Quecheng Co., Ltd.: wiodący chiński producent strącanej krzemionki napędza wzrost dzięki innowacyjnej technologii i zrównoważonym praktykom

Utworzono 10.04

Source Statement

The core data and analytical content of this article are derived from the research report of Northeast Securities. It has been organized and optimized for display on the website, serving only as an industry reference and not constituting investment advice.

I. Core Overview: 中国领先的沉淀硅土企业

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With over 20 years of experience in the silica industry, Quecheng Co., Ltd. is a leading enterprise in China's precipitated silica sector. By the end of 2022, it had established four production bases in Wuxi, Anhui, Fujian, and Thailand, with a silica production capacity of 330,000 tons (ranking 3rd globally). Additionally, there are 100,000 tons of under-construction and planned capacity, highlighting its significant scale advantage.
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Production process of precipitated silica with environmental benefits

In terms of business, the company focuses on rubber industrial silica as its core product (accounting for 88% of revenue in H1 2023). In 2022, it achieved a revenue of 1.746 billion yuan and a net profit attributable to shareholders of 380 million yuan. From 2017 to 2022, the compound annual growth rates (CAGR) of revenue and net profit attributable to shareholders reached 10% and 15% respectively, demonstrating steady performance growth.

其核心竞争力集中在三个维度：首先，基于新稻壳的工艺（与传统工艺相比，碳足迹减少约140%，于2022年商业化）；其次，完整的产业链布局（自生产核心原材料如硅酸钠和硫酸，以稳定成本波动）；第三，与国际客户的深入合作（与倍耐力等轮胎行业领导者建立长期合作关系，2022年海外销售占比49%）。

Northeast Securities predicts that the company's revenue will reach 1.790 billion yuan, 1.934 billion yuan, and 2.262 billion yuan in 2023-2025 respectively, with net profit attributable to shareholders of 436 million yuan, 479 million yuan, and 628 million yuan. It has assigned an "Overweight" rating and a target market value of 7.2 billion yuan.

II. 深入公司分析：完整产业链布局 + 稳定运营

1. Desarrollo de la Historia y Posición en la Industria

Founded Wuxi Quecheng Silicon Chemical in 2003; launched its first production line in 2005; completed the shareholding system reform in 2011; listed on the stock market (IPO) in 2020; established a Thai subsidiary in 2016, officially initiating its global layout.

By the end of 2022, its production capacity ranked 1st in China and 3rd globally. With 100,000 tons of under-construction and planned capacity, its scale advantage will further expand in the future.

