Guiyan Platinum (600459): The company’s performance is multi-flowered, platinum and palladium have broad application prospects

Guiyan Platinum (600459): The company’s performance is multi-flowered, platinum and palladium have broad application prospects
The company has a complete precious metal industry chain, mainly a catalytic purifier for profit growth.The company’s main gross profit is contributed in part by precious metal products and renewable resource materials.The responsible metal products contributed 65% of the total gross profit, mainly due to the special functional materials of precious metals and doped catalysts, which contributed most of the profits.From the perspective of gross profit margin, the gradual catalyst business has always been the company’s highest gross profit margin, and the gross profit margin has remained above 10 points. The demand gap for palladium continues to widen.As the South African region was dragged down by the price of a basket of platinum group metals, the supply growth rate was basically flat in 2018. The largest gold producer in Russia, Nornickel, only expected a growth rate of 0-5% in 2019.Flat, so the overall growth of the supply side is limited.However, due to the increasingly strict emission standards on the demand side, the demand in the catalyst field has increased, and the demand in other fields such as jewelry, industrial applications is basically stable. We expect the disciplinary gold demand gap to be 25.2 tons, the previous year has increased, the price will increase more room. The platinum group catalyst has a bright future application.Countries are currently developing hydrogen fuel cell vehicles.At present, the smallest amount of platinum group metals in the catalyst is Honda’s clarity, and the amount of bicycles is 12.9g 佛山桑拿网 platinum group metal, about 100% increase in the current consumption of diesel vehicles.According to the forecasts of overseas consulting agencies, hydrogen fuel cell vehicles will be the first to exceed 1 million by 2026, which will greatly promote the application of platinum group metal catalysts. The company’s performance has blossomed, and it continues to benefit from the promotion of the new six national standards and hydrogen fuel cell vehicles.A large number of the company’s business continued to benefit from the new national six standards and the promotion of hydrogen fuel cell vehicles: 1. The price of gold in the past six months has hit record highs. The company is responsible for the inclusion of metal recycling projects.5 tons of discipline, 1.4 tons of hooks, the company’s performance is expected to be boosted; 2, 深圳桑拿网 the new emission standards will increase the use of bicycle platinum group metals, the company’s production capacity unchanged, can bring the company’s revenue increase, longGrowth drives performance growth.3. The future of hydrogen fuel cell vehicles is promising. The company’s layout of fuel cell catalysts is expected to benefit in the future. Profit forecast and investment responsibility suggestions: It is expected that the company’s net profit attributable to its mother in 2019-2021 will be 1.97, 2.37, 2.8.7 billion yuan; EPS are 0.45, 0.54, 0.66 yuan, with the corresponding P / E of 43 on June 25, 2019.9x, 36.5X, 30.1x, giving an overweight rating. Risk reminder: Gasoline vehicle sales significantly expand, platinum group metal prices fall sharply