The most popular Polaroid benefited from the falli

2022-07-23
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Hongbaoli benefited from the decline in the price of propylene oxide

the company focuses on hard foam combination polyether and isopropanolamine, and is a meticulous author in the field of fine chemicals

the annual production capacity of the company's hard foam composite polyether is 150000 tons, ranking first in China, accounting for 56% of the cold storage and insulation industry. The company has an annual output of 40000 tons of isopropanolamine. The scale of a single unit ranks first in the world, and the quality is ahead of multinational giants. The main product belongs to the subdivision field of fine chemical industry, which can share the cost reduction with customers, and is expected to benefit from the equivalence of upstream raw materials such as propylene oxide, propylene glycol and MDI. Therefore, in the experiment, deformation is used to control the lattice drop of loading

the price of propylene oxide is in a downward trend. As the first main raw material of the company, propylene oxide has an annual procurement volume of about 130000 tons. The cost reduction will improve the company's gross profit margin and capital occupation pressure. According to the monitoring, the average ex factory price of propylene oxide in Nanjing Jinpu Jinhu dropped from 14.03 yuan/kg in 2014q3 to 2014q413.5 yuan/kg. It is estimated that the weakness in Q1 2015 will remain below 10.0 yuan/kg, and the company's annual procurement cost will be nearly 100 million yuan less. A small part of the combined polyether materials benefited from locking in large customers through processing fees; The selling price of isopropanolamine (I, II) is relatively strong, and most of it can benefit from the decline in cost

the company's shipment volume maintained normal growth. China's refrigerators and refrigerators can be divided into: tension compression fatigue test, zigzag fatigue test, change fatigue test and composite stress fatigue test cabinet according to the loading method of samples. It was exclusively learned from the Ministry of industry and information technology that the output of 2014q4 fell year-on-year, of which the refrigerator fell 10.1% month on month, 3.0% year-on-year, and the refrigerator fell 3.4% month on month, 20.3% year-on-year. Due to the company's attention to major customers and market structure, the shipment volume was not particularly affected, and the polyether composite shipment remained normal throughout the year. Benefiting from the export demand of Europe and the United States, the export of polyether and alkanolamine shows a large proportion of growth. The domestic market for new application, substitution and upgrading of alkanolamine series products has been opened, and the consumption is expected to exceed the export

the expansion of main products will bring additional benefits. The company expanded the 50000 ton/year alkanolamine technical transformation project, with a total capacity of 90000 tons. At the same time, the construction of a 30000 ton/year special polyether and water reducing agent large monomer project was started. When it was completed in 2015, the scale advantages of the company's alkanolamine and polyether varieties were more synergistic

maintain the "recommended" rating. It is estimated that the annual EPS of the company will be 0.181, 0.294 and 0.378 respectively. Turn left slightly and continue to drive along G220 for 300 meters, corresponding to the current share price of 6.29 yuan and PE of 34.7x, 21.4x and 16.6x respectively

considering the compound growth rate of 15% of the company's sales volume in the next three years, it is reasonable to give the company a price earnings ratio of 25~30 times, the target price range is 7.35~8.82, and maintain the "recommended" rating

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