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Imperial Sanitary Ware: Acrylic Bathroom Leader To Merge Into Tile Field

- May 10, 2018 -

Acrylic bathroom leader, intends to buy Ou Shen Nuo cut into tile field. After more than 20 years of development, Emperor sanitary ware has grown into a subdivision of the domestic acrylic cleaning industry. In 2009, it bought acrylic plate industry in Chengdu and extended to the upstream of the industrial chain. At present, the main business is acrylic board and acrylic sanitary ware. The company is to buy the 98.4% of the stock with 1 billion 970 million. After the completion of the acquisition, it will cut into the middle and high-end building ceramics field.

Two, the acrylic tap opens a new round of expansion

Acrylic bathroom industry has great potential for development, leading the new round of expansion. Bathroom market space is large, driven by urbanization continues to grow. Acrylic sanitary ware has outstanding performance, and it can meet the consumers' demand for diversified colors and shapes of sanitary ware products. At present, it is relatively low in the bathroom market, complying with the upgrade of consumption, and the permeability is expected to be gradually improved. As the pioneer of acrylic sanitary ware in China, the company has the largest scale in the industry. As a subdivision, it has outstanding competitiveness in products, channels, brand and other aspects. With the expansion of production capacity and the perfect channel expansion, the company will enter a new round of rapid growth period.

Three. To enter the high end ceramic tile industry in the army

In the high-end ceramic tile industry, 1+1>, 2 will be promising. The ceramic tile industry has a large market capacity. According to the data published by China Architectural health Ceramics Association, the income of the ceramic enterprises above the scale of the scale in 2016 is 447 billion 400 million, the ceramic tile industry is highly decorated, the high-end demand for the consumption upgrading is promoted, the industry pattern is changing, and the concentration of the brand is gradually improved. Our company has strong brand competitiveness and is growing fast in the middle and high end tile market. After the completion of the acquisition, the two main industries of bathroom and tile are expected to produce continuous synergy.

Four. Investment proposals

The company is a acrylic cleaning tool, with outstanding competitiveness. With the expansion of the distribution at both ends of the market, the main industry of sanitary ware has opened a new round of rapid growth. At the same time, we intend to acquire the strong competitiveness of the Orsino brand, and are also on the track of rapid growth in the middle and high end tile market. Follow up with the bathroom, ceramic dual main industry synergy effect, the company's growth is expected to further accelerate. Without considering mergers and acquisitions, we expect the company's 2017-2019 year EPS to be 0.67, 0.85, 1.06 yuan respectively. The latest closing price is 64, 51 and 41 times respectively. After the completion of the acquisition and supporting fund-raising, it is 192 million and 228 million (59% in the first half of 2017). Big), the company is expected to be 2018-2019 years EPS 1.91, 2.3 yuan, the latest closing price corresponding to the PE is 22 times, 18 times respectively, because the acquisition has not been completed, for the first time, to give "prudent increase" rating.

Hangzhou Haishu Industrial Co.,Ltd

Add: Xinwei Village, Yinong Town, Xiaoshan DIstrict, hangzhou city, Zhejiang Province

Contact us: Moni

Tel: +86-571-86758517

Fax: +86-571-85176312

E-mail: moni@cw7.com.cn

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