share_log

【华泰证券】国栋建设:产能迅速扩张,具备投资价值

華泰證券 ·  Jun 24, 2010 00:00  · Researches

Forest resources are scarce in China, and wood-based panels mainly use wood surplus wood and sub-small fuelwood as the main raw materials. The rapid development of this industry can ease the conflict between supply and demand of timber in China; according to the development characteristics of China's wood-based panel industry, by the end of the “11th Five-Year Plan” period, the ratio of traditional three-board (plywood, fiberboard, chipboard) in China will be adjusted from the current 50:35:15 to 40:40:20. In China, the proportion of high and medium density fiberboard used as raw materials from harvesting and processing surplus and urban wood waste is small. The world average is 37%, and China accounts for only 12%, so there is huge room for development. Guodong Construction's current main business is fiberboard. Currently, the company's board production capacity is 20,000 cubic meters of medium and high density fiberboard, 10,000 cubic meters of straw and wood chipboard, and 50,000 cubic meters of chipboard; the company has built two high and medium density fiberboard production lines totaling 450,000 cubic meters/year in Shuangliu, and 220,000 m3/year high/medium density fiberboard production line in Nanchong, greatly increasing the company's production capacity. It is expected that by the end of 2010, the total annual production capacity of Guodong Construction wood-based panels will reach 1.02 million m3. Trial production, produced by the company in 2011 It can grow 1.9 times, greatly improving the company's performance. The abundance of raw materials in Sichuan guarantees the expansion of the company's production capacity; the transportation cost of foreign boards into Sichuan Province is high, and the company's main production capacity is in Sichuan. After the expansion of production capacity is completed, it can be supplied downstream at a lower price, forming an entry barrier at a lower price and gaining a larger market share. We estimate that Guodong Construction's EPS for 2010-2012 will be 0.29, 0.56, and 0.88 yuan, respectively. Currently, the 10-year PB of listed companies in the same industry in China is 3.38 times, and the PB of companies is 2.4 times lower than average. Considering that the company's 11-year performance has entered the release period, a higher performance growth rate can support a higher PE level. Give the company a “recommended” investment rating.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment