Polyether monomer to polycarboxylate high-performance superplasticizer industry chain leading enterprises
The company is mainly engaged in the R & D, production and sales of fine chemical new materials with ethylene oxide as the main raw material. at present, it is one of the leading enterprises in China to provide high-quality products and professional services in the industrial chain from polyether monomer to polycarboxylate high-performance superplasticizer. The company's main products polyether monomer, solar crystal silicon cutting liquid 2013 production capacity of 84000 tons (the first half of 2014 60, 000 tons), polycarboxylic acid superplasticizer (including concentrate and pump) 2013 production capacity of 67000 tons (33500 tons in the first half of 2014), production and sales are maintained at more than 97%.
Polycarboxylic acid superplasticizer has a broad space for domestic substitution, and the photovoltaic industry downstream of the cutting fluid is about to pick up.
With China's attention to environmental protection, polycarboxylate superplasticizer will have greater market potential. According to statistics, the demand for polycarboxylic acid superplasticizer in China accounted for 37% of the total demand for superplasticizer in 2012 and 51.43% in 2013, which has exceeded the second generation of superplasticizer such as naphthalene. From the point of view of product composition, the output of naphthalene series superplasticizer and polycarboxylic acid superplasticizer accounts for the proportion of the total output of synthetic superplasticizer. In terms of solar crystal silicon cutting fluid, the photovoltaic industry is beginning to show signs of warming. The sales revenue of listed company Oke Co., Ltd. grew 16.57% in 2013 compared with the same period last year, and 173.59% in the first half of 2014 compared with the same period last year. If there are major adverse changes in the development of the crystal silicon cutting fluid industry, the production process of the polyether monomer and the crystal silicon cutting fluid is similar, the main raw materials and equipment are the same, and the capacity allocation can be flexibly switched between the two products to cope with market fluctuations to a certain extent.
The integrated construction of the industrial chain is complete, and the competitive advantage in the industry is obvious.
The company focuses on the research, development, production and application of deep processing technology for ethylene oxide derivatives. From the perspective of polyether monomer products, the company is one of the early professional production enterprises engaged in the research and development of new polyether monomer products and realizing industrialization and marketization, with leading technology and mature production process. The company is one of the domestic enterprises that have mastered the synthesis technology of systematic and mature polycarboxylic acid superplasticizer concentrate and pumping agent. From the perspective of solar crystal silicon cutting liquid products, the company entered this field earlier and has a leading advantage in product quality, cost control and technology.
The status of fund-raising projects
This fund-raising project is all around the company's main business. The implementation body of the 100000 ton superplasticizer project is our company, and the implementation body of the 30, 000 ton ethylene oxide derivative project is Panjin Cologne, a wholly owned subsidiary of the company. After the project reaches production, the company's industry status in polycarboxylic acid superplasticizer and polyether monomer business will be further enhanced, the company's main business will be more balanced development, and the structure will be more reasonable.
It is estimated that the reasonable offering price range is 24.60-29.52 yuan.
According to the number of new shares issued 17 million shares, the total share capital after the issue of 68 million shares, we estimate that the company's 2014-16 EPS is 0.98,1.24,1.52 yuan respectively, with reference to A-shares comparable listed companies Oke shares, Construction and Research Group, Demi Chemical, Zhejiang Longsheng, Wanhua Chemical, give the company 25030 times PE, a reasonable issuance price range of 24.60-29.52yuan.
