Special adsorption resin faucet Lan Xiao Technology

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特种吸附树脂龙头蓝晓科技

The company’s main business is adsorption and separation materials in special application areas and supporting system devices formed by adsorbing materials as the core, which is an integrated solution for innovative development.

The company’s main products are used in industrial fields include:

Metals, environmental protection chemicals, biomedicine, food and other industrial fields

Essence Combining the three major technical advantages of its own materials, application technology and system installation, the company has launched a new business model in the industry. As of now, it is the only domestic and foreign can provide materials, equipment and comprehensive services that can rely on independent intellectual property rights to provide materials, equipment and comprehensive services. Adsorption separation service provider.

特种吸附树脂龙头蓝晓科技

Most of the substances that exist or artificially synthesize in nature are mixtures of multiple components. If you want to be used by humans, you must extract and purify it by separation.

The adsorption separation process is the molecules, atoms or ions of the surrounding substances that attract the surrounding substances on the surface to achieve separation. There are physical adsorption, chemical adsorption, exchange adsorption, etc., and people design different types of adsorption separation materials based on the structure and characteristics of the separation substance. With the rapid development of adsorption agents, there are increased varieties, and its supporting technology and equipment have also developed accordingly, making the application of adsorption and separation technology wider and wider. It has been widely used in petrochemical, medicine, food, environmental protection and metallurgy Among the major areas of modern industry.

Adsorption and separation resin is a functional polymer material. It has precise selective adsorption capacity. It can only selectively adsorb targets in the mixture, or have different adsorption for different substances. The fields and the purpose of achieving concentration, separation, refining, purification, purification, and discoloration are the purpose.

The market for adsorbing and separating the resin industry is mainly divided into two major pieces. One is the “Red Sea Market” in the field of traditional industrial water treatment.

Due to the low requirements for production technology and equipment, the number of competitors is large, and the situation of fierce price competition and low profits;

特种吸附树脂龙头蓝晓科技

Another one is the “blue ocean market” in emerging applications such as wet metallurgical, pharmaceutical, food, environmental protection, and chemical industry

Because the technical threshold is high, the company’s continuous innovation ability is very critical, so the competitive intensity is small, expandable, and large profit margin. my country’s research on adsorption separation resin has been more than 20 years later than developed countries, which has led to my country’s technology level in this field far behind the United States and Japan.

特种吸附树脂龙头蓝晓科技

According to Zhiyan Consultation data, in 2018, my country’s ion exchange resin industry capacity scale was about 427,000 tons, and the output reached 304,400 tons, a significant increase from the output of 163,500 tons in 2008. Although the domestic resin industry has developed rapidly, high -end fields are still occupied by foreign companies. The import volume of my country’s ion exchange resin continues to rise. In 2019, imports reached 17,000 tons, and the import unit price reached about $ 10,000/ton.

特种吸附树脂龙头蓝晓科技

There is still a large import alternative space for high -end products

Essence

From the field of water treatment

The world’s leading resin producers in the United States, Romonhas, Diaolit, Germany Langson, and Mitsubishi Japan in this field have been very mature, and have long monopolized the synthesis of high -end industrial water treatment resin for a long time. Although my country can master the production application technology of ordinary water treatment resin, it is still insufficient in high -end fields.

特种吸附树脂龙头蓝晓科技

Former domestic resin materials manufacturers are still concentrated in ordinary water treatment this “Red Sea market”. The products are mainly low -end ion exchange resin. The comprehensive strength is weak and the scale is small.

In the field of emerging applications

特种吸附树脂龙头蓝晓科技

As early as the rise, the domestic market was occupied by international manufacturers such as Romonhas, Langsheng, Mitsubishi. but

In recent years, a small number of high -quality enterprises have increased their research and development, and they have also made certain breakthroughs in this field. They are gradually breaking the monopoly of large foreign factories and conducting domestic replacement with the advantages of cost -effectiveness and professional services.

Among these high -quality adsorption separation resin manufacturers in China, Lan Xiao Technology is the product and service provider with the most abundant variety of adsorption and separation resin products in China.

