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东方材料-新股研究(第180期):国内领先的油墨及胶粘剂制造商

Oriental Materials-IPO Research (No. 180): A leading domestic ink and adhesive manufacturer

中信建投證券 ·  Jan 25, 2018 00:00  · Researches

Oriental Materials: A leading domestic ink and adhesive manufacturer

The company is a leading domestic enterprise specializing in the production of inks and adhesives. Over the years, it has gradually formed a product line centered on environmentally friendly packaging inks, composite polyurethane adhesives and PCB electronic inks. The products are widely used in the fields of food packaging, beverage packaging, pharmaceutical packaging, cigarette packaging and electronic products. Furthermore, the company is also one of the few manufacturers in the industry that produces both ink for flexible packaging and composite adhesives for flexible packaging. It has successfully provided integrated solutions to customers such as “Pepsi,” “Coca Cola,” and “Yashili” through collaborative adjustment of the two types of products.

Highlight 1: Integrated solution provider with strong customer stickiness. The company is one of the few enterprises in the industry that produces both ink for flexible packaging and composite adhesives for flexible packaging. The two categories of its products are well matched. It can provide customers with integrated solutions through collaborative adjustment of the two types of products, provide customers with quick feedback on application problems encountered by customers, enhance customer experience, ensure customer stickiness, and achieve long-term cooperation.

Highlight 2: Focus on the upgrading of the ink industry. China's packaging ink environmental protection requirements are constantly improving. Guided by the national industrial policy, the ink industry has ushered in industrial upgrading and new development opportunities. Environmentally-friendly inks will surely become a mainstream project for industry development, and the development and introduction of advanced technology for environmentally friendly inks is the development trend of the domestic ink industry.

Highlight 3: Focus on the company's new product development. The optical fiber tinted ink coating for the company's fundraising project is a newly developed product of the company. Its function is to enhance and protect bare optical fibers drawn from mixed quartz glass rods. It has not yet been mass-produced; the PCB electronic ink business of the fund-raising project is currently in the stage of core product debugging and targeted development for downstream customers, and it is expected to increase market share with the launch of fund-raising production capacity.

Risk warning: New product expansion falls short of expectations, and customer certification progress falls short of expectations.

The translation is provided by third-party software.


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