Shuangjian Co. (002381) Company Research: Accelerating the Increase of the Main Business Market Share Silently Working on the Blue Ocean Pension Ocean

Shuangjian Co. (002381) Company Research: Accelerating the Increase of the Main Business Market Share Silently Working on the Blue Ocean Pension Ocean

The company is a domestic leader in rubber conveyor belts.

Currently has a conveyor belt capacity of 60 million square meters (of which 10 million square meters are under construction), and rubber conveyor belts are widely used in downstream coal, power, steel, cement, and port industries.

The company’s conveyor belt products are mainly divided into two categories: steel wire ropes and fabric belts. At the same time, according to the needs of different customers, the company has developed high-end products such as high temperature resistance, circuit breakers, and energy saving based on ordinary products. Many products have obtained national intellectual property rightsOffice of invention and utility model patents.

  Conveyor belts are consumables, and the five major downstream industries demand rigidity.

The downstream of the rubber conveyor belt mainly includes five major applications: coal, electricity, steel, cement, and ports.

The huge output of the pillar industries of these countries has increased the strong stock replacement demand basis for the long-term conveyor belt industry.

In addition, the coal, steel, and cement industries have suffered since 2016. The industry has benefited from supply-side reforms, and the industry structure has improved. It is currently recovering its growth trend.

The company’s customers are average, and the five major downstream integrations are involved.

  The industry structure has improved, and product structure adjustments have ensured the company’s continued growth.

In 15-16 years, the industry was affected by supply-side reforms downstream, and demand declined, which aggravated competition within the industry. Price wars within the industry led to a decline in revenue and a significant increase in profits.

After 16 years, through the supply-side reform of this industry, the production capacity of some small companies that do not comply with environmental protection plans has been cleared, and the company’s performance as an industry leader has improved significantly.

At the same time, the company continues to invest in research and development of high-end products for special purposes, such as tubular belts, long-distance conveyor belts, high temperature resistant, aramid belts and other high-margin products. High-end products bring the company a global market and strong competitiveness. At present, the company’s high-end productsThe proportion has exceeded 70%.

Through high-end products, the company has opened up overseas markets in Australia, South America and other heavy transportation demand competitors, and expanded its business overseas.

High-end products lay the foundation for the company’s continuous capacity expansion to increase the city’s market share. The company’s current domestic city share is about 10%. It is expected that the city’s market share will be significantly increased through capacity expansion and high-end products in the future.

  Exploring a new model of the pension industry, silent cultivation will eventually usher in an explosion.

The company entered the elderly care industry in 2012 and currently has 6 institutions with a total of 1,100 beds, including 5 in Tongxiang and 1 in Suzhou.

At present, the pension business 四川耍耍网 is still in the expansion stage. Until now, the consumption power of the total target consumer group is limited. The company’s pension business model is still being explored. At present, it adopts the asset-light “public + civilian” operation mode to basically achieve the breakeven.

  Investment Advice.

The company’s revenue is expected to be 14 in 2019-2021.

98/19.

09/22.

20 ppm, YOY is 10.

3%, 27.

5%, 16.

3%, net profit is 2 respectively.

47/3.

18/3.

77 trillion, YOY is 57.

7%, 28.

8%, 18.

9%, the corresponding EPS is 0.

60/0.

77/0.

92 yuan, the current sustainable corresponding PE is 13X / 10.

1X / 8.

5 times.

Taking into account the company’s growth in the next two years, we believe that the company’s overall estimate is low, and it is given a buy rating for the first time.

  Risk 深圳桑拿网 warning: upstream raw material prices are soaring; new production capacity is less than expected, and overseas market expansion is less than expected.