Main points of investment: 1. The company is one of the leading domestic enterprises of PCB photosensitive ink, accounting for 25% of the domestic photosensitive line ink market and 10% of the domestic market in the solder ink market. At present, the annual production capacity of photosensitive ink is about 8000 tons (40% of photosensitive line ink and 60% of photosensitive soldering ink), which is already in a state of full production and sale. with the commissioning of 10000 tons of photosensitive ink, the market share is expected to further expand. At present, the fund-raising project is progressing smoothly, the construction of the plant is about to be completed, and it is expected to be put into production within this year. At the same time, the company is opening the high-end market of electrostatic spraying ink, which will be the mainstream technology of welding ink coating technology. at present, this ink market is mainly occupied by foreign enterprises, and after years of development, the company has supplied Chongda Circuit and Shennan Company in bulk, and the high-end market will become the focus of the company's performance growth in the future.
two。 Based on photosensitive ink to LCD photoresist market. The company currently has an annual production capacity of 50 tons of photoresist products, mainly photoresist products on LED and TN/STN LCD panels, and new production capacity of 1000 tons of photoresist chemicals raised and invested, including 700tons of photoresist and 300tons of matching chemicals, which will be aimed at high-end TFT photoresist, which is already in the pilot stage and is expected to be promoted to the market within this year. Secondly, in the display panel chemicals, the company's OC glue products will soon be introduced to the market, OC glue is mainly used as a protective layer, similar to soldering ink will be permanently retained on the panel, its domestic market size is about 15 billion, at present, the domestic is mainly Japanese enterprise products.
3. Through years of research and development, the company has mastered the core technology of photosensitive ink, including resin synthesis technology, photoresist photosensitizer synthesis technology, formulation design and process control technology, etc. the resin of the company's photosensitive ink products has reached 99% self-sufficiency.
4. Profit forecast: the company's EPS from 2016 to 2018 is expected to be 0.58,0.64,0.88 yuan, covering the "buy" rating for the first time.
5. Risk tips: the market verification process of new photoresist products is not as expected; the risk of over-concentration in the field of product application; the risk of bad debts in accounts receivable.
