The invisible giant in the upper reaches of southern high fiber and infant industry

Into cotton, also lose cotton.　　Nearly two days, the commodity market, cotton prices plunge, leading to a significant rise in the early period of polyester fiber benefits stocks also fell more than the price of the price of the end. However, due to the variety of different fibers, different uses, cotton price increases on the impact of polyester products are also different. After careful study of chemical fiber company's products, "daily economic news" found that Jiangnan high fiber (600527, closing price of 10.52 yuan) products in the chemical fiber companies are more special.　　The company's main varieties of composite fiber is sanitary napkins, urine and other disposable health products, such as primary materials, the company is currently in the industry leading position, unique in a-share market.　　With the further expansion of the female and infant markets in the future, The invisible giant, the southern high fiber, is expected to grow in the future for a long time. Low margin behind the hidden expansion of the model Jiangnan high fiber products are mainly polyester tops and composite staple fiber. Polyester tops of the development of the composite fiber, applied to the wool industry, mainly used in wool and woolen blends, is the production of apparel fabrics raw materials. The polyester tops produced by the company are mainly used for worsted wool.　　Data show that its polyester tops at present the market rate of more than 60%, with strong pricing capacity, so that the company's gross margin since 2007 to maintain more than 30%. Compared with polyester tops, the company's current main development of composite staple fiber product gross margin is lower.　　The gross profit margin of composite staple fiber was 12.1%, 14.7%, 7.8% and 8.8% respectively in 2006-2009 years.　　However, according to the Daily Economic news reporter survey found that this is only a symptom. The low gross profit margin of composite staple fiber is a kind of business strategy of the company.　　Yesterday (November 12), Jiangnan high-fiber securities representative Shongzhong told the Daily Economic news reporter, the company focused on the long-term, short-term low gross margin competition to help companies quickly seize the market. In this respect, the Bank of China International analyst Kisheman also pointed out that the past Jiangnan high fiber has been through the low margin expansion model to defeat rivals, and then combine their own sales advantages, eventually make polyester tops in today's market in a single big.　　At present, the company's center of gravity has been placed in a more market potential of composite fiber, on the surface, composite staple of the gross margin is not high, in fact, this is the company to take the same as polyester top in the past the same expansion strategy. Data show that 2009 3, 6, November and April 2010, the company has added a 20,000 tons/year composite staple fiber production line. Not long ago, the company has just announced the issue of additional programs, that is, "annual output of 80,000 tons of multi-functional composite staple fiber spinning production line technology project."　　After the launch of the investment project, Jiangnan high fiber composite staple fiber capacity will reach 190,000 tons, the industry leading position to consolidate.　　Citic Securities Li Xin has pointed out that the company's composite fiber sales cost rate has never been higher than 0.5%, the reason is through high market share increased customer dependence. On the other hand, the daily economic news reporter found that after the product expansion in addition to obtain bargaining power, the company is also gradually to carry out technical transformation. For example, polyester woolHollow ball than solid ball per ton of your 600 yuan, the company is gradually to the hollow ball product transition.　　Technical transformation of hollow ball equipment costs and labor costs within 100,000 yuan, each polyester top production line of about 2000 tons a year, calculated to increase the income of 1.2 million yuan. It is the "Low-cost Expansion + technical reform" business strategy, other companies are difficult to squeeze into this area.　　Shongzhong told reporters that the current a-share market does not have similar enterprises.　　With "giant" counterparts Jiangnan high fiber composite fiber products are not well-known, but as long as it is the production of sanitary napkins, urine is not wet the main material, it is well-known. The composite fiber of Jiangnan high fiber mainly includes ES fiber, high strength fiber and so on, and mainly ES fiber. China's ES fiber production capacity of about 200,000 tons, the company's capacity of the city accounted for about 20~30%.　　, it is enough for the company to maintain a leading position in the industry. Kisheman pointed out that the domestic production capacity after Jiangnan high fiber company is a unlisted company Guangzhou Yi Silk Fiber Co., Ltd. and jiaxing Xinfeng new Dimension Chemical Fiber Co., Ltd., production capacity of 20,000 tons/year, 30,000 tons/year respectively. However, the former Non-woven fabric production line, product self-sufficiency or export.　　Although the latter production capacity is large, but the grade is low, the competitiveness is not strong. Jiangnan high fiber composite fiber of the main competitors from overseas, mainly Japan Chisso, South Korea Huvis, China's Taiwan Far East and Denmark Fibervision.　　Due to the company's production cost control properly, sales price has a greater advantage. In the case of ES fibers, the domestic production capacity ranked the first sanitary napkin Manufacturers Heng An international (brand including the music, comfort) is the main customers of southern high fiber, the annual needs of about 5000 tons of es fiber.　　Heng Ann currently has its own hot air Non-woven plan, Li Xin pointed out that 2010 years later, Heng an international procurement volume will rise to 2~3 million tons. In addition, the company indirectly supply another two well-known sanitary napkin manufacturers. One of the main customers of the Beijing Great Source Non-woven Co., Ltd. is Kimberly (brand including Shu and the United States, Noble Silk), excellent Nicole (brand including Sophie, Jia Mu) of OEM manufacturers, each year in the company's procurement volume accounted for 70% of its total.　　Li Xin predicted that in 2010 ~2011, Beijing's big source plan will expand capacity from 8000 tons to 12,000 tons, and the company's procurement will increase. Population changes to bring growth space in the near future, as the cotton, polyester benefits of price increases, Jiangnan high fiber in the two-tier market has won much attention.　　Some researchers calculate, because the price of chemical fiber products began in mid-September, the impact on the three quarter is small, but the impact on the four quarter, the company 2010 earnings per share will be 0.41 yuan, corresponding to the current stock price level, dynamic P/E ratio of about 26 times times. The daily economic news interviewed Jiangnan high fiber. Shongzhong said, pointed out that the company's polyester tops and composite fibers due to the unique downstream industry, cotton price fluctuations on the company has little impact.　　However, as the entire chemical fiber market in the rising stage, the industry boom rebound, the company's performance constitutes a positive. A private-equity official who declined to be named said the value of southern high fibre was notIn the short-term price of the industry products, but in its monopoly advantage and the gradual appearance of pricing power, as well as downstream disposable health products, weak cyclical, is the resistance to inflation varieties.　　Disposable hygiene, which runs through infancy, middle age and old age and is consumable, will be linked to strong growth in the domestic consumer market. Data show that 1993, China's diaper market penetration rate of only 0.1%, to 2008 years, the market penetration rate reached 21.1%.　　With the increase of economic income, coupled with the development of diaper market, a new generation of young parents to change the concept of consumption, domestic consumer demand significantly increased, baby paper diaper market into a rapid growth period. Sanitary napkins. 2000, China sanitary napkin market penetration rate of 50.4%, to 2008, the market penetration rate has reached 68.4%, the market penetration rate is expected to reach 75% this year, nearly 90% in 2015.　　At present, the average penetration rate of disposable sanitary products in developed countries is about 95%. At the same time, our country entered an aging society, the proportion of the elderly aged 65 and above reached 9.5% in 2008, about 130 million people. Among them, 65-year-old patients with weak body, dementia population, paralyzed patients and other needs of the use of adult incontinence supplies reached more than 26 million people. At present, the domestic market penetration rate of adult incontinence products is only about 5%, looking at the world, developed countries market penetration rate of more than 40%. As China's aging population increases, economic income and social security continue to improve, incontinence supplies in the next few years is expected to grow rapidly.