Zhengzhou Huaxin Refractory Material Industry Co., Ltd.

Add: Railway Station, Chaohua, Xinmi City, Henan, China, 452385

Tel:86-371-69231111   Fax:86-371-69235777

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Refractory materials: Integration of ideas to follow

Number of visits: Date:7/20/2010 05:09:13


In recent years, China's refractory industry has basically maintained a growth rate of more than 20% (8% in 2008), 2009 annual growth rate is 33%. In 2007, refractories production in China has more than 50% of total world refractories, the annual sales income is above 100 billion yuan, total profit of 8.0 billion break.

Studies have shown that downstream demand is still strong in China refractories. Mainly used as refractory materials industry (accounting for about 70%) of the steel industry in 2010 is expected to demand 12.49 million tons; glass industry in 2010 is expected to demand high-grade cast aluminum and cast zirconia were 6752 tons, 71,504 tons; colored and cement have also maintained a stable demand.

We expect the refractory industry will include industry consolidation, the development of materials to high grade trends, the overall demand for upstream and downstream contract 5 trends. Among them, the refractory industry consolidation trend of the most notable merger was inevitable. We expect that integration is mainly upstream integration and industry consolidation. Integration of listed companies have the resources or will occur in refractory enterprises have customers.

Accordingly, we devaluation Pu-resistant stock (002,225), estimated the company's 2010-2011 EPS (earnings per share) were 0.48 yuan, 0.65 yuan, PE (price-earnings ratio) were 30 times, 23 times, the company in the downstream integration strategy is obviously faster than the Beijing Lear, and Qi Zhengtichengbao large proportion Yiyou Tishengkongjian, Tong Shi considering the current trade increased demand for Chu cycle, recommended overweight, Mubiao price of 17.4 yuan (unit reportedly 13.59 yuan yesterday Shou).

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