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Tun Pei Finance: Haidong Valuation Is Very Attractive.

2010/11/29 9:43:00 63

Costin

(2228) non-woven fabrics and chemical fibers which are mainly used for production and marketing for industrial applications.
销售额53.9%，中国市场则占46.1%。由于无纺布的原材料为化纤(再造材料，主要是从已用及废弃的PET瓶及其他聚脂边角料提取的再造PET切片生产过来)，故是新一代环保材料。而无纺布亦能提供不同功能，并主要应用于：(一)鞋材;(二)装饰建筑用材料;(三)土木工程材料;(四)家纺材料;(五)汽车内饰;(六)：箱包材料;(七)功能无纺布。经过特定处理程序后，产品可增设若干功能，例如抗菌、芳香、拒油、拒水及阻燃等，以符合客户不同的要求。由此可见，无纺布在功能上较传统布料更具竞争能力。

By the end of June, the median revenue increased by 33% to 420 million yuan per year, and gross margin rose from 24.7% last year to 34.7%, mainly due to the overall price increase of products and the higher price function.

Non-woven fabrics

Sales increased, net profit increased by 87.9% to 100 million yuan.

The group has two major driving forces in the future, the first is the new capacity, the group's non-woven business, with 11 annual production capacity of about 81 million 500 thousand yards, and 5 additional functions and matching production lines with an annual production capacity of about 60 million yards. The chemical fiber business has 2 production lines, and the annual production capacity is about 30 thousand tons. On the above capacity, the group has expanded production facilities, and 6 production lines of non woven fabrics have been put into operation in the second quarter of this year. It is estimated that the annual production capacity of 40 million 800 thousand yards will be increased, accounting for half of the existing non-woven fabrics excluding and additional functions and the matching production lines, which will significantly boost profits in the second half of the year.

The second is the new product. In order to maintain its advantages in product function and actively develop and enhance the application function of existing products and even develop new products, the group has successfully developed non-woven fabrics used as filter materials recently. Since China is determined to reduce emissions by 40 to 45% by 2020, the demand for non-woven fabrics to provide filtration smoke will be greatly improved. The next group has 6 production lines and 10 additional functions and supporting production lines. The new production facilities will mainly be used for the production of non-woven fabrics, including filtering materials, with an estimated annual capacity of 50 million 500 thousand square meters, and believe that it can become an engine of profit growth.

Earnings per share is expected to grow by 33.3% next year, and the forecast price earnings ratio is 23.2 and 17.4 times in the next two years. Valuations are very attractive.

Market entry: $6.45, target: $7.40, stop corrosion: $5.95