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Leading enterprises in the domestic plastic composite flexible packaging industry have developed greatly
last Saturday, the central bank announced that it would cut the RMB deposit reserve ratio of deposit-taking financial institutions by 0. 5% from May 18. 5 percentage points, this is the second time the central bank has lowered the deposit reserve ratio since 2012. Yongxin shares (002014) One of the top ten potential stocks, the concentration of its plastic composite flexible packaging market has increased, and the development space is huge.
Yongxin Co. , Ltd. mainly produces and manages high-tech products such as plastic color printing composite flexible packaging materials, vacuum aluminized packaging materials, pharmaceutical packaging materials, multifunctional films, etc, customers cover food, medicine, daily chemicals, agrochemicals and other fields. It is a leading enterprise in the domestic plastic composite flexible packaging industry, ranking first in terms of scale, production capacity and market share.
compared with mature foreign markets, China's plastic flexible packaging market is relatively small and has huge development space. The performance of the global packaging leader comes from emerging markets, and China bears the brunt. According to the calculation of China Packaging Federation, China's plastic flexible packaging market has exceeded 30 billion yuan in 2010, but compared with the US flexible packaging market of about 25 billion US dollars and the global flexible packaging market of about 60 billion US dollars, china's plastic flexible packaging scale is still relatively small, and there is huge room for future development.
market concentration needs to be improved, and leading companies still have a lot of room for growth. The market share of the top five enterprises in foreign mature markets is close to 50%, while that in China is less than 15%. Comparatively speaking, there is still a big gap between the scale of China's plastic flexible packaging enterprises and that of overseas large enterprises. The market concentration needs to be improved urgently, and leading companies still have a large room for growth.
Based on Huangshan Mountain and looking to the whole country, the scale advantage is obvious
Yongxin joint-stock company currently has an annual production capacity of more than 50 thousand tons of color printing composite packaging, and continuous additional investment; Self-supporting more than 30 thousand tons of packaging film production line extends the industrial chain. The production capacity is distributed in the three production bases of Huangshan, Hebei and Guangzhou. It is based on Huangshan and looks at the whole country. It has a pattern of coordinated coverage of the Yangtze River Delta, the Pearl River Delta and the Bohai Rim region.
new production capacity will contribute to the growth rate of performance in the next two years. Guangzhou Yongxin annual output of 12000 tons of multi-functional, high barrier packaging material project was completed and put into operation in July 2011; Huangshan's annual output of 12000 tons of multifunctional packaging New Materials Project was completed and put into operation in March 2012. New capacity release and operational efficiency will appear this year and next.
profit forecast and investment suggestions. Yongxin shares expect the company's earnings per share in 2013 and 2012 to be 1. 5% respectively. 02 yuan, 1. 28 yuan. Yongxin shares are optimistic about the continuous growth of downstream demand in the plastic packaging industry and the consistent and stable growth of the company's operation. With reference to the comparable company's valuation of 19X in 2012 and the target price of 19. 38 yuan, maintain'Buy'Rating.