Hailide (002206) In-Depth Report: Vietnam Project Commences Leading Development and Welcomes New Possibility
Leading companies in the industry, focusing on polyester industrial yarns, plastic materials and polyester cord fabrics. The company’s performance has continued to grow since its listing.
The company’s products are polyester high-mold low-shrink yarn, polyester seat belt yarn, and polyester bladder yarn. The three major automotive yarns are wide-ranging light box cloth, canopy cloth, ceiling film, and stone plastic flooring.Silk is high-end polyester cord fabric of raw silk.
At present, the company’s polyester industrial yarn production capacity is 21 per year / cord product production capacity is 4.
5 radicals / year, plastic materials 200 million square meters / year, PVC calendered materials 9 radicals / year.
The company’s average annual growth rate of revenue from 2008 to 2018 is 12.
9%, the compound annual growth rate of net profit attributable to mothers 14.
3%, the product structure is constantly optimized, the growth rate is greater than the revenue growth rate.
In the first three quarters of 2019, the company achieved revenue of 29.
900 million, an increase of 11 in ten years.
9%, net profit attributable to mother 2.
4 ‰, a decrease of 16 per year.
Polyester industrial yarns, polyester cord fabrics, plastic materials, and market space continue to 南京桑拿论坛 grow Polyester industrial yarns: differentiated product layouts, and market space continues to grow.
Supply side: At present, there are almost no new projects planned for industrial wire worldwide.
The company focuses on the strategic partnership between well-known global tire manufacturers and automobile safety assembly manufacturers, and pays close attention to high-tech, high-value-added products. In the differentiated automotive wire market, Haili stands out.
Demand side: Apparent demand for polyester industrial yarns in 2019 is 129.
4 Initially, it rises by 13 each year.
The use of downstream automotive seat belt yarns has kept growing in sync with the automotive industry; however, benefiting from the increase in the spacing of airbags for bicycles, the demand for casing wires will lead the growth of automobile production, and the penetration rate of polyester 北京养生 industrial yarns will be promoted.
Cord fabric: The industry leaders continue to lay out, and downstream demand continues to be optimistic.
Supply side: The industry leader expands its global market share through the acquisition or construction of a new cord factory in Vietnam.
Demand side: Demand-side growth mainly benefits from the increase in demand for downstream radial tires and the replacement of market share of some nylon cords and viscose cords. Its demand growth rate will clearly exceed the growth of the tire industry.
The export business of domestic polyester cord fabrics is more affected by Sino-US trade.
In 2019, the United States imposed an additional 25% tariff on polyester cord fabrics originating from China, which will have a certain impact on domestic cord fabric business, but the trend of trade relations is picking up, and the competitiveness of domestic cord fabric companies is expected to recover.
Plastic materials: new life in traditional industries, stone plastic flooring needs to be strengthened.
Traditional plastics business is fiercely competitive, and high-end products are the development trend.
The company successfully developed an ultra-wide ceiling film, which has been included in the market gap of ceiling film series products, and has reached the world leading level.
Stone plastic floor needs to be strengthened.
Demand for stone-plastic flooring in the European and American markets is growing rapidly. From 2011 to 2018, the average annual compound growth of the number of stone-plastic flooring in the United States and Europe was 24.
96% and 15.
As a major producer of stone plastic flooring, China’s average annual export volume in 2016-2018 has reached 32.
Research and development raises growth momentum. New plastic business and Vietnam projects push enterprises to a new level. Research and development drives growth, differentiates product and service layout, and optimizes customer structure to broaden corporate moats.
The performance of the company’s differentiated automotive polyester industrial yarn products surpassed those of foreign counterparts.
The seatbelt and bladder wires achieve full coverage of mainstream global automotive safety assembly manufacturers such as AUTOLIV, TRW, JOYSON, etc. Terminal vehicle brands include Audi, BMW, Mercedes and other brands.
High-mold, low-shrink yarn and polyester cords completely cover tire manufacturers such as Michelin, Bridgestone, and Continental Tire.
Completed the first batch of supply for Bridgestone Europe, adding Hankook and Trelleborg certification. The traditional plastics business resumed growth, and the new business of stone plastic flooring is expected to be heavy.
The traditional business resumed growth by strengthening sales, and new products such as smallpox and stone plastic flooring are expected to contribute incremental revenue in large volumes.
In addition, at the end of 2019, some models of stone plastic flooring products were exempted from additional U.S. tariffs in order to increase export competitiveness and restore the growth trend.
The company is expected to usher in a new round of rapid growth in fixed assets, and Vietnam projects will push enterprises to a new level of growth.
The company’s current projects under construction mainly include: an annual output of 4 inserts for automotive industrial yarns and 3 inserts of high-grade tire cord fabrics; an annual output of 12 million square meters of stone-plastic flooring; an annual output of 11 bases in Vietnam with chemical polyester polyesterSilk item.
Enjoy preferential policies for building factories in Vietnam, increase the competitiveness of the company’s products, and increase the flexibility of the company’s performance.
The company ‘s Vietnam base ‘s copyright is exempt from income tax preferential policies of two, four and half. For example, based on the calculation of the production capacity, sales at the Vietnam base can increase profits compared to domestic sales.
USD 60,000, accounting for approximately 9% of the company’s net profit in 2018.
Profit forecast: We estimate that the company’s realizable operating income for 2019-2021 will be 4255/4712/5646 million; the corresponding net profit attributable to the mother will be 326/407/522 million; the corresponding PE will be 15/12/9Times.
Covered for the first time and given a “Buy” rating.
Risk warning: capacity construction and release are not up to expectations; downstream demand is shrinking.