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Xia Ke Environmental Protection: New Capacity Progress Exceeding Expectations, Increase Profits And Elasticity Forecast

2011/4/27 15:11:00 45

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Xia Ke Environmental Protection Colored Yarn Polyester Staple Fiber

Xia Ke environmental protection

The production capacity and expansion of PET staple.

The company uses waste PET resin production.

Psf

The annual production capacity is 15 thousand tons; the 70% stake of an Xing color fiber produces colored polyester chips and polyester staple fibers, the annual output of polyester is 200 thousand tons, and the polyester staple fiber has 5 production lines. The daily production capacity of the single production line is 50 tons, and the full load starts up to 100 thousand tons.

The company is building 5 polyester staple production lines. At present, 2 lines of equipment have been installed. This capacity will be put into operation by the end of this year. The other 3 lines have been ordered and will be put into operation in April next year.

There is no need to ramp up production capacity. Next year, the equity capacity will reach 130 thousand tons (14*0.7+3*0.7+1=13).

100% holding Chuzhou Xia Ke and Huanggang Xia Ke production

Colored yarn

It has an annual capacity of 200 thousand spindles and a capacity of about 40 thousand tons.

The company plans to eliminate 100 thousand of its old production capacity and build 300 thousand advanced spinning capacity.

Polyester staple fiber industry is the most flexible target.

Xia Xia environmental protection polyester fiber staple production capacity of 80 thousand tons, next year, the company's overall interests and capacity reached 130 thousand tons.

According to the production capacity of 130 thousand tons of staple fiber, the price of polyester staple fiber increased by 1000 yuan, and the company's performance elasticity was 0.5 yuan.

Compared with Huaxi Village's performance elasticity of 0.15 yuan and S's performance elasticity of 0.08 yuan, Xia's environmental protection is the biggest target of the polyester staple industry's elasticity at present.

Color fiber avoids the discharge of traditional printing and dyeing wastewater and reduces the cost of printing and dyeing.

The production principle of the company's color fiber is added with color masterbatch in the melt polyester, and the blend is evenly sprayed out into silk, and the fiber needs no further dyeing.

The dyeing of traditional yarns and fabrics is accompanied by a large amount of sewage discharge, and the traditional blended yarn needs to be multi chromatic to increase the cost.

Seth is developing successfully and will be industrialized next year.

At the beginning of next year, the company will launch the polyester staple fiber, which is called staples. Its advantage is that the yarn made of silk and cotton blended with only 30% cotton will be better than the blended yarn containing 50% cotton.

Considering that the launch of silk is at the stage of high cotton price, we expect its market demand and profitability to be more optimistic.

At present, the company is making efforts to enhance the strength of the whole industry chain of color fiber and fiber spinning, and maximize the advantages of the company's color fiber.

Earnings forecasts and investment proposals.

We expect the company's EPS for 10-12 years to be 0.34, 1.31 and 1.41 yuan / share respectively.

Considering the explosive growth of the company's polyester staple fiber business and the biggest elasticity of its performance, the target price is 20 yuan / share, and strongly recommend -B's investment rating.

Risk warning: polyester staple fiber prices fell sharply, raw materials rose sharply.