The company is the leading enterprise engineering adhesives products include silicone and polyurethane glue , etc. , the production of various types of engineering adhesives with high-end products, the domestic industry has international and domestic advanced technology and independent intellectual property rights of the few engineering adhesives business.
Adhesive technology company formerly known as Xiangfan Institute , since its inception the company has focused on engineering adhesive industry , mainly the production of high-performance organic silicone, polyurethane rubber , acrylic adhesive, anaerobic adhesives, epoxy , silicone is currently capacity of about 08,000 tons , polyurethane rubber production capacity of about 08,000 tons are also other adhesive capacity of about 02,000 tons , for a total production capacity of 18,000 tons of adhesives , is China's leading enterprises in the field of engineering adhesives . The company's products are mainly used in automobile manufacturing and repair , electrical appliances, machinery manufacturing, environmental desulfurization , wind power equipment manufacturing , solar panel manufacturing, high-speed non-ballasted track, EMU high-speed trunk assembly. Founded in 2011 , Changzhou back emperor companies began to set foot back film solar cell industry , in October 2011 completed three million square meters of production capacity, in 2012 a second production line is completed, currently has six million square meters of production capacity, the third 3,000,000 square meters of production line is under construction , is expected to put into operation the second half of 2014 , will form a production capacity of 9,000,000 square meters . Meanwhile the company with a high market share in the automotive repair field with plastic and more than 600 co- dealer channel advantages, sales of some car care products , such products currently account for the proportion of the company's revenue at about 15%.
1.1 History and ownership structure
The company was formerly Xiangfan adhesive Institute of Technology, was established in 2004 as a company limited by overall restructuring , on January 8, 2010 landed the Shenzhen Stock Exchange GEM. Currently , Mr. Zhang Feng holds a 19.04% stake in the company , the actual control of the company.
1.2 , silicone is the company's mainstay products , polyurethane adhesive and backing film revenue proportion will rise
Silicone is the company's mainstay products , over the years, accounting for about 50% of the company's revenue , while the gross profit margin is very high in recent years, in more than 42%. Polyurethane glue is another kind of company to develop due to slowing demand for downstream high-speed rail , currently accounting for operating revenue is not high, only 6 to 10 percent , with the restoration of China's future high- speed railway construction , the proportion will gradually rise ; back film business is the company's new business development , and its downstream photovoltaic industry is currently in the ashes of the recovery period, in 2013 , especially in the second half , the film back downstream demand is very strong, revenue accounting firm back film business expected to continue to increase.
1.3 , the steady growth of the company's revenue , net profit declined to regain growth after two years of experience
Company from 2006 to 2012 maintained a steady growth in revenue , compound annual growth rate of 22% during the period , 20131 ~ 9 of its revenue grew more than 20% the same ; company net profit CAGR from 2006 to 2012 was 18 %. After nearly two years the company by equity investment projects into production, capacity utilization declined , the impact of increased depreciation expense , a larger decline in gross profit margin , while the company management fees increased rapidly , resulting in the company in 2011 and 2012 net profit fell slightly , 20131 ~ coming back film business with the company as well as polyurethane rubber volume capacity utilization rose in September in the case of downstream continues to improve , the net began to grow , 20131 to September net profit rose 4.27% , we expect , the company's net profit is expected to return to faster growth path .Wholesale masking
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1.4 , layout, east, south and build market distance
The company has three production bases adhesives , located in Xiangyang , Guangzhou and Shanghai , covering the central , east and south of the three markets. Xiangyang base products are used in land , sea and air transportation ; Shanghai -based products are mainly used in renewable energy ( mainly solar ) and the electrical and electronic fields ; Guangzhou -based products are mainly used in electrical and electronic fields . Guangzhou , Shanghai base close to the downstream customers , to reduce logistics costs , while maintaining good communication with customers , and better customer service. East China is the focus area of the solar industry , Jiangsu, Zhejiang and three solar companies accounted for more than 60% of the production capacity of the country. 2012 Shanghai back to the days of revenue accounting for operating revenue reached 36.5% , the contribution of net profit accounted for 28.3%. Guangdong is China's electronic appliances, LED industry development center , 2012 in Guangzhou to-day operating income accounted for 14.5 % of revenue , accounting for 13.1 percent net profit contribution .Masking tape
1.5 , raw material price fluctuations affect the company's short-term gross margin, but less long-term impact
Upstream company is mainly manufacturing chemical raw materials , raw materials mainly used include silicone , acrylic acid and esters , epoxies , MDI, TDI , etc. These raw material costs accounted for more than 90 % of total operating costs. Overall engineering adhesive industry is a competitive industry product differentiation , the general pricing mechanism is based on manufacturing costs by adding a certain profit margin, but because of changes in menu costs , adhesives price lag in raw material prices changes in the gross profit margin and therefore vulnerable to short-term fluctuations in raw material prices , but long-term gross profit margin was less affected by fluctuations in raw material prices .
107 silicone rubber accounted for about 20 % of the company 's raw material costs , and therefore 107 silicone rubber price fluctuations affect the company 's gross margin on the more obvious . 107 silicone rubber is the main raw material DMC, DMC prices and price synchronization. As can be seen from the DMC price and the company 's gross profit margin trend silicone basically a negative correlation , and there is a certain lag .
MDI is the main raw material of polyurethane glue , MDI polyurethane rubber prices and the company 's gross profit margin should theoretically be more significant negative correlation , but because of weak downstream demand for high-speed rail company in the field of polyurethane rubber , capacity utilization is low , the impact of the gross profit margin many factors , MDI price is not the most important factor , and therefore does not reflect the negative correlation between price and gross profit margin of MDI polyurethane adhesive .
6 , earnings forecasts and valuation
Based on the foregoing analysis, we assume that earnings forecasts as follows : a breakthrough in the car and enter the building with original gum rubber driven by expected sales of the company from 2013 to 2015 increased by 10.5% silicone , respectively , 20% and 15 %, respectively, price remains stable. Driven by the high-speed railway construction recovery expected sales growth from 2013 to 2015 the company polyurethane adhesive were 15 %, 40 % and 20% , the average price remained stable.Washi tape
The company expects 2015 sales of solar backsheet 2013 ~ were: 500,900 and 12 million square meters , priced at around $ 30. Other engineering adhesives sales growth remained at around 4% , non- plastic products sales remained at 20 % growth . 13 to 15 years the company expects EPS of 0.51,0.64 and 0.73 yuan , corresponding to the current share price 14.0, PE was 27.7X, 22.0X, 19.1X. Historical valuations and valuations of comparable listed companies with reference to the company, we believe that given the company 's price-earnings ratio of 28 to 32 is more reasonable target price range of 17.9 to 20.5 , to maintain the "recommended " rating.
7 Risk Warning
PV industry rebound less than expected , the company is not expected solar back film sales . China's high- speed rail construction completed mileage lower than expected sales company polyurethane adhesive is less than expected.Sellotape
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