Wan Shun shares: in the cigarette label Printing Market in a leading position

Company focused on high-end packaging and printing paper market segments. Company-leading products for composite paper and transfer paper, the main business, formed a sound research and development, production and marketing system, with independent brands, patents and proprietary technology. Downstream customers are mainly cigarette label, wine label, high-grade toys, daily necessities and cosmetics packaging and printing enterprises, the end customer is the production of high value-added and product packaging environmental protection, aesthetics and security has higher requirements of enterprises.　　At present, the company's products 95% used in tobacco label and wine label printing, in the Tobacco label Printing Market in a leading position. Domestic packaging industry market scale is huge. China's packaging industry output value from 2003 's 280.6 billion growth to 2008 730 billion yuan, an annual growth of 21%, China has become the world's second largest packaging, accounting for about 13% of the global share. 2003-2008, the annual increase in domestic cigarette production of 4.3%, annual sales growth of 3.9%, the entire industry and production of basic balance, steady growth.　　At the same time, 2003-2008 domestic liquor and beer industry output average annual growth of more than 10%, leading to the rapid development of related industries wine label. Fundraising projects help companies expand their market size.　　Project construction period of 2 years, 2010 and 2011 for the construction period, 2013 Tatsu production, in 2010 will be new production capacity of 10,000 tons, 2011 new capacity of 30,000 tons, 2012 new production capacity of 40,000 tons, the expansion of production capacity and downstream demand for stable growth to ensure that the company can effectively digest new production capacity. The company's reasonable value investment range is 19.52-23.18 yuan. Using relative valuation method, combined with the price-earnings ratio of paper and packaging printing industry in a-share market and the recent growth of listed companies, taking into account the development of the company's subdivision industry, we give the company 2010 PE interval of 32~38 times, corresponding to the reasonable value of investment interval 19.52-23.18 yuan, The proposed inquiry interval is 19-24 yuan.