Dairy packaging equipment leader, connotation and extension two-wheel drive to improve technology: as a leading enterprise in the domestic intelligent packaging machinery industry, the company is the main drafter of a number of national and industry standards and the undertaker of key technical projects. it has a strong strength in the research and development of aseptic, energy-saving, efficient and integrated equipment, and has established close cooperative relations with Mengniu, Yili, Guangming, Danone and other well-known dairy enterprises at home and abroad. At the same time, according to the announcement, in order to enhance the technology reserve and improve the industrial chain, the company invested 24.4 million yuan to hold 30% equity of Ningbo Zhongwu Optoelectronic Sterilization Technology Co., Ltd., and invested 6 million yuan to hold 2% equity of Hangzhou Huizu Intelligent Technology Co., Ltd. Through the above investment, the company has enhanced the reserve of cold sterilization technology and visual technology, enhanced the overall competitiveness of the company's products, and cultivated new profit growth points.
The demand of dairy industry is released, and the market space of packaging equipment is broad. China Industry Information Network shows that the current per capita dairy consumption in China is only 1 / 3 of the world average, and there is still much room for improvement in the long run. According to industry research, the three major domestic dairy manufacturers and regional dairy enterprises are also expanding production. Among them, yogurt has an annual growth rate of more than 20%, which has become the main area of production expansion. In order to promote sales, dairy manufacturers will actively launch new products and make major changes in the packaging form of new products to attract consumers. Therefore, the launch of new products will generally release a larger demand for equipment. In the first half of this year, the three major dairy enterprises and major local dairy enterprises launched eight major new products one after another. At this rate, we estimate that the market space for dairy packaging equipment in 2017 is about 7.5 billion yuan.
The fund-raising project is progressing smoothly and actively expanding the downstream market to improve performance: the announcement shows that the company's fund-raising project is progressing smoothly, and the first phase of the project has reached its peak, which is expected to be put into trial production in the second half of the year and will be put into mass production in 18 years. The construction of the second phase of the project is also under preparation. The company raised funds to invest in the industrialization project of new intelligent packaging machinery and the industrialization project of new bottle aseptic filling equipment. After the completion of the project, the company's production capacity will be increased. The company will actively expand the downstream market, consolidate the leading position of the dairy industry, and increase customers in medical and health, edible oil, food and other industries. Benefiting from the smooth implementation of the fund-raising project, the company is expected to improve its business performance in the future.
Investment suggestion: from 2017 to 2019, the revenue is expected to be 7.48,8.63,1.014 billion yuan respectively, and the net profit is 1.96,2.29,273 million yuan respectively. After years of technological innovation, market development and brand accumulation, the industry influence and market position continue to improve. We are optimistic about the future development of the company, giving the buy-A rating for the first time, and the 6-month target price is 26 yuan.
Risk tips: increased market competition, lower-than-expected demand, gross profit margin decline and other risks.
