enterprises


Shanshui Technology Log in to GEM dye, pesticide and pharmaceutical intermediate high -quality enterprises

Author: Lin Shen

At present, my country has gradually become an important fine chemical raw material in the world and the processing place and export of intermediates, and the total output value of the fine chemical industry exceeded 5 trillion yuan in 2021, with an average annual growth rate of more than 15%, and the refinement rate exceeds 50 %. Considering the important position of the fine chemical industry in the chemical industry and even the entire national economy, in the future, my country will continue to improve the scientific and technological level of the fine chemical industry and improve the refinement rate as one of the national development strategies.

In this context, Shanshui Technology (301190.SZ) is expected to usher in new development opportunities in the research and development, production and sales of dye intermediates, pesticides and pharmaceutical intermediates. According to the data, Shanshui Technology has formed a development pattern of “production as the core, process technology innovation, refined management as a drive” development pattern. The business content covers the complete refined work of product research and development, process optimization and development, and large -scale production. System, after this listing, the company will start a new round of growth under the blessing of the capital market.

Leading product quality, widening product line

Multi -regional large -scale business capabilities are significant

Since its establishment, Shanshui Technology has always focused on the research and development, production and sales of fine chemical dyes, pesticides and pharmaceutical intermediates. Among them, the dye intermediate includes 6-nitrate, oxygen, 5-nitrate, and adjacent aminozene sulfonic acid, and pesticide and medicine intermediates include 2-clotidine and other pyrine series products.

In terms of revenue, the prospectus shows that the company’s main business income is mainly concentrated in 6-nitrate body and its semi-finished oxygen body. From 2018 to 2020 and in the first half of 2021, the company’s above-mentioned product revenue accounts for a total of the main business income The proportion was 87.96%, 91.04%, 76.95%, and 69.74%, showing a high degree of concentration. Among them, 5-nitrics and 2-clotidine are new products during the reporting period of the company, and the proportion of 5-nitrics in the main business income has increased from 6.99%in 2018 to 11.72%in the first half of this year this year. At the same time, within the period, the proportion of 2-clotidine accounted for the main business revenue also increased from 5.05%to 13.52%, which reflects that the company has expanded the ability of new products with larger market potential new products on the basis of maintaining the original advantageous products. Strong, and new products have gradually become the company’s new performance growth momentum. Based on the market situation with good products, the company’s initial estimated operating income from 2021 is 559 million yuan to 588 million yuan, an increase of 45.67%to 53.23%year -on -year; the net profit is expected to belong to shareholders of the parent company from 14.10 million yuan to 146 million yuan. A year -on -year increase of 28.25%to 32.80%.

In addition, it is worth noting that the above -mentioned main products accounted for a relatively high phenomenon in the company’s main business income, which has nothing to do with the quality of the company’s products than industry standards. Taking 6-nitrate as an example, the company’s effective ingredient content is 80%-85%, which is higher than the general product standards of the industry, which can reduce a certain transportation cost. This product is only 1.5%-2.0%, which is far lower than the industry than the industry The level of 5.0%-6.5%makes the subsequent use of the dyes produced in the dye intermediate in the subsequent dye; this product is not lumping and the degree of full response can effectively improve the product revenue. At the same time, good stability, after production, after production The quality of the product has not changed significantly within one year.

The quality of high -quality products also provides a guarantee for the company’s expansion of the market. As of the signing date of this prospectus, the company has achieved a widespread layout of the product sales area to form a scale effect. The sales area of ​​domestic sales products has covered most of the country. At the same time In the country and regions, there are large -scale operations of multiple regions. In the next step, the company will continue to increase the production capacity of existing core products through technological transformation, further increase market share, and continue to develop new products to broaden the product line to ensure the company’s future performance of continuous and stable growth.

Continue to promote technological innovation

R & D and consolidation of leading advantages

As a high -tech enterprise, the company attaches great importance to product research and development and technological innovation, and has accumulated independent and perfect core technologies in major products. As of the signing of this prospectus, the company and its subsidiaries have 31 domestic authorized patents, including 8 invention patents, 23 practical new patents; 4-The oxidation and hydrolysis method of sulfonic acid and the invention patent of the invention of the invention of the invention of the invention of the invention of the invention of the invention of 1,2-1,2-氧 氧-4-sulfonic acid is recognized by the Jiangxi Provincial Department of Science and Technology.

The acquisition of the above -mentioned R & D results has nothing to do with the company’s relatively complete R & D facilities and R & D talent teams. According to the data, there are three R & D rooms and an analysis room under the company’s R & D center. According to the company’s development planning, there are recent, medium -term and long -term strategic goals. As of June 30, 2021, the company and subsidiaries have a total of 43 R & D personnel. It accounts for 9.71%of the total number of employees. Each R & D direction is led by technical experts. Not only is it keen grasping the technological development direction of the industry and products, but also has rich experience in improvement of practical experience to ensure that the technical and technological innovation work continues to stabilize and high quality operations.

