Dongfeng Xianhe Co., Ltd. of the hottest special p

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Riding the "Dongfeng" special paper industry, the net profit of crane shares in 2019 increased by 50.45% year-on-year

release date: Source: Securities

in the evening of April 2, the 2019 annual report of crane shares was released. The report shows that the company achieved an operating revenue of 4.567 billion in 2019, an increase of 11.45% year-on-year; The net profit attributable to the shareholders of the listed company was 440million, an increase of 50.45% over the same period last year

Crane Co., Ltd. is a large domestic special paper enterprise, and many products have the leading position in the industry in China. As an important basic raw material industry, the paper industry occupies an important position in the national economy. Special paper is a paper-based new material with high-tech content in the paper industry. It is a basic industry closely related to the national economy and social development and has sustainable development

according to the statistics of China pulp and paper research institute, the global special paper output in 2017 was about 22million tons to 25million tons, and it is expected to exceed 40million tons by the end of 2027; FMI predicts that in the 10 years from 2017 to 2027, the global specialty paper market will grow steadily at a compound annual growth rate of 5.2%, following the development trend of engineering plastics being lighter, demetallized and high temperature resistant, and the output of specialty paper in China has also increased steadily for 10 consecutive years

continuous release of production capacity

accelerating the improvement of the layout of the industrial chain

during the reporting period, the 40000 ton special paper production line of the first phase of the "80000 ton annual special paper project" of Henan Xianhe, a subsidiary of Xianhe Co., Ltd., was put into production in April 2019. The second phase of the 100000 ton annual self-adhesive project has completed the construction of a 20000 square meter plant, and will enter the stage of installation, commissioning and production in 2020

at the same time, Zhejiang Zhefeng new materials Co., Ltd., a subsidiary of crane, has invested in the construction of two production lines of phase I of the 220000 ton high-end special paper project in Changshan Huibu Industrial Park, which has entered the stage of installation and trial operation. Among them, Zhefeng new materials pm6 will be put into trial production in March 2020 and PM5 will be put into trial production in the middle of 2020

crane said that the implementation of these projects has accelerated the layout of the company's industrial chain, and has reserved momentum for the company's long-term development strategy of large-scale development and diversification. As of the reporting period, the company and its joint ventures and holding subsidiaries have an annual production capacity of more than 820000 tons of special paper and paper products, involving more than 60 varieties of nine series

the data shows that Xianhe shares a market share of more than 30% in the tobacco paper industry, and is in an important position in the industry; In terms of low quantitative printing and publishing paper, Bible paper has a share of more than 70%, which is the special paper designated by several major dictionary publishers in China and foreign printing giants. The joint venture Xiawang paper has a sales volume of more than 200000 tons in the decorative base paper industry, with a market share of 24%, and has a strong influence in the medium and high-end market

analysts at Huachuang securities believe that crane shares have a significant market position and strong bargaining power, which can transfer the risk of rising raw material costs to a certain extent. At the same time, the company operates a large variety of products, and the downstream demand cycle changes are not exactly the same, dispersing the risk of single paper market fluctuations, which is conducive to the stability of the comprehensive gross profit margin

consolidating the foundation of environmental protection

scientific research and innovation add vitality

since 2016, environmental protection policies have become stricter, and some small and medium-sized enterprises that failed to meet the standards have been eliminated one after another

adhering to the environmental protection concept of "green water and green mountains are golden mountains and silver mountains", Xianhe shares adhere to the sustainable development of circular economy. It has studied the development path of using the device by the United financing Association, paying attention to environmental protection and sustainable development. During the reporting period, the company increased energy conservation, emission reduction and environmental protection. At the same time, electrochemical methods were introduced into the preparation of sensors, and the middle-aged environmental protection operation cost reached 47.4636 million. The software was also the same. Sewage, dust and noise were effectively controlled according to standards, and the company's major environmental pollution accidents and environmental impact events were zero. At the same time, the company has strengthened the technological transformation of energy conservation and consumption reduction, with a total investment of more than 25 million yuan throughout the year, the introduction of advanced facilities, and the strengthening of process monitoring and control. The effect of energy conservation and consumption reduction is obvious

by the end of 2019, the total investment of Xianhe shares in environmental protection has exceeded 330million, and the total investment in energy conservation and consumption reduction has exceeded 1.06 billion, realizing the discharge of wastewater, exhaust gas and noise up to the standard, and the legal and compliant treatment of solid waste

industry insiders pointed out that environmental protection is like the "foundation" on the road of enterprise development, and only after laying a good foundation can we go more steadily. After the foundation is stable, enterprises can focus more on product research and development and maintain competitiveness at all times

crane shares said that the company has maintained continuous investment in product research and development. The company's R & D expenditure in 2019 reached 106million, an increase of 20.17% year-on-year. The company believes that continuous R & D investment is the key to maintaining the sustainable competitiveness of the company, and continuous cultivation of new products has also laid the foundation for the sustainable development of the company in the future

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