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Refractory materials: seize the opportunity of industry integration

Release time：2024-01-24

The refractory industry has "two highs", raw materials account for more than 50% of the cost, and the gross profit margin is as high as 30%, which is much higher than that of general manufacturing enterprises. The main reason is that the refractory industry has relatively high requirements for technology, and downstream companies need to obtain stable quality-assured refractory materials to ensure the continuity, stability and safety of their production.

Industry trend 1: Refractory industry consolidation and merger is an inevitable trend. The form is mainly upstream integration and intra-industry integration. The primary reason is that companies in the industry, in order to avoid fluctuations in gross profit margin, and the second is that the integration of downstream industries has triggered the integration of many refractory industries in the company. Large downstream enterprises need large superior refractory materials to provide better refractory materials and services. The integration of listed companies will take place in refractory enterprises with resources or customers.

Industry trend two: due to the need for energy saving, the current trend of using high-grade refractory materials instead of low-grade refractory materials is significant, which is good for enterprises with good technology and excellent products in the industry.

Industry Trend 3: The overall contracting trend in the steel production sector is significant. The replacement frequency of refractory materials is high, and if there are professional companies to provide corresponding services, it is a strong guarantee for steel production.

Industry trend four: expand overseas markets, the pursuit of further development. At present, Pu Nai is doing the best job, with overseas sales accounting for 20%.

Analysis of key companies: Pu Nai shares, EPS is expected to be 0.48 yuan and 0.65 yuan this year and next, corresponding to PE of 30 times and 23 times. The company is obviously faster than Lier in the upstream and downstream integration strategy, and the overall contracting ratio also has a large room for improvement. At the same time, considering the rising cycle of industry demand, it is recommended to increase its holdings. Luyang shares, the product is a new ceramic fiber, with a wide range of uses and good performance, and the prospect is promising. EPS is expected to be 0.8 yuan and 1.1 yuan this year and next. Ruitai Technology, following the energy-saving policy to invest in the construction of alkaline resistant materials, with the release of production capacity, performance will also be shown.

keyword： Refractory materials: seize the opportunity of industry integration