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Tianma fine chemicals: "paper medicine" has two wings flying high

across the subdivision leader of papermaking and medicine

the company's main business covers papermaking chemicals (mainly surface sizing agents) and peptide related pharmaceutical intermediates, and it is in the leading position in China in the subdivided field. Among them, papermaking chemicals is the company's traditional advantageous field, with relatively stable development, and the products are mainly supplied to China; Pharmaceutical intermediates are a new market that the company has entered in recent years. Relying on its quality advantages, its products are mainly supplied to Bayer, Wyeth, MSD and other international pharmaceutical giants. With rapid development, both sides push each other's responsibilities and have strong profitability. In 2009, the income of papermaking chemicals was 310million yuan and that of pharmaceutical intermediates was 103million yuan, making the company an industry leader across two sub sectors

papermaking chemicals: traditional strength and leading position are constantly consolidated

papermaking chemicals are collectively referred to as chemical products used in papermaking process to improve paper performance. The company has a total capacity of 53000 tons in its traditional advantageous fields, mainly including 24000 tons of surface sizing agent AKD (half of raw powder and lotion), 9000 tons of cationic dispersed rosin size and 20000 tons of other products. China's paper industry mainly uses recycled pulp or straw pulp as raw materials. Compared with the commonly used wood pulp abroad, there is a certain gap in water resistance, strength, whiteness and other properties, and there is a high demand for chemicals to improve performance; In terms of the relative industrial structure, the consumption of papermaking chemicals in developed countries accounts for% of the output of the papermaking industry, and that in China is only 1%. It is expected that the growth rate of the industry will reach 10% in the future

sizing agent can enhance the water resistance of paper, which is indispensable in the medium and high-grade paper industry. At present, AKD neutral sizing agent is mainly used, and the new generation of neutral rosin sizing agent is gradually emerging because of its stable performance and convenient operation. At present, the company's main product is AKD sizing agent, with a production capacity of 20000 tons in 2009 and expanded to 30000 tons in 10 years, further consolidating its position as the No. 1 in the industry. The company adopts the solvent-free method of energy conservation and environmental protection to produce AKD products, which has the advantages of energy conservation, environmental protection, low cost and high efficiency. At present, the company is actively building a patent protection barrier. The company's products have formed a high reputation. The gross profit margin of 09 products is 15%, which is percentage points higher than the industry average. App, Nine Dragons Paper and other domestic and foreign papermaking leaders have established good customer relations with the company and transformed some former competitors into customers, which shows their product recognition. It is expected that after the new capacity is completed, the product export will grow rapidly

pharmaceutical intermediates: new fields have been developed, and both growth and profits have become stronger

peptide drugs have a series of characteristics, such as small dosage (often 1/100 or less than that of conventional drugs), small toxic and side effects, strong specificity and so on. They have developed very rapidly in the field of treatment related to nerves and glands. At present, the market scale has reached 20billion US dollars, and the growth rate in the next five years will be more than 15%. However, the biochemical properties of peptide drugs are unstable, and they are easy to denature and lose their efficacy. The production and preservation conditions and technical content are highly required. At the same time, the foam granulator industry with high added value should pay attention to this environmental protection issue. The amino acid protectants produced by the company are mainly used for the protection of amino acid and peptide intermediates, mainly including a ester, a amine and a alcohol. The market share of ester and amine reaches 38.1% and 21.7% respectively. Compared with domestic competitors, the company's products have been certified by pharmaceutical giants such as GlaxoSmithKline, Pahang and MSD. They are mainly sold to large foreign customers and can obtain a gross profit margin that exceeds that of domestic peers. The profit is 111billion yuan. As major customers have strict requirements on raw material purity and other properties, the third industrial revolution has created a large market value and space, and the certification process is complex, so suppliers will not be easily replaced

at the same time, the company has the production capacity of advanced pharmaceutical intermediates such as TICC and CMPP, which can carry out difficult and dangerous reactions such as ultra-low temperature, high-pressure hydrogenation and n-butyl lithium under industrialized conditions, and can realize the process from laboratory to industrialization within months. Therefore, it has a good customized production capacity, which can well meet the personalized and changing needs of customers, and reduce the risk of demand fluctuation caused by drug upgrading. In 2009, the average gross profit margin of the company's pharmaceutical intermediates exceeded 30%, and it is expected that the profitability will continue. At the same time, with the expansion of raised investment capacity, the company will obtain a growth rate exceeding the average market through the competition for market share. It is expected that the business growth rate will exceed 20% in the next few years

projects invested with raised funds: consolidate the main business, develop medicine and optimize the structure

the completion of the raised investment project will increase the company's papermaking chemical production capacity from 53000 tons to 70000 tons, and the pharmaceutical intermediate production capacity from 670 tons to 1120 tons; The product structure will also be optimized, and the profitability is expected to further strengthen. The project invested with raised funds has been put into operation rapidly. It is expected that the production capacity of the company's papermaking chemicals will be fully put into operation in 10 years, and the pharmaceutical chemicals can basically be put into operation in the second half of 11 years and reach full production in 12 years. At that time, the proportion of pharmaceutical chemicals in the company's business will rise from the current 1/4 to about 1/3, and pharmaceutical and paper chemicals will gradually become the two wings of the company's performance

the compound growth rate in the next three years is 30%

we judge that with the launch of the company's production capacity, the product profit structure will be further optimized, the overall gross profit margin will be improved to a certain extent, and the compound growth rate of the company's net profit in the next three years will be about 30%. It is estimated that the earnings per share in 10, 11 and 12 years will be 0.56, 0.70 and 0.96 yuan, corresponding to 10-year P/E ratio, and the reasonable price will be 16 0 yuan, considering a 10% discount in the secondary market, it is suggested that the inquiry range is 15 3 yuan

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