The hottest green printing strategy helps kangdexi

2022-07-25
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Green printing strategy helps kangdexin buy rating for the first time

kangdexin is the largest pre coating manufacturer in China. The company has maintained the first position in the domestic pre coating industry for a long time, and is the main drafting unit of the national pre coating industry standards and national coating technical standards. At the same time, the company's industrial projects have been included in the special digital and green printing project of the 12th Five Year Plan and will receive special support from the General Administration of publication and the national development and Reform Commission. The company currently has 6 production lines with a capacity of 16300 tons. In 2012, the company's production capacity will be increased to 34300 tons. In 2008, the market share of the company was 20%, and that of the second ranked manufacturer was 13%

green printing helps the pre coating industry take off. 1) The cost disadvantage of precoating technology will be improved; The energy consumption and labor cost of pre coating technology are only half of that of instant coating technology. Under the background of tight labor resources, rising labor costs and enhanced workers' awareness of occupational health, instant coating technology is facing rising labor costs. 2) According to the green printing evaluation standard, 10 points can be obtained by using precoating technology, which promotes the enthusiasm of print suppliers to use precoating film. 3) China's pre coating accounts for only 10% of the film covering market, while the pre coating accounts for more than 70% in Europe and the United States. There is a wide space for the replacement of pre coating in China

the company's competitive advantage comes from its new product R & D capability and its stable customer base of 98.07 households. 1) The company has the domestic leading technical advantages and strong R & D force. It has launched new products with high gross profit margin and improved its profitability. It is expected that the EPS contributed by the new product to kangdexin in 2011 and 2012 will be 0.43 yuan and 0.54 yuan respectively. 2) The company started early, its product quality has remained stable for a long time, has good after-sales service, enjoys high popularity in domestic and foreign markets, and has established a long-term partnership with customers, so that customer resources will not be easily lost

risk factors. 1) Price fluctuation of raw materials: raw materials account for more than 80% of the cost of pre coating. The main raw materials of pre coating are downstream products of the petroleum processing industry. The fluctuation of international crude oil prices has an adverse impact on the profitability of the company. 2) Market risk: the company digests the new capacity by actively exploring the market, increasing new product R & D and industrialization. If the domestic and foreign market demand fails to meet the expectations, the company's capacity may be idle, which may affect the company's profitability

it is the first time to give a buy rating. It is known that the failure analysis, cause and treatment of the plastic granulator are the most important items to extend the service life and normal operation of the granulator. The price is 43.60 yuan. We predict that the combustion performance of 1 polyurethane composite board core of the company needs to reach grade B1, and the EPS in 2012 will be 0.50, 0.96 and 1.45 yuan respectively. Considering the high growth of the company from 2011 to 2012 and that the R & D expenses of Gongxin Dow in each year will not account for more than 2% of the company's operating revenue, the company will be given 30 times PE in 2012, with a corresponding target price of 43.60 yuan. The company will be given a buy rating for the first time

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