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【兴业证券】爱司凯:优秀的工业化打印设备综合供应商

興業證券 ·  Jul 7, 2016 00:00  · Researches

Key investment companies are the dominant players in the domestic CTP market. Ascay is committed to providing solutions and complete equipment products in the field of industrial printing technology applications. At present, it has successfully launched products for the application of laser printing technology in the printing industry? --Computer direct plate making machines (CTP) can provide everything from offset CTP to flexographic engraving machines and CTP for iron printers, from small format to large format. The company already has a CTP product line that can satisfy almost all kinds of printing companies, and has become a well-deserved leader in the domestic CTP market. Furthermore, the company's industrial inkjet printhead has now completed product trial production and overseas testing, and is in the stage of customer trial and product improvement. CTP has a lot of room for development, and downstream demand is stable. Through continuous technological research and development and technological innovation, China's CTP manufacturers are gradually narrowing the gap between the CTP technology level and the world's advanced technology level. At the same time, CTP independently developed by a few Chinese enterprises in the industry represented by companies has reached the international advanced level in terms of publication accuracy and publication speed. It is conservatively estimated that the penetration rate of offset CTP equipment in China is only about 31.11%, which is far lower than the penetration rate of more than 60% in developed economies such as Europe, America, and Japan. Along with the rapid development of China's printing industry and the widespread promotion of green printing, it will provide broad development opportunities for the upstream CTP product industry. The company's strategic goal is to become a leader in the field of pan-printing. Among the company's capital raising investment projects, the CTP equipment production and construction project will further enhance the production capacity and process level of the company's CTP products to meet the needs of business development; the R&D center construction project will help the company build a perfect R&D system and accelerate the development progress of the company's new industrial printing technology and products; the marketing service network construction project will help enhance the company's brand image and comprehensively enhance the company's marketing service capabilities. We predict that the company's 2016-18 EPS will be 0.82, 1.04, and 1.32 yuan respectively. This is the first coverage, and no ratings will be given yet. Risk warning; New product development time schedule is falling short of expectations; risk of increased market competition.

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