Economic Observation Network reporter Ye Xinran On October 26, China Resources Materials (SZ:301090), which ranked among the top three in the field of polyester materials and new materials in China, officially landed on the ChiNext board of the Shenzhen Stock Exchange.
According to the data, China Resources Materials was established in July 2003, is a holding enterprise under China Resources Group, mainly engaged in the research and development, production and sales of polyester materials and new materials. Because polyester bottle flakes have non-toxic, tasteless, good transparency, light quality, easy to process and dimensional stability, polyester bottle flakes are widely used in food, beverage, cosmetics, pharmaceuticals and other fields, mainly used for the production of drinking water bottles, hot-filled beverage bottles, edible oil bottles, beer bottles, medical polyester bottles and so on.
According to the prospectus of China Resources Materials, the main customers of the company's polyester bottle flakes include Coca-Cola, Dingjin, Wahaha, Yibao, Nongfu Shanquan and other large beverage enterprises at home and abroad, which is one of the first polyester bottle flake manufacturers to enter the Japanese beverage packaging market in China, and in 2018, the company became the first enterprise in China to obtain the Certification of the supplier of Eyun mineral water polyester flakes of Danone Group in France. According to the data, from 2018 to 2020, the revenue of China Resources Materials was 14.48 billion yuan, 12.384 billion yuan and 12.38 billion yuan, respectively; the net profit was 518 million yuan, 448 million yuan and 629 million yuan, respectively.
From the perspective of industry development, China's polyester bottle flake market started later than abroad, before 2000, China's polyester bottle flake products mainly rely on imports from abroad. However, with the continuous increase of investment in the polyester bottle flake industry by State-owned, foreign-funded and private capital in China, the production capacity of polyester flakes in China has been expanding, and it has now changed from a net importer of polyester flakes to a net exporter of polyester flakes. According to the data of the chemical fiber information network, as of the end of 2019, the production capacity of polyester bottle flakes in China reached 10.51 million tons, an increase of 41% over the end of 2014. At the same time, the market demand for polyester bottle flakes is strong, and the output of polyester bottle flakes in China in 2019 reached 8.84 million tons, an increase of 48% over the output in 2014, and the output growth rate was higher than that of production capacity.
Polyester bottle flakes belong to the industry with high capital and high technical threshold, so in recent years, the domestic industry concentration has been continuously improved. According to the statistics of the chemical fiber information network, the annual production capacity of the top five enterprises in the industry accounts for more than 70% of the country. According to the prospectus of China Resources Materials, as of the end of 2019, the production capacity of the company's main product polyester bottle flakes was 1.6 million tons / year, ranking among the top five in the world and the top three in China.
In the view of industry insiders, the listing of China Resources Materials has made the capital market pay the most attention to whether investment in strategic emerging areas such as new materials can become the key to opening up the company space in the future.
According to the data, with the development of technology and the industry, China Resources Materials has also begun to increase investment in strategic emerging fields such as new materials. The introduction of China Resources Materials pointed out that the company continues to promote the industrialization of key projects such as special polyester PETG, thermoplastic composite materials, and high-performance PET foam through joint development, industrial incubation and equity investment, develops high value-added products, and constantly opens up new application fields.
Taking the PET foam technology developed by China Resources Materials as an example, at present, China's wind power blade core material is mainly PVC foam, and PET foam replaces PVC foam as a wind power blade core material due to excellent environmental performance and material cost, but the key technology of PET foam is integrated technology, which has high technical barriers, and the production technology has long been monopolized by foreign manufacturers, which is the key technology of "card neck" in China.
According to reports, the PET foam technology independently developed by China Resources Materials has passed the small test and pilot stage, and is expected to be industrialized and put into production in 2021. In addition, the domestic special polyester PETG technology has long relied on foreign imports, foreign manufacturers have implemented technical protection measures for the whole process of RAW material preparation to product processing of PETG, and China Resources Materials has broken through the key technologies in this field after cooperative research and development, and has now entered the industrialization stage.
In the view of the above-mentioned industry insiders, the capital market is most concerned about the process of industrialization of the above key technologies. As of the close of trading on the 26th, China Resources Materials closed at 18.97 yuan / share, up 81.53% from the issue price, and the market value reached 28.065 billion yuan.