Shandong Heda (002810): Sales growth drives high-performance growth companies into the fast lane

Shandong Heda (002810): Sales growth drives high-performance growth companies into the fast lane

The main points of the report describe the company’s release of the 2018 results flash report with a total operating income of 91,052.

30,000 yuan, an increase of 39 over the same period last year.

8%, net profit attributable to shareholders of the 无锡桑拿网 listed company was 7,190.

40,000 yuan, an increase of 55 over the same period last year.


In the fourth quarter of 2018, the company achieved total operating income of 24,780.

50,000 yuan, an increase of 41 over the same period last year.

8%, net profit attributable to shareholders of the listed company was 1,508.

60,000 yuan, an increase of 77 over the same period last year.


Incident reviews supplemented the release of production capacity, and sales growth boosted high growth.

In 2018, the company’s 20,000-ton / year cellulose ether reconstruction project was put into trial production, releasing part of its production capacity and promoting the expansion of sales scale.

The company signed building material grade cellulose ether purchase contracts with overseas building material giants Knauf and Saint-Gobain. The contract with Saint-Gobain was valid for three years, with a total supply of 13,500 tons and a total amount of 3.

600 million.

The new order guarantees the smooth release of the company’s supplementary production capacity and proves that the company’s product quality is well recognized by downstream giants.

The company’s holding subsidiary, Shandong Hershey Capsule Co., Ltd., also significantly increased the sales volume of its cellulose ether plant capsule products, and its gross profit margin increased by a breakthrough.

The fiber ether industry has developed rapidly, and its leading advantages have become increasingly prominent.

Benefiting from the increase in urbanization rate and the promotion of national policies, the domestic cellulose ether industry has achieved rapid development.

According to statistics from the China Cellulose Association, the production and sales of non-ionic cellulose ethers in 2012 were close to 10 digits. By 2018, the production and sales have increased to 30 digits.

At the same time, through the improvement of the company’s production and research and development level, the domestic substitution ratio of pharmaceuticals and food-grade cellulose ethers has continued to increase.

As the industry leader, the company focuses on the mid-to-high-end market, with significant product quality, cost, and environmental protection advantages, and its competitive advantages have been increasingly improved.

The integrated development helped the plant capsule business usher in high growth.

The company actively lays out its industrial chain to expand into the plant capsule industry.

According to market and market statistics, the global capsule market space in 2017 reached 17.

USD 900 million, engaged in the development of downstream medical care industry. It is estimated that the compound annual growth rate of the capsule industry will reach 7 by 2023.


Plant capsules have the advantages of green production, long shelf life, and easy acceptance by Muslims, and their penetration rate may gradually increase.

The company has the unique advantage of industrial chain integration. Through continuous increase of production capacity, the market share may increase rapidly.

The company is a cellulose ether leader, and its product quality has been recognized 杭州夜网论坛 by domestic and foreign leaders; plant capsules have a large space for replacement, and the company has replaced the industrial chain integration advantages and has risen rapidly.

We expect the EPS for 2018-2020 to be zero.



36 yuan, corresponding to PE is 29.



7x, maintain “Buy” rating.

Risk Warning: 1.

Total demand for fiber ether, product prices and sales were less than expected; 2. Plant capsules were less popular than expected.

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