The carbon black phase II project of the hottest b

The carbon black phase II project of black cat company was completed and put into operation

the 160000 ton carbon black production base project invested and constructed by Handan black cat carbon black Co., Ltd., a holding subsidiary of the company. The No. 3 and No. 4 wet carbon black production lines using torque assembly method were all completed and put into operation on September 8. The supporting project 30MW tail gas generator set was officially put into operation on September 6

Shenguang analysis:

1. At present, the company has a total of 21 carbon black production lines, including 15 hard carbon black and 6 soft carbon black, with a total actual production capacity of 580000 tons/year; In addition, there is a production capacity of 1000 tons of fumed silica; At present, the domestic production scale of the company has exceeded the capacity of Cabot about 500000 tons. In addition, after 66 years of research, the company will eventually repay 10000 tons of white carbon black, and Tangshan base will be built soon. About 70% of carbon black products are used in the tire industry. Due to the high automobile output and the increase of automobile ownership in China, the replacement demand for tires is expected to maintain a rapid growth. At present, the company is in full production and sales are in good condition; At present, the export of the company is growing rapidly, accounting for more than 30% of the total

2. The company owns 75% of the shares of Handan black cat carbon black Co., Ltd. the No. 1 and No. 2 wet carbon black production lines in the first phase of the 160000 ton carbon black production base project invested by Handan black cat carbon black Co., Ltd. have been officially put into operation on May 24, 2011. The No. 3 and No. 4 wet carbon black production lines in the second phase of the project have been completed and put into operation on September 8, 2030. The proportion of annual sales of new energy vehicles will continue to increase significantly, So far, Handan black cat 160000 ton carbon black production base project has been completed and put into operation, forming an annual carbon black production capacity of 160000 tons/year. The estimated annual sales revenue is about 1billion yuan, accounting for 33.1% of the company's 2010 operating revenue of 3.022 billion yuan

3. The corresponding annual P/E ratios of the company's current share price are 33x, 18x and 12x respectively, and the valuation is reasonable

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