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Today continue to talk about a science and technology innovation stock - Huaheng Biological, its technical level is leading in the world, the main product L-alanine is mainly used as a detergent for high-end areas such as dishwasher detergents (), the future with the decline in costs and the continuous popularization of dishwashers, the market space can be expected, and with the company's more new products mass production, the anti-risk ability is further enhanced. At the same time, under the background of the general trend of energy conservation and emission reduction and the tightening of environmental protection, the downstream demand for the company's products is expected to maintain high growth....
<h1 class="pgc-h-arrow-right" data-track="3" industrial biotechnology helps to save energy and reduce emissions >, the company is a small variety of amino acid producers, BASF is the company's largest customer, accounting for about 50% of revenue</h1>
Compared with traditional chemical manufacturing, the biomanufacturing industry with industrial biotechnology as the core usually uses renewable biological resources as raw materials to reduce energy consumption and significantly reduce the emission of pollutants such as carbon dioxide and wastewater, which has the advantages of high efficiency, green and sustainability, and it is expected that by 2030, industrial biotechnology will be able to reduce carbon dioxide emissions by 1 billion to 2.5 billion tons per year, and 35% of chemicals and other industrial products will come from biological manufacturing. China's 13th Five-Year Plan proposes that by 2020, the proportion of bio-based products in total chemical production will reach 25%, and Europe proposes to strive to replace 10% to 20% of traditional chemicals with bio-based chemicals by 2025.
Amino acids are the basic structure of protein macromolecules, widely used in medicine, agriculture, health care, food, feed, cosmetics and other fields, has experienced protein hydrolysis extraction, chemical synthesis, enzymatic and biological fermentation and other production processes, of which fermentation method to produce amino acids began in the 1950s, enzymatic production of amino acids began in the 1970s. Global amino acid production of more than 8 million tons, compound growth rate of 5.6%, China is a major producer and exporter of amino acids, of which glutamic acid, lysine, methionine and threonine are in a stable growth period, alanine, valine, phenylalanine, proline, isoleucine and other small varieties of amino acids are in a period of rapid growth.
The company's leading products are alanine series products (L-alanine, DL-alanine, β-alanine), calcium D-pantothenate and α-arbutin, etc., which can be widely used in daily chemicals, pharmaceuticals and health care products, food additives, feed, etc.
The company's export sales accounted for more than 55%, mainly concentrated in Europe and the United States, overseas customers are mainly waiting, domestic customers are mainly chemical and pharmaceutical enterprises, of which BASF is the company's largest customer, 2017-2019 revenue accounted for 50%, 54.4%, 46.25% respectively; for the company's second largest customer, revenue accounted for about 7%, Noriang for the company's third largest customer, revenue accounted for about 5%. In July 2020, the contract period of the fourth agreement signed between the company and BASF was extended to 2022, and BASF is expected to purchase L-alanine from 13,000 tons, 14,000 tons and 15,000 tons from 2020 to 2022, respectively.
<h1 class="pgc-h-arrow-right" data-track="3" > the world's largest alanine manufacturer, with a market share of nearly 50%.</h1>
Alanine series products for the company's main source of income, 2017-2019 revenue accounted for 99.6%, 98.6%, 86.8%, the company's alanine production scale ranks in the forefront of the world, has become one of the world's largest alanine series product manufacturers, in 2019 alanine sales of about 24,000 tons, the global market share of nearly 50%,
Alanine is the basic unit of protein, is one of the 21 amino acids that make up human protein, belongs to small varieties of amino acids, and the global demand for alanine series products in 2019 is about 50,000 tons, and it is expected that the future compound growth rate will reach 12%. At present, the domestic alanine production enterprises mainly include Huaheng Biological, Fengyuanhua, Yantai Hengyuan, etc., and the foreign-funded enterprises are mainly Musashino.
The company's alanine products are shown in the following figure, it is worth noting that all kinds of proteins in the biological world are almost all composed of L-type amino acids, D-type amino acids exist less in nature, and the market application space is limited, so the company has not yet carried out large-scale industrial production of D-alanine.
<h1 class="pgc-h-arrow-right" data-track="3" > the world's first anaerobic fermentation method to produce L-alanine, reducing costs by about 50%, mainly used for MGDA production, and finally added as a builder to dishwasher detergents, the technical level is leading the world</h1>
L-alanine products are the most widely used subdivisions of alanine products, the overall demand for L-alanine in 2019 is about, accounting for the vast majority of the market share, of which in the field of daily chemicals is the main raw material for the synthesis of the new green chelating agent MGDA, and can also be used to synthesize mild amino acid surfactants (for the preparation of amino acid-based shampoos, shower gels, facial cleansers, toothpastes, toners, creams and other personal care products), while L-alanine is also a natural and healthy liver protection formula ingredient , can effectively reduce the degree of alcoholism, can also be used to prepare liver protection anti-alcohol and anti-fatigue health care products.
In the early stage of the development of alanine, it is mainly produced by enzymatic production with petroleum-based products as raw materials, and due to the high cost constraints, the market demand is low, mainly used as raw materials for the synthesis of vitamin B6, the preparation of soy sauce, fish sauce and so on. In 2011, the company successfully broke through the bottleneck of anaerobic fermentation technology, successfully realized the large-scale production of L-alanine products by microbial anaerobic fermentation for the first time in the world, and the technology reached the international leading level, so that the mainstream process of L-alanine products evolved from enzymatic method to fermentation method, compared with the traditional enzymatic method, the fermentation method preparation process made it, thus promoting the large-scale expansion of the application field of alanine to the field of daily chemicals, and promoted the successful development of new, green, Demand for mgDA, a naturally degradable chelating agent, in turn has driven the overall demand growth in the alanine industry.
L-type amino acids are the company's largest source of revenue and the company's earliest products to implement industrialization, but with the enrichment of the company's categories, its revenue share has decreased from 91% in 2017 to 76% in 2019. L-type amino acid company has developed two production processes, fermentation method production process and enzyme method, which replaces the heavy pollution production method of the traditional chemical synthesis process and realizes the technological change of using biotechnology to produce fine compounds
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