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【国盛证券】昌九生化:有机会也存在威胁

[Guosheng Securities] Changjiu Biochemical: There are opportunities and threats

國盛證券 ·  May 13, 2008 00:00  · Researches

The company's net profit in 2005-2007 was 22.82, 20.17, and 20.95 million yuan respectively. EPS is 0.039, 0.042, and 0.036, respectively. There is not much change. If the company wants to achieve major breakthroughs and development, it may require greater external impetus.

Currently, the company has a production capacity of 65,000 tons of acrylamide, making it the largest acrylamide crystal manufacturer in China. The product quality has reached the leading international level, accounting for about 30% of the market share. Currently, the company's products have certain pricing power, and the price per ton of the product is 300-400 yuan higher than the market price. The acrylamide business is the company's leading product, the source of the company's profits, and the main direction of the company's future development.

Although the company has a certain competitive advantage in the acrylamide business field, currently the company's acrylamide customers are mainly small and medium-sized enterprises in Jiangsu and Zhejiang. At the same time, due to acrylamide, entry barriers such as investment and technology are low, the company's potential competitive threat is worth paying attention to. This will have a great impact on the company's future development.

The impact of putting the acrylamide project expanded by the company into operation in 2008 on performance growth will be evident. Earnings per share are expected to be 0.054 yuan and 0.067 yuan respectively from 2008 to 2009. As of the closing price of 6.64 yuan on May 13, 2008, the corresponding dynamic price-earnings ratios were 123 times and 99 times. Currently, the company's stock price valuation level is high. No ratings will be given at this time.

The translation is provided by third-party software.


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