The company is a leading enterprise of butyl acetate and trimellitic anhydride in China.
The company is the leading enterprise of butyl acetate and trimellitic anhydride in China, with a production capacity of 100000 tons and a market share of 30% and 20% respectively. The company is the first enterprise in China to adopt the continuous production process of butyl acetate, and it is also the first enterprise to realize the industrial production of trimellitic anhydride in China. The company is the reviser of the national standard of butyl acetate and the drafter of the national standard of trimellitic anhydride, and enjoys high popularity in the industry.
Butyl acetate: the balance of supply and demand in the industry, the advantage of company size ensures a stable gross profit per ton.
Butyl acetate is an excellent organic solvent, 85% of which is used in paint and paint industry. Worldwide, the industry has basically achieved a balance between supply and demand, with demand growth rates of about 3% abroad and about 5-6% in China due to alternative factors. Butyl acetate is the company's main source of profit, the main income accounts for about 80%, the main profit accounts for about 89%, and the gross profit margin is 12%, which is higher than the industry average of 5%. As the company has the scale advantage of the world's advanced level, the company's gross profit per ton is about 800-1000 yuan.
Trimellitic anhydride: facing the development opportunity of the international gap between supply and demand of 45,000-80,000 tons per year.
The powder coating produced from trimellitic anhydride is a kind of environment-friendly coating. The investment cost of trimellitic anhydride in China is only 1 / 4 of that of foreign enterprises, which has a great advantage. Foreign enterprises stop production or switch production to form a gap between supply and demand of 45,000-80,000 tons per year, so domestic production enterprises are faced with important opportunities for development. Trioctyl trimelliate (TOTM), which is produced from trimellitic anhydride, is a non-toxic plasticizer with good performance. It is estimated that the demand growth rate of TOTM in China will remain at more than 10% in the next five years.
Risk hint
The proportion of major raw materials in costs is as high as 90%, and price fluctuations have a greater impact on the company's profits. At the same time, the construction and management of fund-raising projects are uncertain.
The reasonable value is between 14.4 and 17.6 yuan per share.
The reasonable value is 14.4-17.6. Yuan per share, the PE corresponding to 10 years EPS0.68 yuan is 21.2 times and times respectively.