Thematic report on the selection of the new third board (18): Tree Industry Environmental Protection (430462): Environmental protection film master stand on the high value-added functional film vent

Thematic report on the selection of the new third board (18): Tree Industry Environmental Protection (430462): Environmental protection “film mage” stand on the high value-added functional film vent

Report summary: The company’s investment in research and development, product structure optimization and upgrading: the company mainly includes film business and packaging business, the film business is biaxially stretched 重庆耍耍网 polyester film (BOPET) industry, and the packaging business is mainly environmental protection bags and express bags.

In recent years, the company has improved its R & D investment and gradually focused on high value-added functional films.

As of June 2019, the company has 50 authorized invention patents.

Relying on the domestic leading environmental protection and energy saving technology and huge investment, the company has expanded to an expanding research and development force, integrating existing technical expertise, conducting continuous and in-depth research on the recycling of waste plastics, and successfully developing a polyester waste”Recycling process technology is placed in the domestic blank, and the technical level is internationally leading.

The supply and demand of the polyester film industry has improved, and the industry’s production capacity is expected to be released in the third and fourth quarters: in 2018, the volume and price of polyester films are rising, and the industry’s business cycle is upward.

Affected by the rising price of raw material PTA, the price of polyester film immediately rose.

As of June 21, 2019, the previous PTA production was 82.

33, the highest domestic PTA profit due to the increase in internal disk spot growth and cost-side PX prices have risen.

In 2018, the price of BOPET12μ film was 12,256 yuan / ton, and the average average price in 2017 was 9,237 yuan / ton, a significant increase; the latest price in June was about 10,900.

Future performance growth points: “Film-to-membrane” is completed, and functional thin-film projects are developing steadily: “Film-to-membrane” project is the core business segment of the company’s strategic transformation.

The “film-to-membrane” recycling project with a construction period of 3 years and an investment of about USD 500 million was put into trial production on February 4, 2019.

“Membrane-to-membrane” recycling scale production line The machine in the workshop is operating well, with an estimated annual output of about 5.

At the same time, the company is actively promoting the construction of “optical-grade BOPET film production line projects” to further enhance its R & D and innovation capabilities.

After the project is completed, the company will realize the independent development of optical-grade films, further enrich the company’s functional film product matrix, optimize the product structure, and become a new profit growth point for the company’s performance development.

Risk reminder: Polyester film industry downturn risk, project operation risk, risk of loss of technical staff

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