Main points of investment
Leading enterprises in the field of color paste have outstanding advantages in environmental protection. The company is a leading company in the field of research and development, production and sales of color pastes in China. The main products are environment-friendly, ultra-fine water-based color pastes, and also provide customers with overall color solutions. At present, the company has become the leading enterprise in the domestic color paste industry, and is in a leading position in the market segments such as architectural paint paste, latex paste and paper paste. The company produces color paste products with water as the medium, and does not contain APEO and formaldehyde, through large-scale and specialized production, can improve the pigment utilization rate and reduce the discharge of waste water; the fiber raw liquid color paste produced by the company has changed the traditional dyeing process of the downstream textile industry, reduced the overall consumption of energy and water resources, less product pollution and obvious advantages in environmental protection.
The downstream demand is strongly supported, and the business prospect of color paste is broad. The sales income of architectural paint paste accounts for more than half of the company's total income, and real estate investment is the main driving force for the development of architectural paints. In recent years, real estate investment and architectural paint output have increased steadily, with a compound growth rate of 19.4% respectively from 2006 to 2015, driving the company's business to improve. In addition, with the improvement of the company's product quality and stability, the application of color paste is also expanding to textile fiber, latex and other fields, promoting the growth of color paste market capacity.
Technical advantages + professional services to promote performance growth. After years of technology and R & D accumulation, the company has 41 patented technologies, forming core technologies such as ultra-fine pigment technology, stable production control technology, integrated color measurement and matching technology, clean production and recycling technology. Its ultra-fine and nanometer color paste has obvious advantages in coloring intensity, color purity, freshness and product uniformity and stability. The color measurement and matching software and color matching integrated system developed by the company have successfully innovated the traditional manual color matching mode, realized the automatic color matching and on-line control of downstream enterprises, and provided a guarantee for the improvement of product quality and clean production of downstream enterprises. The company is also equipped with a sound after-sales service system, set up a professional and technical service team, regularly visit major customers, timely solve the problems encountered by customers in use, understand the changing product needs of customers, and create a good brand image.
Profit forecast and investment advice. It is estimated that the EPS of the company from 2016 to 2018 will be 0.97,1.15,1.87 yuan respectively, and the corresponding dynamic PE will be 132,111,69 times respectively.
Risk tips: the risk of sharp fluctuations in raw material prices; the risk of slowing down the growth of market demand in downstream industries; and the risk that the promotion and effectiveness of fund-raising projects may not be as good as expected.