Galaxy Securities - Selen Science & Technology: hand in T & T and Japan Higashiyama, strategic layout and display high-power battery membrane material

Updated: May 23, 2016  Views: 292

[Research Report Summary]

1. Event

Our company had an ongoing tracking.

2. Our analysis and judgment

(A) the acquisition of T & T plastic film, flexible packaging market lithium tour

Plastic film is flexible packaging lithium batteries key materials, technical difficulty far more than the separator, anode, cathode, electrolyte and other materials, high-margin (50% -60%). 2013 domestic market of about 1.5 billion plastic film yuan, global 25-30 billion in recent years with the outbreak of new energy vehicles, the Nissan Leaf, Chevy Volt, BMW and other mainstream electric vehicle battery packs have adopted a soft line plastic film, the future market potential of ten billion yuan now domestic plastic film market fundamentals from Japan Showa, DNP, Toppan printing monopoly market share of 90%, a large domestic alternatives space.

Selen through acquisitions T & T Mie Plant (2 million square meter / month) + brand the right to use (T & T trademark) + patents (91), and will set up factories .T & T plastic film letterpress printing sub-business, technical strength outstanding after Selen acquisition, will set up a factory production line of construction in Changzhou, overall production capacity will increase from 200 million square meters / month to 600 million square meters / month, it is expected to contribute more than 20 billion in revenue. in addition, Selen will continue to explore the possibility of business cooperation with other relief.

(B) to join Japan Higashiyama, set by the expansion to fill the gaps

TAC module is the key material of the polarizer, about 50% of its costs from the market point of view of space, by 2018, the global market size of China and the TAC film were $ 3.72 billion and $ 1.05 billion. In terms of competition , TAC mold high technical barriers, monopoly Korean and Japanese companies, they occupy a market share of about 90% seen, TAC film is also a huge domestic alternative space industry.

Selen hand in Japan Higashiyama, set by the expansion to fill the gaps. Selen Japan Dongshan get 20 types of products (including TAC film) production and marketing approval in Japan Higashiyama also assist Changzhou coating plant construction, technical training and guidance staff Japan Higashiyama outstanding technical strength in the TAC film, TAC film production yield steady at 90%, has been in Japan, South Korea's mainstream manufacturers get polarizer use. Selen Science & technology cooperation with Japan Dongshan TAC construction projects put into an estimated annual profit more than 200 million yuan. in addition, the chairman and participation set by the tube also showed confidence in the project! (c) the sharing of benefits, alongside the power Selen new qualitative change!

Electronic membrane as the basis for composite materials, technologies and processes on the basis of requirements, its core competencies key to two things: First, the quality (decided to sell), the second is the yield (profit decision).

In China, although many enterprises engaged in electronic membranes, but most remain in the experimental stage, the lack of production capacity, which is the domestic electronic enterprises membranes little bigger and stronger reason.

Whether T & T, or Japan Dongshan, Selen will need to pay a patent license fee to the other party based on product sales, and thus the depth of interest to bind with each other to jointly work together to plastic film and TAC film business bigger and stronger. Moreover, Selen in Changzhou has a precision coating technology accumulation, access Samsung, TCL and other plants approved, we believe that the probability of a large company stronger and bigger.

3. Investment Advice

We are optimistic about the company hand in plastic film, TAC film distribution business in Japan. We expect 2016/2017/2018 EPS was 0.25 / 0.43 / 0.71 yuan for the first time give the recommended rating.


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Traditional Chinese: 銀河證券--新綸科技:攜手T&T及日本東山,戰略布局動力電池及顯示用高端膜材料


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