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【广发证券】浙江众成:拟开发高性、低成本新型聚酞胺弹性体

廣發證券 ·  Apr 27, 2015 00:00  · Researches

The company announced that it plans to jointly invest with natural persons Han Bingyong, Liang Hongwen, Zhang Aimin, and Gu Hanjin to establish “Zhejiang Zhongli Synthetic Materials Technology Co., Ltd.”, with a registered capital of RMB 10 million. The business scope is the development and sale of polyamide elastomers, polyamide elastomer processing aids, polyamide elastomer products, and 3D printing materials. Zhejiang Zhongcheng invested 5.1 million yuan in cash, accounting for 51% of the registered capital, and was the controlling shareholder. Profit forecasting and investment advice. In the context of the assumption that POF film profitability is steadily increasing and production capacity is gradually being increased, we estimate that the company's 2015-2017 EPS was 0.19 yuan, 0.32 yuan, and 0.51 yuan, respectively. It is worth mentioning that the above performance estimates only take into account the increase in performance brought about after the company's fund-raising project was put into operation, and did not take into account the increase in performance that new products such as multi-layer composite heat seals and new polyamide elastomers may bring within the next three years. Considering that the company has entered a period of releasing production capacity and that new reserve products will gradually be launched, there is an expectation of rapid growth in performance, and a “buy” rating was given. Risk warning. 1. Market development progress falls short of expectations; 2. Delays in project commissioning; 3. Exchange losses.

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