PU Low Demand For Leather Sales, Sales Revenue Remained Stable Growth

< p > Event: released semi annual report in 2013, total revenue in 2013 1~6 was 678 million yuan, an increase of 5.04% over the same period last year. Net profit attributable to shareholders of listed companies was 36 million 840 thousand yuan, an increase of 15.55% over the same period last year, and the earnings per share in the first half of 2013 were 0.186 yuan. The company expects that the net profit attributable to shareholders of Listed Companies in 2013 2013 is 5100~7200 million yuan.

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Sales revenue of < p > a href= "//www.sjfzxm.com/news/index_c.asp" > PU /a < /a "still maintained a steady growth, and PU leather in 2013 is expected to grow by about 27% year-on-year.

In the 1~6 month of 2013, the main revenue increased by 5.04% over the same period. In terms of business, the sales revenue of PU leather increased by 24.45% compared with the same period last year. The sales revenue of PU resin and synthetic leather cloth decreased by 9.7% and 15.9% respectively.

The main reason for the significant increase in sales revenue of PU leather is the release of the company's new capacity. The new capacity mainly includes the 8 million m high grade PU leather of Hong Guo chemical industry and the new PU fiber.

From the perspective of downstream demand structure, with the slowdown in demand for sports shoes, the company continues to explore new application areas to enhance the sales of women's shoes and garment leather.

We expect sales of PU leather in 2013 to be around 970 million, with gross margin of around 20%.

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< p > under the influence of weak downstream demand, it is difficult to achieve substantial improvement in performance.

From the downstream demand, the downstream demand of synthetic leather leather mainly includes shoe leather, furniture leather and garment leather, among which shoe leather is the main downstream of synthetic leather leather industry. In 2012, the proportion of shoe leather in synthetic leather consumption accounted for about 35 ~ 40%. In 2013, 1~5 months, the sales revenue of < a href= "//www.sjfzxm.com/news/index_s.asp" > leather shoes industry < /a > was 10.25%. In 2013 2013, the output of leather shoes and shoes was 2 billion 233 million pairs, an increase of 6% over the same period.

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< p > the main driving force for future growth is the release of PU synthetic leather and PU resin slurry.

Fujian PU synthetic leather is expected to be put into operation at the end of August, with a capacity of about 6 million meters, excluding tax price of about 30 yuan / meter, and gross profit margin estimated at around 20%.

The production capacity of PU resin slurry is about 50 thousand tons. The new 50 thousand ton slurry in Taizhou is in trial production stage. It is expected to release part of the capacity in the second half of the year.

The main driving force for the company's future growth is the release of new capacity, such as PU leather and resin paste.

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< p > performance and valuation.

It is estimated that earnings per share in the 2013~2015 years will be 0.39, 0.45 and 0.57 yuan. At present, the a href= "//www.sjfzxm.com/news/index_cj.asp" > artificial leather synthetic leather industry has a relatively low degree of prosperity. Taking into account the company's capacity to release new capacity in the future, the investment rating of "overweight" will be given for the first time.

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