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Underestimated capacity of mechanical seal faucets will gradually enter the release phase.

Enlarged font  Narrow font Release date:2018-06-12  Browse number:1
Note: This paper starts with the two core questions that answer the concerns of the market, then analyzes the core competitive
This paper starts with the two core questions that answer the concerns of the market, then analyzes the core competitiveness of the company, and calculates the downstream and industry space. At present, the downstream industry is booming, the production capacity will continue to break through income restrictions, optimistic about the company's leading position, business layout and technical lead, forecast 18 year net profit of 187 million yuan, corresponding 26 times, the undervalued mechanical seal, capacity gradually entered the release period, up to a strong recommendation!
Industry characteristics and competition pattern are the reasons for more than 55% of the company's high gross margin. The importance of the seal is high, the value is small, the product is not the standard, and the company has no obvious short board in the technology and service. It is the reason to enjoy the high interest rate, and the competition pattern of the industry and the high viscosity of the customers can keep the gross interest rate.
Market share climbing and extension of mergers and acquisitions into the new field is worth looking forward to. The stock market of mechanical seal in 2020 corresponds to space 8 billion 200 million, the overseas market is nearly 30 billion, the company's current domestic market rate is about 5%, the company is buying the biggest competitor of the mechanical seal industry, China's biggest competitor Hua Yang seal. In the next 3 years, the market share is expected to reach more than 10%. At the same time, the extension of mergers and acquisitions cut into the rubber seal market, allowing the company to break through the original ceiling restrictions.
The seal industry is scarce. The company's financial statements are solid, gross margin has been maintained at over 55%, and 60% of its revenue comes from the stock high margin market. Net interest rate has been maintained at over 20%, and three fees have been well controlled. High strength R & D endorsed the competitiveness of the company, and many new products reached the international advanced level, breaking the monopoly of foreign countries.
In 2019, -2020 was the peak of petroleum and petrochemical increment. Basic judgment now petroleum chemical is the best five years, the current tracking project in 2019 -2020 is the peak of a peak of more than a billion incremental seals demand, the company is expected to share the market share of 40-45%.
The new capacity will be put into production one after another, and the bottleneck of capacity will be broken through. The first phase was put into operation in February, and the two phase was put into operation in August, corresponding to the new capacity of 30% and 40%. At the same time, the acquisition of Huayang can also solve the problem of short supply and short staffing.
Up to "strongly recommended -A" investment rating. In the short term, the premium rate of the company is in a historical low and there is a certain moat; in the medium term, the reduction of technical differential and the slowdown in foreign development have given the company a chance to overtake the car. In the long run, the company's market space is not too small, and the big seal industry is hundreds of billions. Look at the company's leading position, business layout and technical advantage, forecast the 18 year net profit 187 million corresponding 26 times, the undervalued mechanical seal faucet, the capacity gradually into the release period, up to the strong recommendation!
 
 
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