For the product production process process and other matters that the market is more concerned, Huang Guorong, chairman and general manager of the company, also said in response to investors’ questions, “Since both types of products are prepared through chemical synthesis and purification, the production process of product production is therefore. There are some commonality in the process. Starting from the detection of raw materials, both types of products include the process of synthesis, washing, drying, crystallization, filtering, drying, etc., but there are differences in reaction conditions and production details. Similar production process process processes The production equipment required for pesticides and medicine intermediates and dye intermediates has a certain commonality. The main equipment that can be shared includes heating and cooling reactors, filtering equipment, drying boxes, centrifugal pumps, liquid chromatography, gas chromatography, etc. Therefore, so , The company can learn from the production equipment information of the dye intermediate, layout the production line of pesticide and pharmaceutical intermediate products. “

In the next three years, the company will strengthen the development and innovation of product production technology and technology, actively study and explore the leading technologies with the world’s advanced level, and consolidate and improve the leading advantages of product core technology. At the same time, it will also improve the technological innovation system, strengthen the construction of technology centers, introduce high -end R & D talents, further enhance the ability of scientific and technological innovation, and maintain the leading level of domestic and other fields such as dye intermediates and pyridine products. On the basis of adhering to independent innovation, we will strengthen communication and technological cooperation with high -level institutions, scientific research institutions and industry companies with strong scientific research institutions and industry companies to build a leading technical team in the industry.

Market advantages are significant

Help the company grow further

The continuous innovation of technology not only provides a foundation for the company’s product expansion market, but also a breakthrough in the company’s sustainable development. Based on the advantages of 6-nitrate, oxygen body and other advantageous products, the company actively develops new products such as 5-nitrate and pyrine series. Innovative process technology. In addition, the company-developed 2,3-dichloropylidine synthesis process has the advantages of response conversion rate and high selectivity, stable product quality, simple production operation, and low cost. It has overcome the existing synthetic method. The quality of pyridine is unstable and must be distilled to make the product’s quality inadequate. New products such as 2,3-dichloropyamine will promote domestic alternatives of high-efficiency micro-toxic pesticides in China, which is conducive to my country’s high-efficiency micro-toxicity. Popularization of pesticides.

Taking the intermediate of the dye as an example, considering that due to the differences in equipment levels, process routes, and process control capabilities, different enterprises may not be much different in the main material content in the main material content, but in some heterogeneous and inorganic salts There will be small differences in the structure of the structure. These differences lead to the chromosome, washing accuracy, dyeing rate, light accuracy, dirtyness, chromatography, color changes and compatibility of the downstream products. The quality, conversion rate, performance and cost will have a significant impact.

In this context, the company has established a good corporate reputation and high market influence with stable product quality and excellent sales services. The market share of the main products is always at the forefront of the segment industry.

Conform to the industrial development trend

Ramping and expand production to open a new round of growth

Since entering the 21st century, my country’s agricultural development has developed rapidly, and pesticide output has also entered a channel of rapid growth. According to the BASF announcement, from 2006 to 2016, the pesticide market size increased from a compound growth rate of 4%to US $ 56 billion. In the next ten years (2016-2026) The rate has expanded to $ 80 billion, and the prospect of the agricultural chemical market is still optimistic in the long run.

Under the broad development prospects of the industry, in order to further conform to the development of the intermediate industry of fine chemical and pesticides and meet the needs of the company’s expansion of the product market, and at the same time improve the research and development level and product innovation capabilities, the company intends to invest in the “annual output of 61,000 tons of 61,000 tons. Clotye pyrine and 15,000 tons of 2-chloro-5-choppymopylpyrine construction projects “and” R & D building construction projects “.

Among them, the “annual output of 61,000 tons of pyrine pyrine and 15,000 tons of 2-chloro-5-choppymopylpyamidine construction project” is conducive to enhancing my country’s right to speak in the international market of pyrine products. Clotoyin pyridin continuous production process, using the by -products of the previous link as the raw material of the next link. This circular nation can greatly improve the efficiency of raw materials and greatly reduce product costs. The reduction of emissions can achieve environmental protection production, which is in line with the basic national policy of “green mountains and green mountains is the golden mountains and silver mountains” proposed by the 19th National Congress of the Communist Party of China.

In addition, the construction of research and development building projects, increase investment in R & D, introduce key equipment, instruments and software, and improve the research and development working environment. The design technology and independent innovation capabilities of the production process of new products will maintain the only way for the company’s competitive advantage.

Facing the future, the company will continue to focus on the research and development and production of environmentally friendly dyes, pesticides and pharmaceutical intermediates, and is committed to promoting technological upgrades and equipment renewal, seizing the development opportunities brought about by China’s economic supply -side reform and the optimization and upgrading of traditional industries, and further highlighting Brand construction, expanding sales scale, increasing the market share of products, and striving to develop into a leading group enterprise in the leading dye, pesticide and pharmaceutical intermediate production and development and production.

Disclaimer: This article is for reference only, and does not constitute investment advice.


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