The company is a leading supplier of composite resins in China. The company's main business is environmental protection, high-performance corrosion-resistant materials, wind power blade materials, new composite material research and development, production and sales. The main products include vinyl ester resin, special unsaturated polyester resin, perfusion resin for wind power blade, hand paste resin, adhesive, prepreg resin for wind power blade beam, pultrusion resin for wind power blade beam, environment-friendly resin, safety materials for rail transit and other application series, it is a leading supplier of composite resin in China.
The continuous expansion of downstream market demand has led to the development of composite resins. The global vinyl resin industry market continues to grow. In 2018, the global vinyl ester resin market shipments reached 839.9 million US dollars. The global vinyl ester resin market grew at a compound annual growth rate of 3.3% between 2013 and 2018. The growth of the market is mainly due to the increased demand for composite materials in the areas of piping and storage tanks, construction, transportation and so on. The rapid development of wind power industry will directly drive the demand of materials for wind power blades in the whole industry. With the increasing attention to clean energy in various countries, the installed capacity of wind power continues to grow, and the market space is further expanded, while the resin and adhesive used for wind power blades are one of the main upstream raw materials of wind power blades. the rapid development of the wind power industry will directly drive the demand for wind power blade materials in the whole industry.
The company has advanced technology and obvious competitive advantage. In terms of materials for wind power blades, relying on the technical advantages of vinyl ester resin, the company extends the free radical curing process to the epoxy addition curing process, compared with the free radical curing process, the biggest advantages are curing shrinkage, strong adhesion, suitable for wind power blades and other large equipment, but also can be used in aerospace and military applications. With nearly 20 years of technology accumulation in the industry, the company has a system to independently complete all key formulation development, process upgrading and product testing.
The company has standard laboratories certified by DNV-GL and China National Accreditation Committee for conformity Assessment (CNAS), and has corresponding key R & D equipment. It is one of the few enterprises with standard laboratories in China.
Fund-raising projects consolidate the competitiveness of products and enhance the company's ability of sustainable development. The total amount of funds raised by the company is 215.5 million yuan, and the investment projects are the first phase of Shanghai technological renovation project, the renovation of production and auxiliary housing in Shanghai, the automation transformation of Tianjin and the rectification project of Shangwei Xingye. All of them are based on the existing main business and core technology, revolve around the technical transformation of the original production plant and equipment, improve the stability of the company's product supply capacity, and meet the huge demand of domestic and foreign markets. Enhance the company's ability of sustainable development.
Profit forecast and valuation range: we estimate that the return net profit of the company from 2020 to 2022 will be 103 million yuan, 117 million yuan and 1.24 yuan respectively, corresponding to 0.26,0.29,0.31 yuan EPS. Give the company 20-25 times PE in 2021, corresponding to the reasonable value range of 5.80-7.25 yuan, it is recommended to apply for purchase.
Risk hint. The risk of raw material price fluctuation; the company has no actual controller.