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The company is a leading company in capacitor chemicals. Affected by the sluggish demand in the downstream capacitor market, in the first half of 2016, the company's capacitor chemicals business achieved a revenue of 165 million yuan, a year-on-year decrease of 11.3%. Semiconductor chemicals are a newly developed business of the company, with a revenue of 3.29 million yuan in the first half of 2016. The company's semiconductor chemicals are mainly used as etching and stripping liquids for LCD panels, and this product is currently mainly supplied by Japanese and Korean companies. At present, some of the company's products have started pilot testing and passed preliminary reviews by several customers. It is expected to gradually increase production in the third quarter of 2017.

Investment advice

Provide a buy rating for the first coverage. It is expected that the company's EPS from 2016 to 2018 will be 1.37, 1.84, and 2.47 yuan, corresponding to a PE of 42.56, 31.72, and 23.67 times, respectively. Provide 40 times the PE for 17 years, with a target price of 73.60 yuan.

Risk statement

The promotion of new energy vehicles did not meet expectations, and the production of semiconductor chemicals did not meet expectations.

Pioneer Shares: Net profit reported in the third quarter increased by 246.88% year-on-year, indicating the emergence of a dominant lithium battery equipment company

The performance of the third quarter report exceeded expectations, with a year-on-year increase of 246.88% in net profit. The company achieved operating revenue of 278 million yuan in the first three quarters, a year-on-year increase of 136.11%. The net profit attributable to shareholders of the listed company was 66.83 million yuan, a year-on-year increase of 246.88%. In the third quarter, the operating revenue was 86.27 million yuan, a year-on-year increase of 440.78%. The net profit attributable to shareholders of the listed company was 20.61 million yuan, an increase of 699.52% year-on-year.

The revenue of lithium battery equipment is rapidly increasing, and the future market space will still be broad: in the third quarter of 2015, the company's lithium battery production equipment business market competitiveness further highlighted, and business revenue continues to maintain a good increase. During the reporting period, the significant increase in the company's business revenue came from lithium battery equipment, which increased by 323.48%, accounting for 56.56% of the total operating revenue. The market space for the lithium battery equipment industry this year is around 10 billion yuan, and it is expected to exceed 15 billion yuan in the next five years. The vast market space will continue to maintain a stable increase in the company's performance.

The products are exported overseas, with ample market space for orders. The company's products have been exported to more than ten countries such as the United States, Germany, and Japan, covering downstream companies such as ATL, Panasonic, Sony, Samsung, BYD, Trina Solar, and Atlas. The company has orders of 762 million yuan in hand in the middle of this year, and is expected to add 300 million orders in the first half of next year, most of which are for power lithium batteries. The company will fully benefit from the increase in customer market share and the process of domestic replacement of lithium battery equipment.

Photovoltaic equipment and thin film capacitors will maintain stable development: In 2014, the market size of thin film capacitors was about 3.5 billion yuan. China's photovoltaic production equipment automation rate is relatively low, and the company has a strong competitive advantage in this field. It is the first domestic manufacturer to create automatic string welding machines, with a market share of 30% -40%. The company's business will develop steadily.

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