Qibin Group (601636): The strategy of entering the high-end pharmaceutical glass value-added electronic glass is becoming clearer
The company plans to invest in a neutral borosilicate medicinal glass project. The project is planned to be constructed in phases. The construction scale is 3 kiln and 8 lines 100 tons / day (kiln output) neutral borosilicate medicinal glass tube, as well as product deep processing.The total investment is about 600 million yuan.
This time, it is planned to invest in the construction of the first phase of the neutral borosilicate pharmaceutical glass tube project in Zixing City, Chenzhou City, Hunan Province. The total planned investment for this phase of the project is 155.28 million yuan, of which 100 million yuan is self-raised.The company raised 69.2 million yuan in fundraising expenses, followed by the company’s business partners and other key management personnel to invest in the establishment of a follow-up investment platform and investment (30.80 million yuan), and the remaining 55.28 million yuan applied for loan settlement.
Comment: Medicine glass is another direction for the company’s high-end products after electronic glass. After achieving the world’s best scale, the company released a mid-to-long-term development plan this year, formulated “one body and two wings” and “strengthened and enlarged”The development strategy of the “two wings” is the high-end of the product. Electronic glass is only a step in the high-end of the company’s products. It is currently progressing smoothly and is expected to be officially delivered in Q2 next year.
The company’s goal perception does not stop there. This entry into military medical glass is another direction for the company to seize the high-end market ranking.
According to the content of the 2017 consistency assessment, the drug glass market is expected to usher in quality enhancement and expansion. The consistency evaluation policy reached by the State Food and Drug Administration in 2017 clearly requires that the packaging materials used by generic drugs should be consistent with the original research drugs.All drugs use neutral borosilicate glass.
The implementation of the preliminary policy means that the packaging of nitrate medicines is turned on neutral5.
0 The borosilicate glass substitute is a safe way to use ordinary soda-lime glass, and the replacement ratio will increase year by year.
From the international perspective, except for a few countries such as China and India, the import of neutral borosilicate glass in China is based on the use of neutral borosilicate glass as the raw material for cartridges, vials, sodium and sodium hydroxide.Pre-filled bottle.
The domestic products packaged with neutral borosilicate glass are mainly divided into freeze-dried medicines, water injection medicines, biological medicines and other high-end medicines or medicines converted for export.
At present, the neutral borosilicate glass tubes required in China mainly rely on imports, with an annual demand of about 3,000 tons, and are often subject to foreign companies’ monopoly on prices and fluctuations in supply periods.Anhydrocarbon, test tubes, etc. are imported more than 200 million pieces per year, equivalent to 2,000 tons of glass tube demand. At present, the domestic imports of neutral borosilicate glass tubes are mainly monopolized by Germany’s SCHOTT, Japan Electric Glass, and Corning in the United States. According to China Glass NetworkAccording to the information, the length of SCHOTT neutral borosilicate glass tube in Germany is about 27,000 yuan / ton. According to this calculation, the domestic replacement space for light domestic products is about 1.3 billion, which is all over the country.
0 Borosilicate glass is gradually replacing ordinary soda-lime glass, and the demand for borosilicate glass is expected to grow rapidly in the future. According to the International Reportlinker report, the global pharmaceutical glass market will reach 220 in 2025.
500 million US dollars, India and China’s emerging markets will grow 9%, China will become one of the major consumers of pharmaceutical glass packaging bottles.
The senior executives of this project forced follow-up investment All senior executives of this investment company followed up with a total of 101 participants in the neutral borosilicate pharmaceutical glass tube project (Phase 1), of which 42 were senior investment managers at the deputy general manager level or above.People, 48 volunteers (excluding the deputy general manager), 2 volunteers for the neutral borosilicate medicinal glass tube project (Phase 1), 8 qualified candidates for other projects, foreign (Malaysia) 1 person following the vote.
Among the members of the board of directors and supervisors who participated in the project are Mr. Zhang Baizhong, director and president, Mr. Yao Peiwu, chairman and secretary, Mr. Zhang Guoming, director and chief financial officer, Mr. Ling Genluo, director and vice president, Ms. Yingying Hou, and supervisor Wang LiMr. Yong.
Mandatory follow-up investment ensures that the interests of senior management and listed companies are consistent, which is conducive to improving the probability of project success.
A win-win culture is conducive to the realization of medium- and long-term development planning. The company’s Fuling Qibin Electronic Glass Co., Ltd. intends to implement investment and project investment with key management personnel such as business partners of the capital increase and share expansion company.
The key management personnel such as the company’s business partners set up a follow-up investment platform (5 limited partnerships) to raise funds of RMB 31.64 million to increase capital and invest in Fuling Electronic Glass Company.
After the capital increase, the registered capital of Liling Electronic Glass 武汉夜生活网 Company increased from 150 million yuan to 181.64 million yuan, and the follow-up investment platform will receive Liling Electronic Glass Company17.
Whether it is the company’s business partner plan, employee shareholding plan, or the follow-up investment mechanism of electronic glass and medicine glass, fully reflecting Qibin Group’s motivation, willingness to share, and strive to achieve a win-win situation in the process of transforming into a professional manager systemWe believe that this is an important guarantee for the company’s mid- and long-term development planning.
Reiterate the “Buy” rating. We expect the company’s operating income for 2019-2021 to be 89.
400 million, 98.
200 million, 104.
USD 900 million, increasing by 6 each year.
8%; net profit attributable 杭州桑拿 to mothers is 13.
300 million, 15.
900 million, 17.
300 million, an increase of 10 each year.
EPS are 0.
59 and 0.
64 yuan / share, corresponding PE is 9/7 / 7x.
We believe that the changes in the glass supply and demand pattern provide the basis for the stability of the industry’s long-term profitability. As a leader in the industry, the company has a clear development strategy and incentive schemes in place. A win-win culture is an important guarantee for the strategy to achieve.Marginal, re-buy rating. Risks suggest that glass prices have fallen sharply; raw material prices have risen sharply.