Daun shares (002838): TPV localization leaders enter the peak period of capacity release

Daun shares (002838): TPV localization leaders enter the peak period of capacity release
The leading domestic thermoplastic elastomer, the four major platforms cooperate with each other. Daun Co., Ltd. specializes in the research and development, production and service of thermoplastic thermoplastic elastomer materials, modified plastics and other products.Relying on its leading position in the TPV industry, the company has formed four major platforms.At present, the vulcanization platform is expanded from TPV to TPIIR, DVA, etc. The first phase of the hydrogenation platform HNBR has been put into production, the esterification platform TPU has been released, and the modified plastic platform has developed steadily. The leader of TPV localization,南京夜网论坛 the capacity of rapidly increasing domestic TPV market has great potential.Due to the requirements of automobile lightweight, 60% of TPV is applied in the automotive field.At present, the total demand for TPV in the automobile industry is about 4-5 per year, and the domestic TPV consumption of bicycles is 1.5-2.5Kg / car, and the international average level is 5KG / car. Dawn is the first domestic company to produce TPV using fully pre-dispersed-dynamic full vulcanization technology, and is the leader in the localization of TPV.1) The company’s TPV production equipment is original and the product performance has reached the international level; 2) The company’s product price is about 2.50,000 tons / ton, far more than foreign enterprises; 3) The company has been recognized by many domestic and foreign enterprises.As of the first half of 2019, the annual capacity of DPV TPV has been increased to 2.2 Initially, it is expected that by the end of 19 or early 20, the company’s TPV capacity will be further increased to 3.3 It is the lowest every year. The increase in production capacity will drive performance growth and consolidate the industry structure. A variety of new products are rapidly advancing industrialization and entering the peak period of capacity release. 1) TPIIR: “Insertion Grade Medical Brominated Butyl Rubber (TPIIR) Industrialization Project” is expected to start production in the second half of 2019.2) DVA: In cooperation with Triangle Group and Zhongce Group, the pilot technology has been basically realized by the end of 2017. In 2018, the focus will be on the development of DVA materials in tire application technology.3) HNBR: Trial production of 3,000 tons of hydrogenated nitrile butadiene nitrile was carried out in late March 2019, and the 1,000-ton production line was successfully commissioned in June.4) TPU: The production capacity is expected to reach 8000-10,000 tons in 2019. We are optimistic about the company’s development potential. For the first time, it has covered the domestic leader in TPV with a “Buy” rating, and released a variety of products.We expect the EPS for 2019-2021 to be 0.47 yuan, 0.63 yuan and 0.82 yuan, comprehensive consideration of comparable company valuation, company historical valuation, industry segmentation and other factors, we give the company 37 times PE in 2019, corresponding to a target price of 17.39 yuan.We are optimistic about the company’s capacity increase and the potential for new product development. We will cover it for the first time and give it a “Buy” rating. Risk warning: the release of production capacity is 成都桑拿网less than expected risk, and the risk of slow development of new product markets.