The four pillars of automobiles, high-speed rail, renewable energy and electronics are the direction in which the company concentrates on development; private shareholders believe that the company is forward-looking in industrial layout.
The arrival of the high-speed rail era has spawned a wide variety of related stocks. However, as the market weakened, some stocks also encountered an embarrassing situation of "satisfaction."
However, there are still some companies that have won both reputation and market in the weak market. Huitian Rubber Industry (300041.SZ) is such a company. Although most of its products may not be familiar, it does not prevent it from performing well in the secondary market.
The company was listed on the GEM on January 8 this year. The opening price of the company was 47 yuan. After that, the price of the market was slightly fined, but in general, the company's stock price has gone out of a strong upward trend. As of July 9, the company's share price closed at 59.53 yuan, an increase of 28.33% compared with the first day closing price.
And this listed company in the adhesive industry, what kind of "magic glue" is used to stick to the high-speed rail market, and how much real gold can this bring to the company?
Has received 15 million tons of high-speed rail orders
"The latest data, we have now received 15 million tons of high-iron polyurethane orders, in addition to the Shanghai-Nanjing intercity railway, but also other railway lines." Hui Tianjiao Securities Affairs representative Tian Haidong accepted on July 8 The first financial daily newspaper "Financial Business" reporter said in an interview.
So, what kind of product does he call polyurethane, and what role does it play in high-speed rail?
It is understood that the product is called "railway convex table polyurethane adhesive". China's high-speed rail adopts ballastless track technology. In order to solve the problems of thermal expansion and contraction of track materials and vibration displacement caused by high-speed impact, the high-speed rail track plate adopts convex shape. Positioning of the stop, which requires a polyurethane adhesive with good adhesion, excellent elasticity, quick recovery from compression deformation, and excellent vibration and fatigue resistance.
"China's high-speed rail is introduced by Japan's Shinkansen technology, and technology for engineering rubber is also introduced, and this is also an important link in the construction of high-speed rail," said Zhao Ganming, an analyst at Guojin Securities.
“The rails of the train have to bear a lot of weight, and the polyurethane can increase the area of ​​the force and play a role of shock absorption,†the company said.
It is understood that Huitian Rubber Industry Co., Ltd. is one of the five domestic enterprises that have received the “high-speed railway railway convex platform polyurethane adhesive technologyâ€, which can produce polyurethane glue for laying high-speed railway ballastless track.
According to the company, there were indeed five companies that provided this product for high-speed rail construction, but one company later withdrew, so currently there are four companies including polyurethane adhesives for high-speed rail construction. The company is not the only listed company, and Times New Materials (600458.SH) also offers this product.
“Compared with last year, the company’s production of polyurethane for high-speed rail has indeed grown by a large margin. Last year’s output was only about 400 tons,†the company said.
It is understood that in August 2009, the company signed a supply contract with China Railway for 440 tons of polyurethane, with a contract value of 9.724 million yuan.
“This data has grown faster than before, but it is still relatively small compared to the entire high-speed rail market. The price of polyurethane used in the high-speed rail market is relatively cheap, about 21,000 yuan/ton.†Tian Haidong said.
It is understood that the company's 2009 annual report has predicted that the amount of polyurethane brought by high-speed rail will reach 120,000 tons in the next 10 years, and the product design life is 10 years, and the future repair and replacement volume is greater.
As the market outlook is improving, the company has also accelerated its layout in this area. On June 19, the company issued a notice saying that it decided to use the over-raised funds of 65 million yuan to invest in the expansion of the "annual production of 3,000 tons of polyurethane adhesives and sealants construction production projects."
Zhao Ganming believes that the expansion project will help the company expand its market share in the field of high-speed rail rubber.
In fact, market participants are worried about the company's high-speed rail construction rubber market, whether large-scale high-speed rail construction will end after 2012. Zhao Ganming believes that domestic high-speed rail and urban rail transit construction will continue until 2020, without considering the prospects of overseas markets.
Four areas of force
Although the focus on Huitianjiao is mainly concentrated in the field of high-speed rail, in fact, due to the wide application of adhesive products, the company's business content is quite rich. In addition to high-speed rail, the company's downstream also includes automotive, electronic appliances, new energy and other fields.
"In the future, the four parts of automobiles, high-speed rail, renewable energy and electronics will be the direction for the company to concentrate on development. From last year's point of view, the company's business in this area of ​​the car is relatively large," the company said.
According to the 2009 data, the company's revenue in the automotive industry was 159 million yuan, accounting for 67.50%. The company's market share in the automotive manufacturing and automotive maintenance sectors reached 12% and 30%, respectively.
In addition, the company's products are also used in LED packaging, solar cells and wind power equipment. Zhao Ganming believes that in addition to high-speed rail, the company has great opportunities for development in the other three areas. Among them, as the car ownership continues to grow, the demand for LED products upgrades, and the export volume of photovoltaic cells and wind power installed into the growth cycle, the company will have the opportunity to benefit.
Then, for the company, in the four contents, will the priority of high-speed rail business be developed in the future?
"These four aspects are our future development direction, but we have not ranked the four businesses. In the future, with the changes in the consumption structure, the product structure may indeed change, such as the high-speed rail. The proportion has gradually increased," Tian Haidong said.
In fact, this is also the reason why some private placements are quite optimistic about Huitianjiao.
Li Yanzhen, the director of Beijing Jingfu Rongyuan Investment, who has been paying attention to the development of the company, told reporters: "One of the reasons why we are optimistic about Huitianjiao is that the company is forward-looking in the industrial layout." It is understood that whether it is into the high-speed rail, Cars and LED products in the industry need to be certified. The certification time will take about 2 years. In Li Yanzhao's view, the company's sagacity is to anticipate the high growth of the industry in the early stage and obtain certification before many rivals. Make the layout.
“In addition, the company’s industry assets are relatively light, and it takes only 10 to 12 months to build a production workshop, which will help the company achieve rapid expansion,†he said.
Li Yanzhen believes that although the company has to face competitive pressure from its rivals, in general, growth will be determined in the next three years.
Located in the upper part of the pyramid
Although the outlook is optimistic, it is undeniable that the industry in which the company is located is also highly competitive.
It is understood that the adhesive industry is a fully competitive industry with a large number of companies and a low market concentration. At present, there are more than 280 manufacturers specializing in the production of industrial adhesives in China. However, there are less than 30 manufacturers with annual sales income of 50 million yuan and independent technology.
In addition, multinational companies including Germany Henkel Corporation and Dow Corning Corporation have reduced their production costs by establishing joint ventures or production bases in China, and have obvious competitive advantages in market share and technology research and development.
In the competitive landscape of the industry, these foreign industry leaders undoubtedly occupy the top of the pyramid, while some small and medium-sized enterprises that mainly produce low-end products are located at the bottom of the pyramid. Domestic enterprises with certain technical content and high gross profit, including Huitianjiao, are located in the upper middle of the pyramid.
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