Cosmetics packaging overall solution experts, functional membrane manufacturing talent

Main points of the investment: the company 2011 NianZhongBao shows: in the first half of 2011 revenue of 4. 2. 2 billion yuan, net profit of 5558. 10000 yuan, belong to the parent company net profit of 5401. 80000 yuan, year-on-year growth of 28 respectively. 87%, 19. 40% and 16. 04%. Typically star at present mainly engaged in cosmetics packaging overall solution, is currently the domestic technology level the highest, the longest chain extension, cosmetics packaging industry leading: now has a national technology research and development centers, responsible for drafting the cosmetics with extrusion composite hoses and other industry standards; Is computer aided industrial design, mold processing, green low consumption materials development, product production, printing ink, water-based flexo modifications of the whole industry chain services; Hose business more than 14% market share, blow molding, injection molding business market share also ranked the top; With the international main cosmetics, fast-moving consumer goods manufacturers, has established the long-term cooperation, customer adhesion degree is high, sales in the current replacement cost higher market environment advantages more apparent. Vigorously develop high value-added new products: in addition to the focus in the cosmetics market, the company has expanded the blown film, vacuum coating, high cut off food CPP circulation green materials and other products; And are working to develop new energy battery and electronic qr code and other new areas; Can see the target products are plastic products with fairly high added value. Company's industry layout is reasonable, the sales model clear: the order construction in shenzhen, jiangsu, hefei three production bases; The company customers are of a certain scale in the high-end customers, and increase the sales for the European market. Extending industrial chain, the development of new products of the company, will help the company better profit structure: the main raw material for PP, PE and ink products, roughly 50% of the cost of production, while raw material prices fluctuate upward trend, but a result of the material of PP, PE and so on accounted for only 18% 20%; And secondly, the company to industry chain integration services, design, mold, service in the proportion of value improvement and cost will be more and more big, will reduce the proportion of raw materials in the whole manufacturing cost; Three to the company's pricing model is relatively mature, most downstream customers cooperation for a long time and has a strong ability to accept the price of basic can achieve price conduction; Four company technology strength, and the California institute of Chinese Academy of Sciences, Beijing printing institute cooperation, constantly develop new products; So we think the company can effectively digest raw material fluctuations, and profits will be able to maintain a steady upward. We forecast - 2011 EPS is 0. 2013. 48, 0. 66, 0. 93 yuan. Because the company is a high-tech consumer supporting manufacturing services, has high margin of safety, larger outbreak growth may, to buy rating, 16 six months target price. 48 - 18. 77 yuan