A leader in new environmentally friendly surface engineering chemicals. Surface engineering chemicals are special chemicals used in surface engineering industry to endow products with special functions or final use performances. it is estimated that the output value of surface engineering chemicals in 2015 is more than 500 billion yuan, and the market space is broad. The company is a leading company in the domestic surface engineering chemicals industry, always committed to the research and development, production and sales of new environmental protection surface engineering chemicals, and is also one of the enterprises with the most complete range of domestic surface engineering chemicals. It has been able to provide 3 series, more than 300 kinds of new environmental protection coating additives, as well as new environmental protection coating intermediates such as polycarbonate polyol. The company's main products can achieve energy saving and emission reduction and clean and efficient two major environmental protection purposes, can effectively reduce downstream enterprise energy, material consumption and wastewater treatment pressure, has significant environmental advantages.
The market of new environmental protection surface engineering chemicals will grow rapidly and help the company to develop. With the increasingly stringent requirements for environmental protection in various social and economic industries, China has formulated a series of mandatory national standards for surface engineering chemicals. More stringent foreign environmental protection regulations (such as RoHS Directive, EuP Directive) have set a higher threshold for the environmental protection requirements of electronics, home appliances, toys, furniture and other terminal products downstream of China's surface engineering chemicals industry. Therefore, it is a general trend for surface engineering chemicals to form functional and environment-friendly products through technological innovation, development and upgrading, and the output value of new environmental protection surface engineering chemicals will also grow rapidly. As an enterprise with the advantages of technology and environmental protection in the industry, the company will usher in greater development opportunities.
Fund-raising projects expand production capacity and form a new profit growth point. The company issued 17.5 million shares to raise funds for the construction of the first phase of the Daya Bay production base and R & D center project with an annual output of 11000 tons of surface engineering chemicals. Among them, the production of polycarbonate polyol uses cheap carbon dioxide as the main raw material, and the production cost is 20% to 30% lower than that of the replaced product. At the same time, the final product produced by this product also has comprehensive performance advantages such as high strength and strong adhesion, and has a broad market prospect. After the fund-raising project is put into production, the production capacity of coating additives will increase from 4000 tons to 10, 000 tons, and the production capacity of coating intermediates will increase from 2000 tons to 7000 tons, releasing the advantage of scale, greatly reducing the comprehensive production cost of products, and enhancing the stamina of the company's development.
Profit forecast and valuation. It is estimated that from 2016 to 2018, the EPS of the company will be 0.57,0.87 and 1.21 yuan respectively, and the corresponding dynamic PE will be 144,94 and 67 times respectively.
Risk tips: the risk of fluctuations in the price of upstream raw materials; the risk of declining demand for the company's products; the risk of promotion and effectiveness of fund-raising projects or the risk of falling short of expectations.