China adhesive tape industry inflection point is the time
Hose Tape: The most important non-tire rubber products industry opportunity knocks rubber plates, tubes, tape industry is second only to the second largest tire rubber products industry, accounting for about 13% of the domestic rubber industry. Including listed companies as the main product conveyor Bao Tong with industry [18.07-2.59% shares research report], Double Arrow shares [15.02-4.27% shares research report], as well as belts (V belt) as the main products sanlux [9.25-3.75% share it research report]. With the decline in rubber prices, the cost advantage is gradually emerging industry, and constantly develop and become strong downstream demand for new products makes the industry the opportunity to come.
Drought every winter rains: rubber prices return to the rational, cost pressures to ease sharply since March 2011, natural rubber prices fell sharply from 40,000 yuan / ton historic highs (also the highest point in rubber prices since 38 years), the amplitude of the downlink 30 %; since August, synthetic rubber prices downward trend gradually determined. Future supply rubber gradually entered a period of about 10 years towards liberal channel, accounting for 50% of the demand for the tire industry downstream demand slump further loosening of supply and demand. Rubber prices fell significantly eased the cost pressure the industry.
After the robbery refresher: led coal mining boom, the downstream demand continues to improve and the V-belt conveyor to the downstream demand is mainly coal mines, docks, cement, steel and automobiles, and power, and has a strong characteristic of supplies, so stock and downstream the significance of the incremental capacity demand are very significant. Since 2011, China's coal production growth year on year a substantial increase in the formation of a strong pull on the conveyor belt; at the same time, as the representative of iron ore mineral resource development would be expected to become a powerful incremental speed conveyor needs this one needs to start with the raw material price correction presents basic synchronization trend, bring "after the robbery case refresher" good development opportunities for the tape industry. New breeds of output, brilliance momentum for the present, listed companies are in new output capacity at a nascent stage, with flame-retardant laminated Bao Tong with industry, sanlux high performance reinforcing materials and PVC Double Arrow shares / PVG belts. New product launches on the one hand to improve the company's profitability and bargaining power, greatly enhancing the fall in raw materials enhance the performance of sustainability; on the other hand to ensure the company's long-term growth, and further strengthen the investment value of the relevant companies . We determine the next 2--3 years will be related industries and improve product structure, to achieve rapid revenue and profitability growth phase.
Flexible + technology to determine the value, devaluation Bao Tong, attention fell sanlux / Double Arrow Rubber prices of raw materials that we study the most important non-tire rubber products industry logic, this logic requires the establishment of two important conditions: price elasticity and technical Level. Respectively, to decide on short-term benefit to the extent of raw material prices and sustainability. In this logic, we devaluation more elastic, benefiting from new products, core technologies lead to continued growth of Bao Tong with industry, we propose a focus on escalating sanlux and most flexible product line double arrow shares.
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