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2013/12/20 22:37:00 26

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Zan Yu technology: improving the profitability of surface active agents and testing the future growth of the business 
 surfactant, oil and chemical products, testing business is the main source of company income and profits. 1H2013, the proportion of surfactants, Oils and chemicals, and testing business in the company's revenues was 80%, 19% and 1% respectively. The gross profit of surfactant, oil and chemical industry and testing business accounted for 76%, 10% and 8% respectively. 
 the company has obvious competitive advantages in the surfactant industry. The company has obvious competitive advantages in the surfactant industry. It mainly reflects two points: (1) the largest domestic production capacity. Until now, the company has about 300 thousand tons / year of surfactant production capacity (including leasing), distributed in Zhejiang, Jiangsu, Sichuan, Hunan, Hebei and other places. At the same time, the company commissioned Shaanxi, Guangdong and other places to commission processing. (2) products conform to the development trend of the industry, the company's AES market share is the first, and in the future will benefit from the improvement of liquid detergent share, and the other product MES has obvious advantages in cost performance. 
 Company Earnings 2Q2013 recovered from quarter to quarter. The raw materials of AES, MES and other surfactant products are palm kernel oil, palm oil and other natural oils. Their profitability is greatly affected by palm oil price fluctuations. Palm oil prices fell sharply in 2012. Affected by this, the company's product prices fell, gross profit margins fell, and business performance dropped significantly. Since the 2 quarter of 2013, palm oil prices fluctuated narrowly at the bottom, and the company's single quarterly performance turned into a deficit. In 2013, the 2 and 3 quarter, the company realized 1196, 25 million 140 thousand yuan net profit respectively. We expect that palm oil prices will remain volatile in the future, and earnings are expected to continue upward. 
 Hangzhou oil and chemical industry will gradually achieve profitability. In 2012, the company extended the a href= "http://www.91se91.com/news/index_c.asp" > industrial chain < /a > through the acquisition of Hangzhou oil and chemical industry. The early stage of Hangzhou oil and chemical industry was continuously damaged due to poor management in 2011 and 2012. When the company took over the Hangzhou oil in April 2012, the company was reformed from various aspects such as the technological section, energy consumption, management efficiency and new product development. We expect that with the follow-up spanformation effect, Hangzhou's oil and chemical industry will gradually achieve profitability. 
 detection of high barriers to entry, and new sites will be put into operation in 2014. Although the company's third party inspection business accounts for a smaller proportion, its revenue has continued to grow in recent years, and the gross profit margin of the company has remained above 60% due to barriers to entry. At present, the company's testing business is restricted by the limited area of the factory buildings. In 2014, the company put into operation in Ling'an's science and technology city nearly 10 thousand square meters of new R & D center, which is 5 times the existing site area. It is expected that the company's testing business will achieve rapid growth in the next few years. 
 for the first time to give the company "overweight" rating, 6 months target price of 15.4 yuan. We estimate that in the 2013-2015 years, the net profit of Zan Yu technology was 59 million 490 thousand yuan, 112 million 140 thousand yuan, and 135 million 690 thousand yuan respectively. EPS was 0.32 yuan, 0.70 yuan and 0.85 yuan respectively. We gave the company "overweight" investment rating, and the target price of 6 months was 15.4 yuan, corresponding to 22 times dynamic price earnings ratio in 2014. 
 Hai Yin shares: the city of the big city is once again competing for the land market influence further enhanced /p >
 /strong > Event comment 
 another city brand standardization replication expansion continues. In August 2011 and September 2012 respectively, the company announced the 134 thousand square meters and 66 thousand square meters of land for the big Wang project, together with the results of the land auction. At present, the overall planning land area of Zhaoqing grand Wang Yi Cheng project is more than 270 thousand square meters. If it is calculated according to the 1.5 fold volume ratio, the construction area is expected to exceed 400 thousand square meters, including commercial (department store + hypermarket), office buildings, apartments, villas, star rated hotels, and many other formats. With the gradual expansion of the volume of project planning, the market influence of the company in Zhaoqing will be further enhanced. 
