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彩客化学(1986.HK)：领先的中间体生产商

1986.HK: a leading manufacturer of intermediates

國元(香港) ·  Dec 7, 2016 00:00  · Researches

Main points of investment:

Lottery Chemical is the world's leading manufacturer of dyes and pigment intermediates.

Lottery customers are mainly involved in dye intermediate series: DSD acid, NTS, DNS, pigment intermediate series: DMSS, DMS, DIPS, DMAS and other products, pesticide intermediates and other products: PNT, ONT, OT, NMP, GBL and other products. Among them, DSD acid accounts for 60% of the world. After entering the industrial chain of Mono nitrate, the company has gradually expanded its scale in the field of pesticide intermediates and has NMP production capacity in the field of polymer materials.

Advantages of technology and technology, green development

The founder of the company has a technical background, and the development of the company depends on technological advantages. With years of accumulation and investment in research and development, it has certain advantages in technology and technology, and gradually withdraws from the new process hydrogenation technology. The lottery customer pays attention to the environmental protection investment, and manages well in the environmental protection aspect.

Industrial strategic planning

While doing a good job in the existing business, the lottery began to expand the upstream and downstream of the industrial chain, by putting into the upstream PNT production capacity of DSD acid, entering the field of mononitrotoluene industry, getting ONT\ OT in by-products, entering the field of pesticide and herbicide intermediates, and obtaining NMP production capacity, entering the field of polymer materials.

For the first time to cover the neutral rating:

Lottery, as an intermediate producer, is greatly affected by crude oil fluctuations, and we believe that the performance will be relatively stable when crude oil prices stabilize. The company broadens new business areas, upstream and downstream of the industrial chain and horizontal expansion, will gradually get rid of the impact of crude oil prices. It is expected to be about 18 times PE this year, and we give it a neutral rating.

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