1. Domestic inductance leader

Lan Xiao Technology was established in 2001, and its main product adsorption and separation value was applied to special applications; in 2002, the company entered the field of food processing and had high market share in the field of concentrated fruit juice processing quality control. CPC-specific adsorption resin to achieve import substitution; in 2005, the company developed and produced 7-ACA enzyme carrier technology to achieve the replacement of the original chemical method. Tell you to promote the development of materials and process development of metal nickel from the low -grade red earth nickel mine; in 2011, the company expanded from traditional adsorbing materials to integrated sales of materials+devices; and landed in the GEM in 2015.

2. Business analysis

特种吸附树脂龙头蓝晓科技

From 2014 to 2019, operating income increased from 286 million yuan to 1.012 billion yuan, with a compound growth rate of 28.75%, an increase of 60.12%year-on-year in 19 years. The yuan increased to 251 million yuan, with a compound growth rate of 33.14%, an increase of 75.44%year -on -year in 19 years, and the net profit attributable to 2020Q3 decreased by 28.76%year -on -year to 164 million yuan. , Compound growth rate of 33.62%, an increase of 76.45%year -on -year in 19 years, 2020Q3 achieved a net profit of deducting non -returnees to the mother’s net profit by 31.96%year -on -year to 156 million yuan; the cash flow of operating activities was 27 million yuan, 25 million yuan, 51 million yuan, 0.74 0.74 100 million yuan, 200 million yuan, -047 billion yuan, a year-on-year decrease of 339.50%, and 2020Q3 achieved cash flow of operating activities by 257.25%year-on-year to 126 million yuan.

From the perspective of products, in 2019, the revenue of special resins increased by 14.78%year -on -year to 539 million yuan, accounting for 53.29%, and gross profit margin increased by 780PP to 48.34%. Compared with 46.33%, the gross profit margin decreased by 8.33PP to 51.58%; technical services realized revenue by 90.8%year -on -year to 523,200 yuan, accounting Essence

特种吸附树脂龙头蓝晓科技

In 2019, the company’s top five customers realized revenue of 424 million yuan, accounting for 42.84%, of which the largest customers realized revenue of 205 million yuan, accounting for 20.22%.

Third, core indicators

From 2014-2019, the gross profit margin fell to a low of 36.84%in 15 years, and then increased to 49.83%year by year; the expense ratio rose 13.32%from 19.94%in 17 years, and fell to 8.93%in 18 years. To 11.64%, the sales cost rate rose from 3.83%to 5.32%of the 16 -year high, and then decreased to 2.86%year by year. , Rose to 8.345 in 19 years, the financial cost rate rose to power supply in 17 years, fell to a low point in 18 years, and rose to 0.44%in 19 years; The weighted ORE decreased from 16.67%to 8.78%at 16 years, and then increased year by year to 22.75%.

特种吸附树脂龙头蓝晓科技

Fourth, DuPont analysis

Net asset yield = profit margin*asset turnover rate*equity multiplication

It can be seen from the figure and data that the decline in the 15 -year net asset yield is due to the decline in the resonance of profit margins, asset turnover and equity multiplier. -The improvement of net asset yields is mainly due to the increase in profit margins and equity multiplications.

5. R & D expenditure

特种吸附树脂龙头蓝晓科技

In 2019, the company’s R & D expenses were RMB 62.3623 million, an increase of 29.5853 million yuan from R & D investment in 2018, accounting for 6.16%.

6. Valuation indicator

PE-TTM 47.83, below 50 points since listing.

Highlights:

The company’s adsorption separation technology is deeply accumulated, and it is expected to use the underlying key technologies of self -adsorbing and separation materials to break through the top of the top to achieve import substitutions.

特种吸附树脂龙头蓝晓科技

Essence

特种吸附树脂龙头蓝晓科技

Essence

The above is the introduction and description of Automatic Macro Porous Resin Adsorption Unit, I hope it can be helpful to you.