1. Main products of Hengguang Co., Ltd.: sodium chlorate, caustic soda, liquid chlorine, hydrochloric acid, phosphorus trichloride, aluminum trichloride, crystalline aluminum chloride, hydrogen, zone-fused germanium ingot, high-purity germanium dioxide, sulfuric acid, reagent sulfuric acid, roasting slag, concentrate powder, steam, sulfamic acid, cysteamine hydrochloride, sodium sulfite, sodium pyrosulfite and magnesium sulfate. Belonging to the chemical raw material industry.
2. The issue price-earnings ratio is 26 times, and the industry average is 46 times. The performance in the third quarter increased by 1 15% year-on-year, which was the same as other chemical industries currently listed. However, the performance in the second quarter of a single quarter decreased compared with that in the first quarter, and rose again in the third quarter. On the whole, the performance was ok. Assets and liabilities are average.
3. Summary: According to the performance in the third quarter, the dynamic P/E ratio is 9 times, which is not high relative to the valuation, but relative to the peers, the valuation is generally low and slightly lower, but there is no absolute advantage. The issue price is 22.7 yuan, which is quite satisfactory. The total share capital is 80 million, which is relatively small. Generally speaking, it is ok, it should not be broken, and it can be purchased.
Two. Brief introduction of hengguang shares
Hunan Hengguang Technology Co., Ltd. is a modern scientific and technological enterprise that takes recycling and comprehensive recycling of resources as its development model and devotes itself to the research, development, manufacture and service of chemical raw materials and new materials. Founded in 2008 with a registered capital of 80 million yuan, the company is headquartered in Hongjiang District, Huaihua City, Hunan Province. It owns five subsidiaries with a total area of more than 600 mu, nearly 600 employees, total assets of 600 million yuan and annual output value of 700 million yuan. Adhering to the development concept of circular economy and green environmental protection, guided by technological innovation, and relying on the regional rich brine resources, sulfur-containing tailings, sulfur-containing solid waste and other resource advantages, the company has built basic chemical industry, fine chemical new materials and related environmental protection service industries with chlorine chemical industry and sulfur chemical product chain as the main line.
Based on the park, relying on resource advantages and industrial base, the company introduced a number of excellent supporting enterprises (such as Shuangyang Forestry and Jiuxin Wood Industry). ), and use industrial clusters to maximize resource allocation and develop circular economy. At present, the eco-park led by the company has developed rapidly and has embarked on a unique new road of industrialization development. The company's main products and production capacity are 50,000 tons of sodium chlorate, 6,543.8+10,000 tons of caustic soda, 350,000 tons of sulfuric acid, cysteamine hydrochloride, sulfamic acid, magnesium sulfate, calcium aluminum hydrotalcite and other fine chemical new materials and intermediate series. It has the comprehensive recovery and treatment capacity of sulfur solid waste, aluminum liquid waste gas, waste germanium mud and other wastes. Over the years, the company has always adhered to the principle of "customer-centered, quality-oriented", and its products have been well received by users from all walks of life and sold well nationwide and overseas.
The company has passed ISO900 1 quality management system and ISO 1400 1 environmental management system certification. It was rated as two-oriented enterprises in Hunan Province, the most growing small and medium-sized enterprises in Hunan Province, and listed reserve enterprises in Hunan Province.