All water as a solvent or as a dispersion medium coating, can be called water-based coating. Water-based coatings include water-soluble coatings, water-diluted coatings, water-dispersive coatings (latex coatings) 3 kinds. Water-soluble coatings are water-soluble resins as film forming materials, represented by polyvinyl alcohol and its various modifiers, in addition to water-soluble alkyd resins, water-soluble epoxy resins and inorganic macromolecular water-based resins.
I. event overview
Recently, the ministry of environmental protection issued new technical requirements for environmental marking products of waterborne coatings, and revised the 'technical requirements for environmental marking products - waterborne coatings' (HJ/ t201-2005). The new standards will take effect on July 1, 2014.
2.Analysis and judgment
Limited requirements standard improvement, good water - based coating industry development
The ministry of environmental protection has set standards to protect the environment by implementing the environmental protection law of the People's Republic of China and reducing the impact of coatings on the environment and human health during production and use. This standard raises the limit requirements of ethylene glycol ether and lipid substances, volatile organic compounds and other organic compounds in water-based coatings, and emphasizes the emission standards of pollutants and clean production of manufacturers. The state strongly supports the development of environmental protection and energy conservation industry, which is good for the development of water-based coating industry featuring environmental protection, safety and energy conservation.
Wanhua will be built in bajiao industrial park waterborne coating industry chain
Company in yantai star industrial park is approved 5 square kilometers of land, of which 750000 tons/year new propane dehydrogenation to propylene (PDH), 300000 tons/year of acrylic acid and acrylate, three or four quarters of 2014 completed and put into operation, the company will be formed 'LPG - propylene - acrylic acid/butyl octyl alcohol acrylate - coating' of the industrial chain, planning and construction of 400000 tons/year capacity of water-based coatings.
With the improvement of national environmental protection standards, China's water-based coatings will develop rapidly in the next 3-5 years, and the market share is expected to reach 60%. Wanhua company plans to produce environmentally friendly water-based coatings, including water-based wood paint, water-based textile coatings, water-based automotive coatings, water-based industrial coatings, etc., and can achieve complete self-sufficiency in the main raw materials after the completion of yantai industrial park project. Wanhua USES its own advantages to ensure the stability of raw material sources and reduce production costs. Full play of the company's performance will be significantly improved.
3. Profit forecast and investment Suggestions
The new standard provides a better prospect for the company's waterborne coating industry chain, which is good for the company's development. It is estimated that the company's 14-16 year EPS is 1.61 yuan, 2.14 yuan and 2.48 yuan. Maintain strongly recommended ratings.
4. Risk presentation
Risks such as new capacity not being built in time.