It is reported that the custom access to Beijing core kinetic energy, civil rights, China Securities Investment Securities participating subscription, is expected to help OLED domestic intermediates intermediates.
Shenwan Hongyuan Group Co., Ltd. Research Report pointed out that this non-public offering of Beijing core kinetic energy investment fund subscription of about 80 million (40%), civil rights of China Investment Securities Venture Capital Fund subscription of about 71 million (35%). Beijing core Kinetic shareholders Side including BOE and National IC large fund, civil rights in the country, including the State Securities Investment Authority Zhengzhou SASAC, Citizens County Finance Bureau. We believe that the company as a domestic production of essential intermediates blue OLED intermediates fluorene-based materials companies in the BOE, Under the support of the National Grand Fund and Zhengzhou Municipal Government, combining the industries and government resources, it will realize the linkage of the upstream and downstream industries and accelerate the localization of OLED luminescent material intermediates. The Company's OLED materials are expected to usher in the development of new opportunities.
R & D investment continued to grow, the project will inject new impetus to increase the company R & D investment from 12.8 million yuan in 2012 to 30.77 million yuan in 2016, accounting for the proportion of revenue increased from 3.29% to 8.19%, the company's new resin material hydrogenated bisphenol A , OLED intermediates and other high-end electronic chemicals R & D projects already have the industrialization conditions.On this basis, the company through the non-public offering to build 'an annual output of 10,000 tons of maleic anhydride derivatives expansion project', 'an annual output of 3,000 tons Resin Material Hydrogenated Bisphenol A Project 'and' Annual Output of 1,000 Tons of Electron Chemical Projects' .Increase in Fixed Assets In addition to the expansion of existing production capacity, the expansion of high-end electronic chemicals business is expected to increase the overall gross profit margin and consolidate the company's leading position in the industry.
Incomplete supply of maleic anhydride derivatives, the price rebound is expected to drive the gross margin rebound. Company maleic anhydride derivatives widely used in electronic components packaging materials, electrical equipment insulation materials, coatings, composite materials and other fields. With the downstream demand continued to grow, the company The sales volume of the products keeps increasing by about 10% every year. At present, the production capacity of 30,000 tons is in short supply. The company will continue to expand production capacity by 10,000 tons to meet the demand. Due to the drop of raw material prices in previous years, the prices of products continue to decline. Fluctuations, gross profit margin decline in the future with the steady rise in raw material prices, product prices rebound, gross profit margin is expected to rebound.