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Two Elephant Shares: Leader In The Field Of Microfiber

2010/6/23 19:09:00 33

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The company is the only one in the country with ultra-fine products at the same time.

fibre

Ultra real leather (referred to as "super fiber"), PU synthetic leather and PVC artificial leather production capacity of enterprises.

Eco leather products (including eco PU synthetic leather and eco microfiber leather) are produced in second of the industry, and high performance PVC leather is at the forefront of the industry.

The second generation microfiber of the company's raising and investing project has achieved the "technological breakthrough" of spinning materials and technology, which has filled the gap of our country in the field of high-grade microfiber, and will achieve the "import substitution" in the field of high-end microfiber in the extremely high cost performance.

The company has huge room for development in the field of microfiber.

Domestic demand for microfiber increased by more than 30%.

fibre

The proportion of synthetic leather in the demand for synthetic leather has increased year by year.

In the past 2004-2007 years, the import dependency of microfiber remained at 25%, and there was a big gap between supply and demand.

Only a few manufacturers in China have super fiber production capacity, and the competition environment is relatively loose. The company will rely on its technological advantages to surpass the growth of the industry.

"One-stop" service mode avoids the risk of capacity digestion.

The company has "three horizontal and five vertical" product chains, providing customers with one-stop service.

According to the company's estimate, the demand of the existing customers for the second generation of microfiber has exceeded 3 million square meters per year.

In addition, the company has actively participated in the ISO16949 certification of the automotive industry, making positive preparations for the second generation of ultra fiber production capacity.

Continuous product

innovate

Capability is the source of long-term development of a company.

The company has a leading technology development platform for product development. It can respond quickly to downstream customers' needs. The products are updated quickly and have various kinds. Every year, several new products are launched to the market, thus ensuring the company's continuous profitability.

The customer demand oriented R & D mode promotes the development and improvement of new products, fostering continuous product innovation capability and taking the lead in the development of new materials industry.

According to our hypothesis, we expect that earnings per share in 2010 -2012 will be 0.61 yuan, 1.05 yuan and 1.70 yuan respectively. The net profit growth rate is 29%, 73% and 62% respectively. Under the background of rapid growth of sub sectors and companies, we think that 30 times PE in 2011 can reflect the value of the company, and for the first time, it gives "overweight" rating.