Shandong heda: cellulose ether to the upper floor, the prospect of plant capsules unlimited

Issuing time:2019-04-16 16:01

Deep cultivation of non-ionic cellulose ether + plant capsules, the company's development into the fast lane.

The main products of the company are non-ionic cellulose ether and plant capsules. The former is mainly used in the fields of architecture, medicine and food, while the latter is used in the fields of health care products and medicine.The company has annual production capacity of 38,900 tons of building materials grade and 4,000 tons of food and medicine grade cellulose ether, and actively extends to the downstream of the industrial chain. At present, the company has the annual production capacity of 3.5 billion capsules, and plans to invest and expand the production of 5 billion capsules per year.Benefit from product upgrade and marketing breakthrough, the company development into the fast lane.In the first three quarters of 2018, the company achieved operating revenue of 660 million yuan, up 39.1 percent year-on-year, while net profit attributable to the parent company was 0.6 million yuan, up 50.2 percent year-on-year.

Cellulose ether industry is booming, the company's leading edge increasingly prominent.

According to the statistics of China cellulose association, the production and sales of non-ionic cellulose ether in China reached nearly 100,000 tons in 2012, and increased to 300,000 tons in 2018.The rapid development of the industry comes from two reasons :(1) benefiting from the improvement of China's urbanization rate and national policy promotion, the amount of non-ionic cellulose ether represented by building materials products increases rapidly;(2) the level of independent production and research and development of the enterprise has been continuously improved, and the substitution ratio of pharmaceutical and food-grade cellulose ether in China has been continuously improved.With the gradual deepening of cellulose ether to the downstream penetration and export pull, the future industry market capacity is expected to continue to grow.At present, the domestic cellulose ether industry pattern is relatively dispersed, product differences are large, low-end market competition is fierce, and high-end varieties such as food and medicine have a high entry threshold, few producers.As the leader of cellulose ether industry, the company mainly focuses on the middle and high-end market, adopts the improved "one-step" process, and has significant advantages in product quality, cost and environmental protection. It has been recognized by domestic and foreign first-tier enterprises, and effectively ensures the full release of new production capacity, and the company's dominant position is improving day by day.

Plant capsule industry has great potential, the company's development to obtain new space.

According to the statistics of MarketsandMarkets, the global capsule market space reached $1.79 billion in 2017. With the development of downstream medical health and health care product industry, it is expected that the compound annual growth rate of capsule industry will reach 7.4% by 2023.Due to historical reasons, the current global capsule species to animal capsules, plant capsules accounted for a relatively low.In contrast, plant capsules with easy access to raw materials, production of green environmental protection, long quality cycle, easy for the Muslim people to accept the advantages, people pay more and more attention to health and safety, the future plant capsule replacement space is huge.Supporting pharmaceutical grade cellulose ether, the company has the unique advantage of the integration of the industrial chain, the cost advantage of plant capsules is prominent, the market share is expected to increase rapidly.

First "buy" rating.

The company is cellulose ether and plant capsule leading.Cellulose ether products of good quality, supply stability, has been recognized at home and abroad leading market share will be rapidly increased;Plant capsule replacement space, the company relies on the advantages of industrial chain integration, rapid rise, take off.It is estimated that in 2018-2020, EPS will be 0.60/0.96/1.32 yuan, corresponding to PE of 30.5/19.1/13.8 times. "buy" rating will be given for the first time.

Risk warning:

1. New capacity release of the company is lower than expected;

2. The downstream demand is not good, and the company's product price drops.



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