The company is a leading chemical enterprise engaged in the production and sales of butyl acetate and trimellitic anhydride. The company currently has a total share capital of 65.8 million shares, and this plan is to issue 22 million shares to raise funds for capacity expansion of trimellitic anhydride and trioctyl triphthalate.
Butyl acetate business occupies a leading position in the market: China has become the largest producer and consumer of coatings in the world. the huge demand and the upcoming policy of going to the countryside of building materials will provide a solid and reliable industrial foundation for the paint market. Butyl acetate has become the most widely used organic solvent in paint and coating industry because of its excellent properties, such as low toxicity, strong solubility, volatile, low residue and so on. The implementation of relevant laws and regulations such as "Code for Indoor Environmental pollution Control of Civil buildings" and "limit of harmful substances in Indoor Decoration Materials and solvent-based Wood Coatings" have brought new opportunities for the development of butyl acetate industry.
Benefit from the expansion of industrial chain: using trimellitic anhydride as raw material to produce polyester resin, and then with epoxy resin to 1:
The powder coating mixed with 1% has the advantages of non-volatilization, non-toxicity, no solvent pollution, convenient coating, rapid curing and so on. With the rapid development of light industrial household appliances and other products in China, the output, variety, color and performance requirements of coating products will be greatly improved, and the corresponding demand for trimellitic anhydride will also increase. Trimellitic anhydride is the main raw material for producing trimellitic acid triester plasticizer (TOTM).
TOTM is a non-toxic plasticizer. In Europe, the United States and other economically developed countries, the government has clear and mandatory temperature resistance grade standards for insulating materials, so the consumption of related products is very large. Especially recently, the European Union has launched relevant regulations to restrict the use of o-benzene plasticizers in PVC materials, which brings new opportunities for the development of trimellitic acid plasticizers.
Profit forecast: company 20
Diluted earnings per share in 10, 2011 and 2012 were 0.65 yuan, 0.83 yuan and 1 yuan, respectively. Give the company 30-35PE, according to 2009 diluted EPS 0.385 yuan, the proposed inquiry range is 18mur21 yuan. The reasonable value range of the company is 19.5mura 22.75 yuan.
Risk tips: raw material price fluctuation risk, financial risk, new capacity risk