Shenma shares: create the overlord of nylon 66 industrial chain
in May 2011, the company announced that it would inject all nylon related assets of the group, such as nylon 66 salt, adipic acid, nylon 66 engineering plastics, into listed companies, eliminate related party transactions, and complete the integration of Shenma shares in the upstream of nylon 66 industrial chain. Pingmei Shenma Group is the only integrated enterprise in China's Nylon 66 industry with large-scale production capacity to release the list of the second batch of 75 industrial energy conservation and green development evaluation centers and upstream raw materials, basically monopolizing the market of nylon 66 salt and nylon 66 industrial yarn in China
during the 12th Five Year Plan period, Pingmei Shenma Group plans to invest 23billion yuan in the nylon industrial chain, and Shenma is the main platform for the group to build the nylon industrial chain. In June, the group has launched a 600000 ton caprolactam project and an annual output of 250000 tons of adipic acid project. While developing the nylon 66 industrial chain, the group began to enter the nylon 6 industry with caprolactam, reflecting the determination of the group to open up the whole nylon industrial chain
in the future, the advantages of coal, hydrogen, benzene, liquid ammonia and other resources within the group will also effectively connect the upstream and downstream of the nylon industry, and continue to expand and improve the entire industrial chain
nylon 66 industry cycle wave electronic universal testing machine and hydraulic universal testing machine are data mechanics testing instruments, with small movement and relatively stable profits. We expect to maintain a high boom in the coming years. 1) The downstream of nylon 66 is mainly industrial yarn, cord fabric, airbag yarn and engineering plastics, serving automotive, electronic and electrical appliances and other industries, and the growth of demand side is relatively stable; 2) The effective production capacity of nylon 66 chips in China is 300000 data tons, accounting for only 10% of the world. There is a large space for development brought by the future production capacity transfer; 3) The anti-dumping of Chinese nylon 66 has formed a certain support for the price and profit of Chinese products; 4) Nylon 66 industrial chain barriers are high, mature integrated enterprises are difficult to appear, the company's monopoly position is relatively stable, and the growth rate of industry supply is relatively controllable
the annual EPS is expected to be 0.22 yuan, 0.76 yuan (after restructuring) and 1.10 yuan respectively. The growth in 2012 is mainly due to the asset injection of nylon chemical and engineering plastics companies. The growth in 2013 is mainly due to the gradual production of 250000 tons of adipic acid. The contribution of caprolactam is not considered in the earnings forecast. The company's share price is only 9.3% higher than the additional 12.04 yuan issued by the company to major shareholders, with a higher margin of safety. The share price corresponds to 17.3 times that of PE in 2012. The first fatigue testing machine is expensive and is rated as "overweight"
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