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Profile: The company mainly engaged in the research and development of adhesives and new materials, production and sales of adhesive 400 kinds of product categories, is the largest supplier of domestic automobile, engineering, construction, high-speed railway, new energy, electronics industry adhesives.
Adhesives promising car markets: the automotive industry in the fields of welding, painting, assembly, interior trim, and accessories are on the adhesive has a greater consumption, China's per capita car ownership is also significantly lower than the level of developed countries, there is room for improvement tomorrow. With the new energy vehicles subject to national attention and encouragement, lightweight has become an important development direction of the car, the car lightweight process will increase aluminum, magnesium, ceramics, plastics, fiberglass and carbon fiber composites and other lightweight materials in the car applications, and the majority of the material can not be welded, riveted, need to use engineering adhesives for bonding.
After the car repair market will promote greater development under antitrust policy: the Ministry of Communications promulgated the New Deal proposed to break the monopoly of car manufacturers to measure automobile maintenance technology and accessories channels, encourage original parts manufacturers to the automotive aftermarket factory accessories and has its own brand of independent aftermarket accessories. We believe that this policy will break the current monopoly 4S shop original parts of the pattern, the independent after-market parts manufacturers will usher in major development.
Adhesive products company for marketing and other areas after the vehicle and car after car market there is a natural channel value and brand value: adhesives for automotive vehicles and two fields after-market, after market dealer five hundred more than in the automotive after-market value of natural channels and brand values, especially commercial areas. China currently average age of about 90 million passenger cars 3.5 years, expected to follow the vehicle maintenance costs will be significantly increased and the market will gradually shift from the independent repair market 4S shop According to foreign experience, so we judge for 15 years will be independent repair market demand Large increase the first year. Considering the automotive after-market electric providers will play a big role in disintermediation, cost transparency and an improved user experience, able to bring the owner, accessories factory, service station three win-win situation, so we strongly optimistic in this area disruptive change, with the channel resources from enterprises to realize realizable value channels.
Recommendation: We expect 15, 16 EPS were 0.92 and 1.31 yuan, adhesives and new materials business steady and rapid growth, the company set up equity fund Softbank bring epitaxial expected next wave of the Internet, with the channel resources companies are expected to significantly benefit from the rise of the automobile market, giving our BUY rating -A 12-month target price of 50 yuan.
Risk Warning: Adhesive demand lower than expected risk, after the fierce market competition, risk
