Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [24]. Core Viewpoints - The company has established itself as a leader in the domestic high-end nano-silica market, focusing on high-value-added products and gradually achieving import substitution in the Asia-Pacific region [27][41]. - The global demand for silica is on the rise, with a projected growth rate of 8.6% for the silica industry [6]. - The company has a strong growth trajectory, with revenue and net profit expected to increase significantly in the coming years [41]. Summary by Sections 1. Domestic High-End Silica Industry Leader - The company has over ten years of experience in the nano-silica market, transitioning from raw material production to downstream applications [59]. - As of the end of 2022, the company had a silica production capacity of 14,000 tons, with a market share of 10-13% for its matting agents in the Asia-Pacific region [24][35]. 2. Nano-Silica: Broad Space for Import Substitution - The market for precipitated silica is expected to grow from $2.11 billion in 2014 to $3.49 billion in 2023 [9]. - The company’s products, including matting agents, adsorbents, opening agents, and anti-rust pigments, have significant potential for growth in market share [41][81]. 3. Company Focused on High-End Market and Capacity Expansion - The company plans to increase its production capacity by 20,000 tons of high-end silica, enhancing its market share [40]. - The company has established partnerships with well-known domestic and international clients in the coatings and petrochemical industries [35]. 4. Profit Forecast and Investment Recommendations - Revenue is projected to reach 460 million yuan in 2023, with a year-on-year growth rate of 14.7% [28]. - The net profit is expected to be 119 million yuan in 2023, reflecting a growth rate of 30.4% [28]. - The report anticipates a significant increase in earnings per share (EPS) from 1.09 yuan in 2023 to 2.17 yuan in 2025 [41].
凌玮科技深度报告：中高端纳米二氧化硅龙头，国产替代空间广阔