建立了“石英砂/苏打灰→硅酸钠/硫酸→二氧化硅”的完整产业链，原材料自给自足率高，确保了供应链的稳定性。

2. 运营表现与生产能力

``` msgid "Performance Growth: From January to September 2023, affected by short-term fluctuations in raw material prices, revenue reached 1.323 billion yuan (down 0.56% YoY) and net profit attributable to shareholders was 305 million yuan (down 1.97% YoY). However, the production and sales volume in a single quarter hit a record high, showing a sound capacity release rhythm." msgstr "业绩增长：2023年1月至9月，受原材料价格短期波动影响，收入达到13.23亿元（同比下降0.56%），归属于股东的净利润为3.05亿元（同比下降1.97%）。然而，单季度的生产和销售量创下历史新高，显示出良好的产能释放节奏。" ```

Capacity Utilization: Pratiquement pleine capacité en 2018-2019 ; tombée à 76 % en 2020-2021 en raison de la mise en service de nouvelles bases ; rebondie à 87 % au T3 2023, indiquant une optimisation continue de l'efficacité de l'utilisation de la capacité.

Product Structure: 除了核心的橡胶工业硅土外，饲料添加剂硅土和硫酸等补充业务的收入保持稳定，形成了多样化的产品组合。

3. 盈利能力与运营能力

Profitability: In 2022, the gross profit margin was 28.57% and the net profit margin was 21.78%. From January to September 2023, the net profit margin increased to 23.07% (up 1.29 percentage points YoY), benefiting from the decline in raw material prices.

Cost Control: Since 2020, the sales expense ratio has been maintained below 0.5%, and the total period expense ratio is lower than that of comparable companies such as Lianke Technology and Lingwei Technology, demonstrating outstanding cost control capabilities.

R&D and Cash Flow: Since 2017, R&D investment has accounted for over 3% of revenue. As of October 2023, it has owned 44 invention patents and 103 utility model patents. In 2022, the net cash flow from operating activities was 420 million yuan (accounting for 109% of net profit), reflecting healthy cash flow.

III. Industry Background: Green Tires Drive Silica Demand Growth

1. Industriegröße und Prozessklassifizierung

Global Market: Global silica consumption exceeded 4 million tons in 2022, with an expected CAGR of 6.52% for the market size from 2022 to 2027.

msgid "Chinese Market: The apparent consumption of silica in China reached 1.5131 million tons in 2021 (including 1.4 million tons of precipitated silica and 113,100 tons of fumed silica). The CAGR of apparent consumption is expected to be 9.5% from 2021 to 2026, approaching 2.4 million tons by 2026." msgstr "中国市场：2021年中国二氧化硅的表观消费量达到151.31万吨（包括140万吨沉淀二氧化硅和113,100吨气相二氧化硅）。预计2021年至2026年表观消费的年均增长率为9.5%，到2026年接近240万吨。"

Process Differences: Precipitated silica accounts for over 90% of the Chinese market, with lower prices, mainly used in tires, rubber, and other fields; fumed silica has a purity of over 99.8% and higher prices, focusing on high-end scenarios such as silicone rubber (see the table below for details).

Process Type	Raw Materials	Purity	Price Level	Core Application Areas
Precipitado	Sodium Silicate, Sulfuric Acid	≥98%	Low	Tires, Rubber, Feed
Fumed	Silicon Tetrachloride, Hydrogen	≥99.8%	Very High	High-end Silicone Rubber, Sealing Materials
Gel Method	Sodium Silicate, Sulfuric Acid	≥98%	High	Coatings, Battery Coating Panels

msgid "2. Demand Side: Green Tires as the Core Driver" msgstr "2. 需求方：绿色轮胎作为核心驱动因素"

Downstream Structure: In 2021, the tire sector accounted for 37.14% of China's silica consumption, making it the largest application scenario.

Policy Promotion: The EU (EC 661/2009), the US, China, and other regions/countries have implemented tire labeling regulations, mandating the labeling of fuel efficiency and wet grip to promote the popularization of green tires (the penetration rate of green tires in China was approximately 30% in 2022, with a global CAGR of 9.3% from 2020 to 2027).

``` msgid "Demand Forecast: Green tires use silica instead of carbon black, which can reduce rolling resistance by 30% and fuel consumption by 5-7%. It is expected that the global total tire capacity will reach 1.839 billion units in 2025, with a green tire penetration rate of 37.3%. Based on a calculation of 3kg of high-dispersion silica per tire, the global demand for high-dispersion silica will reach 2.06 million tons in 2025 (compared to 1.5759 million tons in 2022)." msgstr "需求预测：绿色轮胎使用硅土代替炭黑，这可以将滚动阻力降低30%，燃油消耗降低5-7%。预计到2025年，全球轮胎总产能将达到18.39亿个，绿色轮胎渗透率为37.3%。根据每个轮胎3公斤高分散硅土的计算，到2025年，全球对高分散硅土的需求将达到206万吨（相比2022年的157.59万吨）。" ```

3. 供应侧：海外垄断高端市场，国内集中度提升

Overseas Pattern: 国际领导者如Evonik（510,000吨产能）和Solvay（515,000吨产能）垄断高端市场，总产能达到1.645百万吨。

Domestic Pattern: In 2021, the capacity of precipitated silica in China was 2.686 million tons (with a utilization rate of 67.12%). The industry concentration continued to improve, with enterprises with a capacity of over 50,000 tons accounting for 75.84% of the total capacity (up 4.72 percentage points YoY), and low-end capacity gradually being phased out.

Import-Export Gap: In H1 2023, the average import price of silica in China was 18,700 yuan/ton, while the average export price was 6,200 yuan/ton. High-end products still rely on imports, leaving significant room for domestic substitution.

