I. Overview of events
Recently conducted a survey of Buddha plastic science and technology, and communicated with the company manager on the current management situation and future planning. The company's revenue declined in 2013, and future performance remains to be seen.
II. Analysis and judgment
2013 the decline in performance is mainly affected by the suspension of production of Sanshui polyester chips.
Sanshui Shuntong Polyester Chip Company stopped production and technical transformation, resulting in a sharp decline in the production, sales and inventory of PET chip materials compared with the same period last year. The second and third phases of the excellent real estate project have not yet been completed and accepted, resulting in a substantial decline in commercial housing, shop production, sales and inventory. At the same time, Guangdong Hejie Company adjusted its business structure to reduce the logistics service business of some customers with low gross profit margin, and the processing volume of logistics services decreased significantly.
The company will focus on the R & D and production of new energy, new materials and energy-saving and environmental protection industries in the future.
In the 21st century, the new polymer material industry is developing in the direction of high-performance and multi-functionalization. with the continuous expansion of the application field of high-performance thin film materials and the increasingly strong demand for substitution, the domestic new material industry is developing rapidly and has a broad prospect. The company's recent research and development of crystalline silicon solar cell PVDF film project, composite intelligent energy-saving film project marks the company to new energy, new materials industry high-end development to a new level.
The income of optical materials depends on the technological innovation of Weida materials, a subsidiary.
Weida's revenue in 2013 increased compared with 2012, but there is still a big gap compared with previous years. The technical barrier of 3D glasses, the main product of optical materials, is very low. at present, the market competition is extremely strong, and the gross profit margin is very low. the company adjusts its strategy to the technical innovation of LCD liquid crystal film.
The logistics business relies on the subsidiary Guangdong Hejie, which contributes a lot to the company's performance.
Guangdong Hejie International supply chain Co., Ltd. is located in Nansha bonded Port, the only sea port in Guangdong, mainly undertaking Borouge logistics business. The project operation period is from 2010 to 2020. During the 10-year contract period, Borogue will regularly pay Hejie a total of 850 million yuan in investment and service fees.
The lithium ion diaphragm production line of Jinhui Technology, a wholly-owned subsidiary, has been put into operation.
Jinhui company was founded in February 2006, mainly produces and sells diaphragms for lithium-ion batteries. At present, the actual production capacity of Jinhui's first phase of the project is about 20 million square meters; the design capacity of the second phase of the project and the third phase of the project are both 45 million square meters. The second phase of the project is in the stage of trial production, and the third phase of the project is under progress as planned.
Third, profit forecast and investment suggestions
We expect the company to have a 14-15 EPS0.09 of 0.12 yuan, which will be cautiously recommended.
Fourth, risk tips:
Real estate risks may affect part of the performance; risks such as the overall downturn in the chemical industry