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Qiangli new material: it plans to acquire 10% equity of green photosensitive material, uv~led curing material opens up growth space

Company announcement: the company plans to use its own funds to transfer the contribution of 15 million yuan held by Mr. Yang Jinliang, and the transfer consideration is 12million yuan (the transfer consideration of the paid in contribution of 12million yuan is 12million yuan, and the transfer consideration of the subscribed contribution of 3million yuan is 0 yuan, and the company will continue to perform the contribution obligation of the subscribed contribution of 3million yuan). After the completion of the transfer, the company holds 10% equity of green photosensitivity. Green light is a company jointly controlled by the controlling shareholder and actual controller Mr. Qian Xiaochun and Ms. Guan Jun. they promised to give priority to injecting their equity into the company when green light achieves profits

the industrial chain extends downstream, and the uv-l speed regulation range of 1~500mm/min is enough to open up the growth space for ED curing materials. Founded in May 2017, green light is an enterprise specializing in the R & D and sales of LED light fixation materials and photosensitive materials in China. Its products are mainly supporting industries such as ink, coating, adhesive, etc. According to the environmental impact assessment of Changzhou, green light is building a project with an annual output of 60000 tons of environmental friendly high-performance UV LED basic formula resin and a pilot plant. UV LED technology is a major technological innovation of UV curing. In the past, the light source of UV curing industry has always been mercury lamp and halogen lamp. In recent years, with the development of LED technology, with its advantages of more energy saving, environmental protection and safety, UV LED technology began to be applied in ink, coating, adhesive and other industries. By acquiring 10% equity of green photosensitive, the company extends its initiator business to the downstream, which is conducive to further expanding the development space of the company from scratch, and the actual controller promises to give priority to expanding its holdings from the current relatively small market status to other areas of processing and production when it realizes profits, and inject its equity into the listed company, which is expected to become a new profit point in the future

the leader of special chemicals for photoresist, and the expansion of OLED materials has accelerated. The company is mainly engaged in LCD and PCB photoresist special chemicals, and many new projects are carried out in an orderly manner. The downstream flat panel display industry of the company will have a large number of production capacity put into production in the next two years, bringing huge material market space. The high sensitivity photoinitiator for LCD color glue and black glue produced by the company has successfully broken the international monopoly and has independent intellectual property rights. The downstream has been certified and adopted by major LCD photoresist manufacturers in the world, including Tokyo Yinghua and Asahi Kasei, and the customer relationship is stable. In the field of OLED materials, the company cooperates with Taiwan Yu Lei optoelectronics, an international leading enterprise, to establish strong Yu Lei. At present, it has achieved initial results in the localization of terminal materials. At the same time, strong Yu radium has established a cooperative relationship with LG chemistry, the international leader of OLED, which will help the company improve its technology in the field of OLED materials, further expand its market, and lay a foundation for the possible further cooperation in the future

the non-public offering was successfully completed, injecting new impetus into long-term development. On June 1, the company announced the listing of new shares in the non-public offering. This non-public offering of 14million shares, the issue price is 27.76 yuan/share, and the total amount of funds raised is 389 million yuan. After deducting various expenses, the net fund raised is 379 million yuan, which is mainly used for the new 3070 tons of next-generation flat panel displays and key raw materials of integrated circuit materials and R & D pilot projects, as well as the headquarters R & D center project. The successful completion of the non-public offering has injected new impetus into long-term development

profit forecast and Valuation: maintain the shareholding increase rating and maintain the profit forecast. It is expected that the annual net profit attributable to the parent company will be 165, 223, 271 million yuan, corresponding to EPS 0.61, 0.82, 1.00 yuan, PE 46x, 34x, 28x

risk tip: the development of new projects is less than expected, and the product cost rises sharply

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