The new unpopular stocks ran out of a big black horse Kang new flagship environmental printing

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Every reporter Xu Jinmin the second half of last year's share market listing new shares, there are many "break", even if there is no "break" of the new shares, many of which are currently lower than their first day of stock prices, the current price can be significantly higher than the first day of the IPO opening of the stock is not much, and this few stocks,　　Most of the hot emerging industries, such as engaged in garbage generation of the Fuchun Environmental protection (002479, closing price of 44.08 yuan), to share the "Tiegangki" construction investment income of the new building shares (002480, closing price of 78.48 yuan) and so a few.　　Kang has a new Bopp film industry situation is what? The domestic hegemony of the unpopular industry at the beginning of this century, the plastic products Bopp film (biaxial tensile polypropylene film) due to low technical content, product gross margin is more than 20%, luring many domestic manufacturers to join this industry.　　Like the listed companies in the 600074, BOPP film gross profit margin before 2008 there are 10 points, but now there has been a loss.　　In fact, Bopp film and Bopp film is completely different, BOPP film is the pre-coated BOPP film raw materials, that is, BOPP film industry in BOPP film industry downstream. Kang's new Bopp film production is a pre-coated Bopp film production field, I believe many investors have not heard. Professional manufacturers of adhesives coated in plastic film, after drying, rewinding as a product for sale, the film is called the pre-coating film. Pre-coating film coating process is a more advanced prepress technology, no environmental pollution, improve the working conditions, more importantly, it completely avoids bubbles, delamination and other film-covering failure occurred.　　Pre-coating film can be used in industrial printing, commercial printing and special use. At present, China's film-coated market 80% is water-soluble that is, coating film, nearly 20% is a pre-coating film, solvent glue is a small amount of film.　　And the foreign film coating market, the proportion of film is quite large, the United States is 95%, Europe is 65%, Japan is 70%. The United States GBC Company is the world's largest film-coated supplies and equipment manufacturers, the current capacity of about 45,000 tons/year, the remaining 110 enterprises, the vast majority of only 1~2 line, the total output can be less than 500,000 tons. Kang New for the domestic industry leader, the current capacity of more than 16300 tons/year, ranked sixth in the international market share of 20%, and many high-end products. The company has Beijing, Zhangjiagang two production base, a total of 6 production lines, including Beijing 4, Zhangjiagang 2. Last year, after the listing, to raise 4 production lines, of which 3 in Zhangjiagang, 1 in Beijing; 4 lines are allU.S. imports of equipment, up to the postpartum capacity can be increased by 14,200 tons/year, the total capacity will reach 30,500 tons/year. The project will be put into production ahead of schedule for these 4 lines, the company's prospectus is expected to take about 3 years to produce, but company staff recently told the Daily Economic news Reporter: "It may be faster than expected, at the end of October, there is a production line to put into production, seven weeks later, the second will start, and so on, We estimate that four lines will be fully commissioned in the first quarter of 2012. In addition, the capacity of the four line increased by 40%, each line design capacity is 4500 tons/year, the future can reach about 6000 tons/year, the total output will reach 40,000 tons/year, or even more than this number. "If this is calculated, Kang's new capacity will be ranked second in the world."　　Because it is now the annual report sensitive period, the staff member is unwilling to disclose his name. Film sales, the staff said: "Half of the company's products for export, generally speaking four quarter is the peak season, may be the reason for Christmas." The company has no stock, the inventory data appearing in the financial data, is caused by the company reserving products for customers. "For the price of film," overseas by square meters, about 22000~24000 yuan around; domestic by Ton, the price is lower. "Raw materials, the new film required raw materials for BOPP film, boPET film, the glue used for EVA (ethylene-vinyl acetate copolymer) Hot Melt Adhesive, LDPE (low-density polyethylene) Hot melt adhesive."　　BOPP film February 16 quotation for 15000~17000 yuan/ton, the price of different thickness slightly difference; boPET film slightly high, the price at 19000 yuan/ton. Company 80% Bopp Film from Suzhou Kun Ling, bopet film and LDPE Hot Melt adhesive, Eva Hot Melt adhesive sales mainly rely on imports. In order to solve the raw material Bopp film Supply, Kang was newly listed after the proposed investment set up Shandong Sishui New Co., Ltd., the construction of 2 Bopp film production line, production capacity of 32,000 ~3.5 million tons, the total investment of the project 220 million yuan.　　