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东方材料(603110)新股询价报告

Oriental Materials (603110) IPO Quotation Report

華鑫證券 ·  Sep 19, 2017 00:00  · Researches

  The company specializes in the production of inks and adhesives. Over the years, it has gradually formed products centered on environmentally friendly packaging inks, composite polyurethane adhesives and PCB electronic inks. The leading products are three series: pharmaceutical and food flexible packaging inks and polyurethane adhesives for plastic flexible packaging composites, PCB liquid photosensitive welding polymer shielding materials (national high-tech industrialization demonstration project), which are widely used in the fields of food packaging, beverage packaging, pharmaceutical packaging, cigarette packaging and electronic products, and the business revolves around their production, sales and service.

(1) In the food and pharmaceutical packaging and printing process, ink and adhesive are two important consumables in the printing process. The degree of compatibility between the two directly affects the adaptability of the printing process and the stability of the printing effect. As one of the few manufacturers in the industry that produces both ink for flexible packaging and composite adhesives for flexible packaging, the company has good compatibility with its two categories of products, and can provide customers with integrated solutions through collaborative adjustment of the two types of products. In order to better simulate the customer's application situation, the company is equipped with industry-leading color printers and laminating machines to simulate the customer's actual production process. Whether customers seek innovative solutions in the process of developing new products or encounter application problems in actual production, the company can provide quick feedback, thereby improving user experience, ensuring customer stickiness, and achieving long-term cooperation.

(2) The core component of environmentally friendly ink production is binder, and there are few domestic companies that produce high-quality binders. In order to ensure product quality, most environmentally friendly ink manufacturers purchase connecting materials from overseas enterprises or domestic and foreign joint ventures at a high cost. In the process of being engaged in R&D and production of environmentally friendly packaging inks and composite polyurethane adhesives for many years, the company has mastered the core technology of high-quality polyurethane binders, gradually forming the company's core competitive advantage. The cost of the company's end products has been significantly reduced, and the confidentiality of ink formulation technology has been enhanced. In addition, the company can freely design and improve the connector structure using polyurethane synthesis technology, and product innovation capabilities have been significantly enhanced.

(3) The company started and developed together with China's flexible packaging industry, and the brand is well-known among flexible packaging companies. Many leading companies in the packaging and printing industry are downstream customers of the company, including beverage and food companies such as “Pepsi”, “Coca Cola”, “Yashili”, “Shuanghui”, “Wahaha”, “Master Kong”, “Huiyuan Juice”, and “Wow Toffee”. The company's brand has great influence and is well known in the industry.

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