 > we believe that another big city will become the first large-scale complex project after the company and another city in Panyu, < a href= "http://www.91se91.com/news/index_f.asp" > Guangzhou < /a > outside the city. It is a model for the standardization and replication expansion of the company's business and real estate mode. {page_break} 
 Da Wang Yi Cheng project is the main source of contribution to the company's real estate performance in 2014. The cost of land auction is three yuan, 888 yuan per square meter, 900 yuan / square meter and 959 yuan / square meter respectively, all of which uphold the company's low cost expansion advantage. We expect that the project will start according to the real estate / office building pre-sale, the opening of large supermarkets / shopping malls, and the entry of hotels. The apartments and villas built in the early stage of the project will be pre sold in the 2 quarter of 2013, and the supermarkets are expected to open before the end of 2014. We judge that the big Wang project will enter the capital return period gradually in the second half of 2013, alleviate the financial pressure of the pre development project, and become the main contribution source of the company's real estate performance in 2014. On the whole, the company also adopts a combination of business and real estate in a series of projects in the city, in order to promote sustainable turnover and ensure higher profitability while locking costs. 
 the big Wang project sells well for 13 years, and maintains the company's stock price has a higher margin of safety. 
 net profit of the company in the first three quarters was only 257 million yuan, down 16% compared with the same period last year. If excluding the operating income of operating income decreased by about 30% last year, we judged that under the premise of good sales in the second half of the Zhaoqing project, the annual real estate business is expected to achieve its performance and the 4 quarter results will be basically confirmed. Taking into account the company's 1, the current commercial real estate and Exhibition Trade City and other project reserves are relatively rich, under the low cost advantage, laying the foundation for the company's scale and performance growth in the next 2-3 years; 2, the sea India life circle gradually constructed in the form of O2O, which is expected to bring new consumption increments while optimizing the shopping experience and maintaining the existing customers of the company, and further consolidating the company's business operation capability. We expect the company's EPS in the 2013-2014 year to be 0.90 yuan and 1.17 yuan, corresponding to the current < a href= "http://fz.sjfzxm.com/" > share price < /a > the company's PE in 2014 is 9 times, the valuation has a higher margin of safety, and maintain the recommended rating for the company. 
 West Long Chemical Industry: the next few years will usher in a rapid development period 
 1. The investment projects will be put into operation next year, and the capacity bottlenecks will be greatly alleviated. The 50 thousand tonnes of PCB reagents and 10 thousand tons of ultra pure high-purity reagents are expected to be put into operation in April next year. It is estimated that 30% of the capacity will contribute to the performance next year. This year, PCB expects to sell 34 thousand tons of reagents and over 3 kiloton reagents for ultra high purity, which is basically the same as last year. The main reason is that it is subject to capacity constraints. At present, the Shantou base is basically in full load production. About 30% of this year's reagent revenue comes from the sub package business, with gross margin lower than the gross profit margin. At the same time, in order to digest new capacity successfully, the company adopted the following measures this year: 1. It has changed the traditional sales mode according to the geographical distribution, and redeployed the product department with the product line, which is conducive to the optimization and integration of the internal sales staff. 2 We should intensify the development of the East China market and plan to build a logistics distribution center in East China; 3. Try the electronic business mode, mainly for laboratories, research and procurement, etc., characterized by small batch, but many varieties, high prices. Foreign partners sigma currently earn more than US $1 billion, accounting for about half of its pharmaceutical business. 
 2. It is proposed to acquire new world organisms (a notice of intent to purchase) to increase the new profit growth point. The company has more than 40 approvals in hand, 3 of which are tumor markers, but the main contribution is the tumor detection reagent (TSGF) test kit, which belongs to the broad spectrum reagent. It mainly adopts the marketing method combined with distributors and direct marketing, of which the distributor accounts for about 80% percentage, and the profitability of direct selling is far more than that of distribution. In the future, with the commissioning and sale of antioxidant agents applied for approval this year, the new world will achieve rapid development. 
 3. Actively preparing to enter the field of electroplating water, extending the industrial chain. The company plans to develop electroplating water business in the future. The electroplating potion is mainly a mixture of reagent products. This field is highly coincident with the original business customers of the company, and the market demand is relatively large. The foreign company Rohm Haas is currently making a net profit of over 500 million yuan in the country. 
 4. Hubei Duke is expected to make its contribution next year. Duke, Hubei, has a total of 3500 tons of acetonitrile and methanol at the chromatographic level, and has not contributed to the revenue and performance since 2013 because of technological upgrading. It is expected that with the completion of the technical spanformation next year, the effect of M & A integration Duke will appear (some customers overlap, which is equivalent to adding varieties, and the profitability of chromatographic grade acetonitrile and methanol is much higher than that of existing chemical reagents). 
 5. Profit forecast and investment rating. We expect the company's EPS in 2013 -2015 to be 0.22 yuan, 0.38 yuan and 0.53 yuan respectively, corresponding to the latest closing price PE of 47 times, 28 times and 20 times respectively. Considering that the company's future growth rate is faster and more apparent, and the performance is expected to exceed the expected price, the "recommended" rating will be given. Huachang securities