Sishui project is completed and put into production, the company's BOPP film no longer need to be outsourced, production costs will drop 5%~10%, in addition to their own products, but also direct to local users.　　Great Wall Securities: This year's revenue or up to 0.73 Yuan/unit "Daily economic news" reporters to the National Information Center of the forecast report that 2011, 2012 global film demand for 1.04 million tons, 1.13 million tons, domestic demand for 85,000 tons, 115,000 tons. As a result of the film market demand, product gross profit margin has been maintained in more than 20%, this will inevitably lead to new manufacturers to join, the film will be repeated Bopp film capacity of the fate of excess? The staff said: "The impact is unavoidable, but I think mainly in the middle and low-grade products." Pre-coating from the investment to produce products about 2-3 years time, the stability of product quality is difficult to control. Generally a product is not qualified,This batch of products is not available.　　"Because of the technical and financial barriers, Kang is not afraid of a new peer competition." In addition, the company's laminating machine products more than 45% of the gross margin is also mouth-watering, and the original mechanical equipment is only with the film for sale. "Laminating machine technology content is not high, many manufacturers can produce, this is not supplies, the company's main products or film." If the customer needs to buy film laminating machine, we are cheap to send, expensive to sell. The staff revealed.　　Laminating machine is divided into small film laminating machine, Roll laminating machine, the new laminating machine is roll-laminating machine, mainly used in industry. The Great Wall Securities analyst Wang Gang believes that the company is the earliest to start, the largest production, market share of the highest film production enterprises in the domestic market has absolute market discourse. It is estimated that the company's operating income of 2010-2012 years is 514 million yuan, 703 million yuan, 935 million yuan, the growth rate is 41.2%, 36.7%, 33%, the net profit is 80.3 million yuan, 118 million yuan, 177 million yuan, the growth rate is 73.6%, 47.9%, 49.8%,　　Earnings per share is expected to be 0.49 yuan, 0.73 yuan, 1.1 yuan. Wang Xiaojuan, a researcher who has been to the company's research, said: "The company's products are indeed in short supply, the management of personal charisma, we are optimistic about the company's prospects, but the current high price, the proposal to investors low intervention." "Related news paper products" pre-coating technology for the mainstream people in daily life are often exposed to books cover, product samples, advertising, brochures, all kinds of documents and paper packaging products, these products have a layer of transparent film surface, is the factory through a certain process of adhesion to the paper surface, used for waterproof, anti-fouling. This film is coated, the raw material for PP (PP), PET (polyethylene terephthalate), PA (nylon), that is, Bopp film, boPET film (polyester film), Bopa film (biaxial stretching nylon film).　　If the manufacturer after the adhesive to the film adhesion to the surface of the paper, this process is called the coating technology; if the manufacturers in advance on the film coated with adhesives, printing only to the film heating, pressure can be bonded to the surface of the paper, this process is called pre-coating technology. Pre-coating film can be used in industrial printing, commercial printing and special use. Industrial printing Market refers to the publication of printed matter, food, medicine, daily necessities and other consumer goods packaging film market; commercial printing market mainly refers to digital printing, card, anti-counterfeiting, commercial advertising and other emerging areas; special uses are building materials.　　Pre-coating film can also be divided into light and Matt type. That is, the coating technology can be divided into solvent glue namely coating technology, water-soluble that is coating technology and pur-rubber-coated technology. Solvent glue is the application of organic solvent glue containing benzene and other harmful flammable substances, the process is now in Europe and America has been strictly prohibited, the domestic also successively banned. Wanghuai bead, an expert member of the National Printing Standards Commission, told the Daily Economic news: "The NDRC made a few years ago to eliminate solvent glueCoating technology, this process has been very few in the country, only in some remote areas. "Water-soluble-coated technology in the production of only toxic organic solvents replaced by non-toxic solvents, although the elimination of pollution, but heavy water, laminating 3-5 days after the concave-convex processing, waiting, preparation time is too long, in the graphics and text surface prone to large area of snow-like spots, in some products can not be used.　　PUR-Coating Technology 2005 years before the appearance, although advanced, and can make the product to achieve the desired effect, but the equipment is unusually expensive. Visible, with the public awareness of environmental protection and enhance the aesthetic taste, the domestic film will be the mainstream of the prepress processing market.