New Branches Of Jilin Chemical Fiber Old Trees
benefit from
cotton
Price increases, bamboo fiber industry is ushering in a period of rapid growth.
We believe that despite recent adjustment in cotton prices, cotton is expected to be affected by multiple factors such as higher planting costs, domestic supply shortages and long-term bull market expectations.
The company occupies a leading position in the bamboo fiber industry.
Jilin chemical fiber has been cultivated for more than ten years in the field of bamboo fiber. It is a single traveller in the bamboo fiber industry, and currently occupies more than 80% of the market share of bamboo fiber market.
The company has built a complete bamboo fiber industrial chain through the control of raw materials supply and the establishment of Tianzhu alliance. In the next 2-3 years, 120 thousand tons of bamboo pulp and 50 thousand tons of bamboo fiber will be put into operation in succession.
We think the company will usher in.
Performance inflection point
。
The restructuring of the company's products has been achieved, and a set of viscose short fiber and filament equipment has been changed into bamboo fiber production equipment.
At present, the production capacity of bamboo fiber has reached 55 thousand tons. Compared with 17 thousand tons of filament and 17 thousand tons of viscose staple fiber, bamboo fiber has become the most important business of the company.
Future Ltd's production capacity of bamboo fiber, differential yarn and other high gross profit products will continue to expand, and the scale of loss products will gradually decrease.
To give "recommended" rating: we judged that after 4 years of downturn, the company's performance will be the time window for turning points.
We expect the company's EPS in 2010, 2011 and 2012 to be -0.11 yuan, 0.34 yuan and 0.72 yuan respectively, giving the "recommended" rating.
(Note: in 2011 and 2012, EPS assumed a 170 million share increase and collected 1 billion yuan diluted data).
Risk warning: the risk of a steep fall in cotton prices; the expansion of bamboo fiber market is less than expected.
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