Antai Technology: Increased performance elasticity in the second half of the year

Abstract The analyst of China Merchants Securities Co., Ltd. released the research report of Antai Technology on August 20. Antai Technology's 2013 interim report revenue and net profit fell, lower than previously expected. It is expected that the prices of high-speed tool steel and amorphous strip will rebound in the second half of the year, and
       
Analysts of China Merchants Securities Co., Ltd. released the research report of Antai Technology on August 20.

        Antai Technology's 2013 interim report revenue and net profit fell, lower than previously expected. It is expected that the performance of high-speed tool steel and amorphous strip will rebound in the second half of the year, and the utilization rate of new capacity will increase. Maintain “Prudentially Recommended-A” investment rating.

        Antai Technology's 2013 interim report was lower than market expectations. In the first half of 2013, the company achieved sales revenue and non-net profit of 1.903 billion yuan and 0.32 billion yuan, representing an EPS of 0.0373 yuan.

        The decline in net profit of the company during the reporting period mainly came from two aspects: 1. The overall income fell by 5% or 110 million yuan mainly due to the decline in revenue of special materials and equipment and super-hard materials by 119 million yuan and 30 million yuan respectively, among which the company's high-speed tools The main profit of the company's main platform, Heye Technology, fell 20.63 million yuan or 79%. 2, China's largest amorphous transformer manufacturer believes in the electrical report, the price of amorphous transformers in the report period decreased compared with the previous year, and the State Network only bid once, analysts judged by this influence, amorphous ribbon In the first half of the year, the volume and price should decline to a certain extent. In addition, the cost will increase. The gross profit margin of materials used for clean energy with amorphous ribbons will fall sharply by 16.98%, and the loss of the interim report will be 24.81 million yuan.

        Management costs have grown significantly. During the reporting period, the company's period expenses increased by 1.3pct, of which the administrative expense rate increased by 1.3pct due to the amortization of intangible assets and R&D investment.

        Amorphous strips have a broad market space. As the only company in the world with large-scale amorphous broadband capabilities, the company currently has an amorphous strip capacity of 40,000 tons. The investment research and development power equipment research team predicts that in the next three years from 2013 to 2015, the demand for amorphous transformers will reach 880,000 units, corresponding to the demand for amorphous strips of 430,000 tons, of which the demand in 2013 is about 90,000 tons, according to 50% localization. The rate requirement, domestic amorphous ribbon demand 45,000 tons.

        Deepen the structure of rare earth permanent magnet products. The company plans to invest 80.715 million yuan to increase the production capacity of high-performance sintered NdFeB for new energy vehicles by 500 tons/year. After reaching production at the end of 2014, the company's NdFeB capacity will increase to 3,800 tons.

        Maintain “Prudential Recommendation-A” investment rating: The company currently has more projects under construction. In the first half of 2013, the company's new product sales revenue was 543 million yuan, and the contribution rate of new products reached 29.35%, up nearly 5 percentage points year-on-year. Analysts predict that the sales volume of amorphous strips will be between 9,000 and 1,000 tons in the first half of the year. According to the demand of 45,000 tons corresponding to the 50% localization rate, the annual sales volume should be guaranteed as the comprehensive yield is gradually increased. Maintain “Prudentially Recommended-A” investment rating.

Risk warning: The comprehensive yield of amorphous strips increased less than expected.

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