Wang Zixin material: the layout of the plastic machine, vertical injection molding machine packing leader

Date：2014-12-16 16:01:27

Wang Zixin material: plastic packaging leading domestic enterprises.Company is mainly engaged in plastic packaging materials and product development, design, production and sales, products include plastic packaging film, plastic trays, plastic cushioning materials three series.Company 2014 years ago, three quarters of main business income is 2014 yuan, net profit of 21.64 million yuan, in 2013, main business income is 477 million yuan, net profit of 39.26 million yuan.

Downstream high speed development, the plastic packaging material development space is large.Plastic packaging industry downstream industry mainly include electronic information manufacturing industry, food industry, pharmaceutical manufacturing, etc., in recent years is in the steady development of the industry and even explosive development stage.According to China packaging federation predicted that in 2011-2015, China's electronic products, plastic packaging market annual compound growth rate will reach 16.75%, the size of the market in 2015 will reach 2015 yuan.

National layout, production has a first-mover advantage.In around of langfang, Qingdao, yantai, the company has 14 subsidiary companies two branches.Subsidiary of construction as the company has opened up a new market space, reduce the transportation cost, to enhance the service capability and customer responsiveness, in maintenance with big customer relationship plays a very important role, laid the foundation for the stable development of the company, to establish the company's competitive position in the industry take the lead.

Its IPO investment project is an important guarantee of growth in the future.The company plans to raise 185 million yuan, this time is mainly used in established production bases in shenzhen, Qingdao, chengdu, Hong Kong, a national layout, and supplement working capital projects.Offering investment project is expected to 2 years, can make double existing capacity.In view of the rapid development of downstream demand, production capacity can effectively release, performance is expected to keep growing.

The profit forecast and investment advice.We predict Wang Zixin materials 2014-2016 diluted earnings per share were respectively 0.41, 0.46, 0.51 yuan.P\/e valuation method by comparable company, we think Wang Zixin material reasonable price range 13.80 18.40 yuan.According to the price, as well as the valuation result, overweight rating.

Risk factors.Market concentration risk with our customer, raw material price volatility risk, the danger of rising year by year, labor costs scale expansion, interregional operation risk management.

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