Zaisheng Technology (603601): Made in China for Clean Energy Saving Industry
Microfiber glass wool faucet, which is committed to “clean air” and “efficient and energy saving”, is one of the major domestic glass fiber filter paper manufacturers and one of the first domestic companies to produce VIP core materials.
At present, the company’s products mainly include two series of “clean air” and “high efficiency and energy saving”, which respectively serve the clean and energy saving fields.
At present, the company has a microfiber glass wool production capacity of over 6 tons per year, a filter paper production capacity of over 9,000 tons, VIP core materials and AGM segment production capacity of nearly 1.
5 representatives, is the largest microfiber glass wool production base in China, the production and sales of glass fiber filter paper ranks first in the country, accounting for nearly 10% of the global market share, about 40% of the domestic alternative market, widely serving AAF,CAMFIL, Ahlstrom, Panasonic, Toshiba, BOE, Tianma, Huaxing Optoelectronics and other well-known domestic and foreign enterprises.
The application area of clean demand upgrade is extended, and the demand for “clean air” continues to grow. Glass fiber filter paper is an ideal air filter material, and it is the material of choice for high-efficiency / ultra-high-efficiency air filters. Currently, a large number of industrial clean rooms are compressed and gradually penetrated into the civilian commercial field.extend.
In 2018, the domestic industrial clean room, air purifier and fresh air system newly installed filter paper market space was 1.1 billion, 3.7 billion, and 300 million US dollars respectively. Because filter paper is a consumable, if you consider the replacement cycle, the size of the market space.
Substitute advantages gradually emerged. The VIP board of high-end refrigerators broke through. It is expected that the VIP board has both the advantages of environmental protection and energy saving. It is currently the most advanced high-efficiency thermal insulation material. It is mainly used for energy-saving thermal insulation materials such as refrigerators, freezers, and cold 都市夜网 chain logistics.
Global demand for VIP boards in 2017 was nearly 45 million square meters, and domestic demand was 7.4 million square meters, corresponding to a market size of approximately 4.5 billion and 7.
US $ 500 million. At present, the average penetration rate of VIP boards as insulation materials in refrigerators and freezers is only 3%. If you refer to the penetration rate of 70% in Japan, the market prospects are broad. Cold chain logistics is expected to become an important market for VIP boards in the future.Gradually, the cold chain logistics industry is still in the development stage, and the promotion of cold chain construction is expected to release huge demand.
In addition, VIP boards are mainly used to replace traditional thermal insulation materials such as polyurethane foam boards. Through energy-saving and environmental protection policies, the gradual implementation of the Montreal Protocol, VIP boards’ replacement of polyurethane boards is worthy of special attention.
The demand for capacity release is growing, high growth is inevitable, maintaining the “Buy” rating. In the short term, the company ‘s capacity distribution will be carried out in an orderly manner, which will bring higher growth for the company. In the medium and long term, the industrial chain layout has been basically completed, and the domestic marketThe import substitution of products has been promoted in an orderly manner. The new product layout and business are expected to blossom more. The future development space is huge. The continuous growth of performance can be expected. EPS in 19-21 is expected to be 0.
55 yuan / share, corresponding to PE of 21.
4x, maintain “Buy” rating.
Risks indicate that the growth rate of production capacity is less than expected; the extension of the industrial chain is less than expected; new products and new market expansion are less than expected