Anti-dumping of electrolytic capacitor paper against Japan to enhance the competitiveness of the company, while the company continues to focus on the research and development of power batteries, the recent success of Tesla, Inc. is expected to stimulate the commercialization of electric vehicles. Give EPS0.23 yuan and 0.28 yuan for 13-14 years, and maintain the "prudent recommendation-A" investment rating.
Anti-dumping of electrolytic capacitor paper to enhance the competitiveness of the company: in 2012, due to the macroeconomic impact, the demand for electrolytic capacitor paper decreased, the revenue of industrial paper decreased by-11%, and the gross profit margin fell from 45.7% to 42.3%. On April 18th, the Ministry of Commerce announced that anti-dumping duties were levied on NIPPON, Dafu Paper and other Japanese companies as follows: 22%, 15% and 40.83%, respectively.
Wufang wallpaper leads the consumption trend and replaces imports, and the company actively innovates to meet the strong demand: from the point of view of environmental protection and cost performance, it has become a trend for consumers to use no harm wallpaper to gradually replace PVC wallpaper (with a capacity of 400000 tons at present); at the same time, China imports more than 50, 000 tons from 2010 to 2011 with rapid import substitution. The company is active in technological transformation to meet the growing demand. At present, the technical transformation of one production line has reached 4500 tons, while the other is under way, with a total production capacity of 8000 tons planned by the end of the year.
Tesla, Inc. realized profit for the first time in a single quarter to encourage the commercialization confidence of the power battery industry: the Development Plan for Energy Saving and New Energy vehicle Industry (2012-2020) clearly pointed out that it will focus on promoting the industrialization of pure electric vehicles and plug-in hybrid vehicles. we will strive to achieve a cumulative production and sales volume of 500000 vehicles by 2015, 2 million vehicles by 2020, and more than 5 million vehicles by 2020. Surface environmental problems Brooks no delay. The market prospect of power battery car is broad. At the same time, Tesla, Inc. 's success (net profit of US $11.24 million in the first quarter, making a profit for the first time) will greatly boost the confidence of power battery suppliers and promote the sound commercial development of the industry.
The company's automotive lithium-ion power battery project is also worth looking forward to! The company started battery research and manufacturing in 2005, acquired Kane battery in 2009 and entered the field of Ni-MH battery (with a production capacity of 50 million units). The product quality has been recognized by high-quality customers and achieved sales of 148 million yuan in 2012. What is more noteworthy is that one of the 10-year additional issuance projects is 500000 sets of automotive lithium-ion power batteries, which has been continuously invested by the company in recent years, with 2012 R & D expenditure of 46.6 million yuan (specialty paper and power batteries), accounting for 5.39% of revenue. We believe that with the continuous improvement of the company's R & D capability, the lithium-ion power battery project is worth looking forward to! Maintain the "prudent recommendation-A" investment rating: anti-dumping on Japanese electrolytic capacitor paper to enhance the company's competitiveness, while the company continues to focus on the research and development of power batteries, Tesla, Inc. 's recent success is expected to stimulate the commercialization of electric vehicles. Give EPS0.23 yuan and 0.28 yuan for 13-14 years, and maintain the "prudent recommendation-A" investment rating.
Risk hint: the progress of research and development of automotive lithium-ion power battery is lower than expected.