Rongsheng Petrochemical: PTA Boom Rises &Nbsp; Capacity Expansion Has A High Effect.
PTA
Entering the prosperity and integration industry chain advantage, PTA products are in short supply.
Main points of investment:
At present, China is the world's largest polyester polyester production, polyester polyester production in 2009 reached 26 million 800 thousand tons, accounting for more than 50% of world production; in 2009, PTA output reached 15 million 250 thousand tons, accounting for 38% of global output.
However, in 2009, China still imported 6 million 260 thousand tons of PTA, and its dependence on imports was still 34.27%.
The company mainly produces PTA products and the production of three series of products: polyester POY, FDY and DTY.
Sale
At present, it has 600 thousand tons of polyester production capacity.
Polyester spinning
(FDY, POY) 570 thousand tons and 250 thousand tons of polyester stretch yarn (DTY).
The company is currently the sixth polyester polyester enterprise in the country. The company's development benefits from the PTA upward trend, the economies of scale and the advantages of integrated production.
The company has established strategic cooperation with Hengyi Petrochemical Company, the third largest enterprise in the polyester industry, to build up 1 million 500 thousand tons and 1 million 200 thousand tons of PTA production capacity, yishanda and Zhejiang Yisheng, and become the main source of rapid expansion of the company's capacity.
The company's capital investment project has been basically completed, and can contribute to the company's performance this year, and the company's capacity expansion plan is in progress. In the next two years, the company will gradually increase nearly one million tons of PTA capacity, the main driving force for the rapid growth of the company's performance.
We expect the company's operating income in 2010, 2011 and 2012 to be 10 billion 170 million, 13 billion 270 million and 20 billion 570 million respectively, with a growth rate of 30%, 31% and 18%, with earnings of 2.09, 2.75 and 3.24 yuan per share.
Referring to the average price earnings ratio of the similar industries in Huaxi Village and the recently listed medium and small plates, the proposed inquiry interval is 56-63 yuan, corresponding to 10 years to 12 years PE for 28X, 21X and 18X.
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