PCB ink leading enterprises, orderly layout of new areas. The company's main products are electronic chemicals such as special inks and paints, which are widely used in printed circuit boards, precision processing of electronic products, consumer electronics and other fields. It has independent research and development capabilities of high-performance special inks and coatings. It is a leading manufacturer of special inks and coatings in China, and at the same time entrusts a wide range of new materials to research and develop photoresist projects. Complete the effective supplement and extension of existing light-cured products and technologies.
PCB industry to China's rapid transfer, domestic ink ushered in the development opportunity. According to Zhi Research Consulting data, the output value of PCB in Chinese mainland region further increased to US $32.6 billion in 2018, accounting for more than 50% of the world. Over the past decade, the global PCB industry has continued to migrate to China, and China has become the largest producer of PCB in the world. PCB ink is one of the key raw materials for the production of PCB, and its demand is directly affected by the scale and development of the PCB industry. The company's existing annual production capacity of 6500 tons of special ink has been fully sold, and the fund-raising project "annual output of 8000 tons of photosensitive new materials project" is currently applying to the relevant departments for acceptance, which will guarantee the company's long-term growth.
With the blessing of environmental protection policy, there is a broad space for UV-curable coatings. The new UV-curable coatings benefit from the environmental protection policy and are expected to become the mainstream products in the coating industry. At present, the company's paint is mainly used in the field of consumer electronics, 5G era mobile phone shell demetallization, the company paint ushered in a new opportunity.
Luozi photoresist field, the company's long-term development is expected to benefit. There is room for import substitution of photoresist, and the trend of localization is obvious. The company's cooperation with Taiwan Guangzhi in the research and development of photoresist will open up new fields. At present, the company's "photoresist technology development project" the first batch of products have achieved research and development results, and successfully tested by customers in Taiwan, China, the performance and quality greatly meet the needs of customers.
Profit forecast and investment advice. Based on the assumption that the production capacity of the project under construction is gradually released, the sales volume continues to grow, and the price profit of the main products is stable and good, we expect the 19-21 company to earn 0.52 yuan, 0.72 yuan and 0.93 yuan per share, corresponding to the dynamic PE of 37, 27 and 21 times respectively in 19-21. With reference to the valuation level of comparable listed companies, the company is given 34 times dynamic PE valuation in 2020, corresponding to the company's reasonable value of 24.48 yuan per share, covered for the first time and given a "buy" rating.
Risk tips: 1. Macro policy risk. two。 The development of technology is not as expected. 3. The risk of rising prices of raw materials.