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【财富证券】两面针:三氯蔗糖业务成新亮点,参股金融业增值高

財富證券 ·  Oct 12, 2010 00:00  · Researches

Incident: On July 8, 2010, Yancheng Jiekang Company, a holding subsidiary of the company, held a launch ceremony in Sheyang Economic Development Zone to launch the second phase of sucralose with an annual production of 800 tons and the third phase of capacity expansion of 4,000 tons per year. The Fair Trade Bureau of the Ministry of Commerce and other leaders attended the ceremony. April 2009: The US Trade Commission (ITC) finally ruled that Yancheng Jiekang did not infringe rights, and Yancheng Jiekang won the ITC lawsuit. July 2007: Yancheng Jiekang became the first company in China to voluntarily join the US ITC lawsuit, becoming the only company in the world where sucralose manufacturers actively defend intellectual property rights. Key investment points: The company's sucralose business has become a new bright spot for development. The company joined Yancheng Jiekang Company in 2007 and is the relative controlling shareholder. In 2009, Jiekang had a production capacity of 300 tons of sucralose, business revenue reached 212 million, and a profit of 55 million. Since Jiekang mainly dealt with ITC lawsuits in the US in 08-09, it was able to concentrate on developing production after winning the lawsuit. The average market price of sucralose is 1,500 yuan/kg. In 2011, Jiekang's production of sucralose could reach 800 tons, which is expected to achieve operating income exceeding 565 million yuan and contributing more than 180 million yuan in profit. After the production capacity of 4,000 tons is reached, revenue and profit are expected to increase even more drastically. Sucralose is a new type of natural sweetener. Its sweetness is 600 times higher than ordinary sucrose, and since it does not make people gain weight after consumption, it is known as the main type of future sweetener.

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