Heda, shandong: all kinds of business are developing rapidly

Issuing time:2019-04-16 14:48

1. With the rapid growth of global demand for plant capsules, the company has the advantage of self-supply of raw materials to expand the market of production slots.

Compared with animal gelatin capsules, vegetable capsules have obvious performance advantages. The water content of gelatin capsules is less than 13%, which is prone to be brittle and cross-linked with drugs. In the process of gelatin production, there will be malodor.However, due to the high price, the global penetration rate is only 10% at present, and it is in a high-speed growth period, with the annual output of about 150 billion grains and the annual demand growth rate of 20-25%.The company's original capacity of 3.5 billion tablets has been expanded since 2016, and the sales volume has increased rapidly from 500 million tablets in 2016 to 3.5 billion tablets in 2018. More than 80% of the products are exported to foreign countries, and the downstream customers are mainly health care products. In 2019, the sales volume will continue to maintain rapid growth.The company is the only enterprise in the industry from the upstream cellulose ether to the integration of the plant capsule industry chain, the cost is 30% lower than the capsule production of imported raw materials, raw materials, equipment and process control has obvious advantages.In the future, the company will continue to expand the market of plant capsules and become the leading product of the company.

2, domestic cellulose ether industry leader, pharmaceutical products will open the growth space.

The company's main products are non-ionic cellulose ether based on HPMC, including 38,900 tons of building materials and 4,000 tons of pharmaceutical and food grade, has become China's largest cellulose ether industry capacity, the highest technology, the most complete product series leading enterprises.There is still room to improve the permeability of downstream pre-mixed mortar, and the traditional building-grade products keep a steady growth.Due to the continuous development of downstream applications, pharmaceutical grade products will open up the growth space of the industry.The expansion of downstream plant capsules has increased the demand for pharmaceutical grade products. Only a few domestic enterprises can produce pharmaceutical grade products, and the company controls the supply of more than 60% of domestic raw materials. It is expected that the sales volume of pharmaceutical grade products will continue to grow in the future.

3. The competition pattern of trimethyl orthoacetate changes dramatically, and the price rising trend brings performance elasticity.

The original three methyl acetate as a kind of important chemical intermediates, are widely used in the sucralose, Ben ester, such as downstream products, mainly produces domestic enterprises have anonymous (production capacity of 5000 tons) and doctors graduated yantai fortune (ojeda subsidiaries, production capacity of 5000 tons), the unnamed doctors graduated as the location for the chemical industry development area, in 2018 at the end of September to move within a time limit, the move is still no substantial progress in the shutdown state, lead to short-term market supplies, in the fourth quarter of 2018 to tax price from 23000 yuan/ton rose to the current 33000 yuan/ton, price increase more than 40%, due to the contradiction between supply and demand for short-term hard to slowSolution, the possibility of further price increases is expected.

4. Maintain the "highly recommended -a" investment rating.

Regardless of the incremental performance brought by the increase in trimethyl acetate price, we maintain the previous profit forecast. It is estimated that the net profit of 18-20 years is 73 million yuan / 114 million yuan / 169 million yuan, corresponding to the PE of 32.2/20.7/14 times, maintaining the "strongly recommended -a" rating.



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