IV. 核心优势：由技术 + 客户驱动

Competitive landscape of precipitated silica market

1. 技术优势：专利作为支持，新工艺引领行业转型

High-Dispersion Technology: La tecnología de sílice de alta dispersión de 30,000 toneladas/año para neumáticos ecológicos ganó el premio de progreso tecnológico de la industria. Sus productos han obtenido certificaciones ISO 9000, IATF 16949 y otras, con el grado de dispersión aumentado de 7.5 a 10 y el volumen de poros de 1.3 a 1.7 cm³/g, logrando un rendimiento comparable a los estándares internacionales de primera clase.

New Rice Husk-Based Process: Using rice husk ash instead of quartz sand and biomass fuel instead of natural gas, the carbon footprint is reduced to -0.82 kg CO₂eq (compared to 2.06 kg for traditional processes), and the metal impurity content is lower (iron content ≤200 mg/kg vs. ≤500 mg/kg for traditional processes). Commercialized in 2022, it achieved small-batch sales in 2023, with a unit price 10%-30% higher than traditional products. After the upgrade of the Anhui base, it will form a capacity of 23,360 tons.

Full Industrial Chain Cost Reduction: Wuxi Dongwo has a sulfuric acid capacity of 200,000 tons/year. Self-produced sulfuric acid reduces raw material procurement costs, and the waste heat from sulfuric acid production is used for power generation to further optimize energy costs.

msgid "2. Customer Advantages: Cooperating with International Leaders, Steady Growth in Overseas Sales" msgstr "2. 客户优势：与国际领袖合作，海外销售稳步增长"

Cooperation with Core Customers: Since 2007, it has supplied high-dispersion silica and was awarded Pirelli's Global Best Supplier in 2017 and 2019 (the only Chinese supplier in the silica category). The customer verification cycle lasts 2-4 years, resulting in extremely strong cooperation stickiness.

Overseas Sales Performance: In 2022, overseas revenue reached 857 million yuan, accounting for 49% of total revenue. It has signed semi-annual or annual long-term supply agreements with international customers, featuring a stable pricing mechanism and better profitability than domestic sales.

V. 预期收益和风险提示

1. 财务预测 (2023E-2025E)

Indicator	2021 (Actual)	2022 (Actual)	2023 (预报)	2024 (预报)	2025 (预报)
Revenue (100 million yuan)	150.3	174.6	179.0	193.4	226.2
Revenue Growth (%)	42.42	16.20	2.49	8.04	16.96
Net Profit Attributable to Shareholders (100 million yuan)	30.0	38.0	43.6	47.9	62.8
Net Profit Growth (%)	55.16	26.79	14.54	9.81	31.27
Earnings Per Share (元)	0.72	0.92	1.04	1.15	1.51
P/E Ratio (Times)	27.29	20.53	13.46	12.25	9.34

2. 估值与评级

```po msgid "Comparable Companies: Selected Lingwei Technology, Lianke Technology, and Jianghan New Materials as comparable companies, with an average forecast P/E ratio of 14.7 times for 2024." msgstr "可比公司：选择了灵微科技、联科科技和江汉新材料作为可比公司，2024年的平均预测市盈率为14.7倍。" ```

Valuation Logic: 考虑到公司基于稻壳的工艺的商业化优势及其在中高端领域（口腔护理、硅橡胶）的扩展潜力，2024年赋予15倍的市盈率，对应目标市值为72亿元。

Investment Rating: First coverage, assigned an "Overweight" rating.

3. Risikohinweise

Project Construction Risk: If the under-construction 100,000-ton capacity is affected by factors such as approval and construction progress, it may hinder performance growth.

Downstream Demand Risk: If the demand growth of downstream industries such as tires and shoe materials is lower than expected, it will affect the company's product sales.

Market Competition Risk: The monopoly position of overseas leaders in the high-end market will be difficult to break in the short term, and the domestic substitution process may be disrupted by external factors.

``` msgid "Disclaimer" msgstr "免责声明" ```

This article is compiled based on the public research report of Northeast Securities. The involved data and opinions are only for industry reference and do not constitute any investment decision advice. Investors shall bear their own risks for any operations based on this article. The publication of this content on the company's website does not represent the final confirmation of the views in the report. For the latest and most accurate information, please refer to the official disclosures.

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