The hottest modified plastic leader ushers in rapi

2022-09-21
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Modified plastics leader ushered in rapid growth

key elements of the report: affected by the sharp decline in international oil prices, the company has accrued a large amount of inventory depreciation losses, which is the main reason for the decline in performance in 2014. From the perspective of operation, the sales of various products of the company maintained a rapid growth, the market share increased steadily, and the main business showed a good development trend. As the impact of the decline in raw material prices gradually emerged, the company's profitability increased significantly in the first quarter, bringing rapid growth in performance. In the future, the international oil price is expected to remain low, and the profitability of the company is expected to be significantly improved over last year, bringing rapid growth in performance. In the field of biodegradable plastics, carbon fibers and other new materials, the company has made good breakthroughs and has broad growth space in the future. The company recently announced to enter the supply chain finance field, which is expected to bring new profit growth points in the future. It is estimated that the EPS of the company in 2015 and 2016 will be 0.39 yuan and 0.46 yuan respectively. Calculated by the closing price of 10.26 yuan on April 22, the corresponding PE will be 26.31 times and 22.30 times respectively, and the investment rating will be upgraded to "buy"

Event:

Goldilocks (600143) released its 2014 annual report and 2015 quarterly report. In 2014, the company achieved an operating income of 16.094 billion yuan, a year-on-year increase of 11.56%, a net profit of 498 million yuan, a year-on-year decrease of 33.99%, and a basic earnings per share of 0.12 yuan. The profit distribution plan is to pay cash dividends of 0.35 yuan for every 10 shares. In the first quarter of 2015, the company achieved an operating revenue of 3.519 billion yuan, a year-on-year increase of 5.44%, a net profit of 210 million yuan, a year-on-year increase of 37.90%, and a net profit of 197 million yuan after deduction, a year-on-year increase of 78.91%

comments:

the decline in inventory prices has led to a decline in performance, and the main business is in good shape. The company is a leading enterprise of modified plastics in China, and its products are mainly used in the fields of automobiles, household appliances and so on. The main raw materials of the company are petroleum based resins such as PP and ABS, whose cost price is closely related to the price of crude oil. In the second half of 2014, the international crude oil price fell sharply, and the company accrued an inventory depreciation loss of 126 million yuan throughout the year, which was the main reason for the decline in performance. This foreign exchange loss rose sharply, with a year-on-year increase of 54.23 million yuan, which is another important factor in the decline of performance

from the perspective of income, the main business of the company is in good shape. In 2014, the company achieved revenue of 160.94 yuan, an increase of 11.56% year-on-year, and achieved sales of 956000 tons of various products, an increase of 20.84% year-on-year, showing a good growth trend. As the leading enterprise of modified plastics in China, the company has complete product series and strong competitiveness in the industry, which has promoted the rapid growth of sales. In the field of automotive modified plastics, the company achieved 312000 tons of sales, with a growth rate of more than 25% for three consecutive years, significantly higher than the growth rate of about 10% in the domestic automotive industry. In the field of household appliances, the company closely follows the trend of the home furnishing industry and focuses on leading enterprises in the industry. The market share of major major customers in the television, air conditioning and other industries has maintained an average annual growth of more than 20%. Both of them have driven the rapid growth of the company's traditional modified plastic business

the falling price effect of raw materials began to appear in the first quarter. In 2014, the company's comprehensive gross profit margin was 14.34%, a year-on-year decrease of 0.66 percentage points. In recent years, the company has adopted a more active market strategy to expand the market, which has a certain impact on the gross profit margin. In the first quarter, the company's comprehensive gross profit margin was 17.87%, with a month on month increase of 3.92 percentage points and a year-on-year increase of 3.15 percentage points. On the one hand, the sharp increase in gross profit margin is due to the fact that the current industrial competition pattern is basically stable, and the company's market strategy has been adjusted. On the other hand, the effect of falling raw material prices has also begun to manifest. It is expected that the prices of crude oil, plastics and other bulk commodities will remain low in the future, and the profitability of the company is expected to be significantly improved compared with 2014

the new material business has broad growth space. Biodegradable plastic is the main focus of the company in the future. At present, the company has 30000 tons of fully biodegradable plastic production cases. The whitening phenomenon caused by twists and turns and stretching of products after adding is less powerful. It has obtained certification from Europe, the United States, Australia and other countries, and has become the second largest supplier in the European market. The situation of white pollution caused by all kinds of plastic waste in China is severe, and the replacement space is vast. Only the film is at the level of ten million tons. The company's degradable film has made a great breakthrough in aging resistance and cycle controllable technology to help consumers experience more beautiful life, and is expected to be rapidly promoted in Xinjiang and other places in the future. In terms of carbon fiber materials, the company has mastered T300 and T400 production technology. In 2014, the company achieved milestone achievements in talent team and platform construction, key technology research, product development and industrialization, taking into account the growth rate of cobalt demand of more than 8% every year since 2016, built a continuous fiber reinforced thermoplastic composite production capacity with an annual output of 12000 tons, and developed a number of cost-effective thermoplastic composite products. In the future, the company will focus on promoting the application of carbon fiber in consumer electronics, pressure pipelines, transportation, automobile and other industries, with broad growth space

build a supply chain financial platform to bring new profit growth points. The company announced on March 20 that Zhuhai Jinfa Dashang Supply Chain Management Co., Ltd. was established on March 20 to enter the field of supply chain finance and organically combine industrial capital with financial capital. On the one hand, the company uses its nationwide warehouse resources and mature logistics system to provide warehousing services for upstream suppliers, assist in trading through online platforms, and organize offline logistics distribution. On the other hand, it uses its rich upstream and downstream resources and bank resources to provide customers with supply chain financial services, and is committed to providing upstream and downstream customers with services such as accounts receivable mortgage financing and inventory pledge financing. In addition, taking advantage of its futures delivery warehouse and domestic and foreign spot channels, it carries out over-the-counter businesses such as warehouse receipt serial exchange, provides customers with the convenience of picking up goods from other places and replacing non-standard products if the belt deformation is too large, provides value-added services such as spot warehousing, logistics distribution and warehouse receipt pledge, provides customers with high-quality information consulting services, builds a supply chain service platform, and realizes a new profit model. By integrating upstream and downstream supply chain resources, the company is expected to become a leading enterprise in supply chain financial services in the plastic field and open up new profit growth points

profit forecast and investment suggestions: it is expected that the EPS of the company in 2015 and 2016 will be 0.39 yuan and 0.46 yuan respectively, calculated at the closing price of 10.26 yuan on April 22, the corresponding PE will be 26.31 times and 22.30 times respectively, and the investment rating will be upgraded to "buy"

risk tip: the progress of new business promotion is less than expected, and the oil price rises sharply

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