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Changhai shares wet thin felt into the release period insulation cotton application is expected to follow the trend of foreign countries

Summary: Continuing last year's rapid expansion, this year and next year began to release. Changhai shares put into production in the first half of 2013, the production capacity of ordinary wet felt is 80 million square meters, and 20 million square meters of electronic felt will be tested in August. The 4000-ton production line of chopped felt was put into operation in June.

Continuing last year's rapid expansion, this year and next year began to release. Changhai shares put into production in the first half of 2013, the production capacity of ordinary wet felt is 80 million square meters, and 20 million square meters of electronic felt will be tested in August. The 4000-ton production line of chopped felt was put into operation in June.
Wet thin felt demand effectively digest new production capacity, this year and next year ushered in the release period. In 2012, the company produced 241.99 million square meters of thin felt and reached 290.9 million square meters at the end of the year. By the end of 2013, the production capacity is expected to increase by 100 million square meters, and the production rate will gradually increase. The company's demand for ordinary wet felt in the first half of the year maintained a growth rate of about 20%. This year and next will be two years of rapid release of the company's wet felt scale.
The adjustment of land supply structure has less impact on the demand for thin felt. In 2013, the total amount of land supply in China increased steadily, but the proportion of infrastructure land and industrial land increased due to structural adjustment, which mainly affected the business of interior wall decoration materials, which accounted for a relatively small proportion.
The whole industry chain and scale advantage stand firm in the traditional field, new product launch and constantly optimize the product structure. The company is the largest non-woven glass fiber products enterprise in China. With the advantages of fund-raising projects and the whole industry chain of upstream glass fiber yarn, the market share in the field of traditional chopped felt and wet felt has been further increased rapidly. Coated felt and composite separator capacity that has been built or is under construction is an emerging driver of the company's growth.
High-end product structure to open up overseas markets, overseas real estate market recovery to boost export growth. China's traditional short-cut felt export growth rate of only 4%, while the company's overall export growth rate in the first half of the year in more than 35%, in addition to the traditional short-cut felt outside the continuous optimization of the product structure for the company to open the door to overseas markets. The US and Middle East markets are the main drivers of growth.
The popularity of refrigerator vacuum insulation materials will drive demand, the domestic is expected to follow the leading manufacturers of new technology trends. At present, Panasonic has begun to build large-scale production and promote vacuum insulation technology; domestic well-known manufacturers are also in some models of refrigerators in the application of glass fiber insulation cotton, is still in the market exploration stage.
After the launch of new production capacity in 2012, the company's capacity digestion level in the first half of 2013 basically reached expectations, and will enter the release period this year and next; the company actively explores different emerging downstream, which is also the company's future growth in the field of construction and building materials in addition to existing products. Potential; Therefore, we believe that we can give a 22 times P/E ratio and an "overweight" rating.
In the downstream structure of the company's existing products, the real estate industry has a large proportion, and the possibility of substantial growth in the second half of the year is small. The company develops new products in different fields, such as electronics and home appliances, some of which have entered the customer promotion stage, aiming to share the possible downstream risks.

Changhai shares by 2 institutions research: the first half of this year, glass fiber wet thin felt nine lines of production, the expansion of production capacity has a role in promoting.

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Changhai shares by 2 institutions research: the first half of this year, glass fiber wet thin felt nine lines of production, the expansion of production capacity has a role in promoting.

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