China'S Synthetic Leather Output Exceeds 70% Of The World'S Total.

< p > > we think that the industry concentration will be accelerated. 1. In the next two years, Wenzhou will eliminate backward production capacity of 50% in Zhejiang. Fujian province also put forward strict requirements for existing enterprises and new enterprises. 2, natural leather is becoming more and more expensive from environmental protection, animal protection and natural resources restrictions. The functional properties of the eco functional synthetic leather products have reached or even surpassed natural leather, and the price performance ratio is high, which is gradually gaining market share of natural leather. 3, with the gradual implementation of environmental protection policies, backward production capacity will be phased out, and middle and high end synthetic leather instead of low-end products is the trend.

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The market share of China's PVC leather, ordinary PU synthetic leather, ecological PU synthetic leather and super fine PU synthetic leather is 44%, 32%, 21% and 3% respectively. P

In the 2005-2013 years, the consumption of synthetic leather increased from 1 billion 612 million square meters to 4 billion 292 million square meters, with an average annual compound growth rate of about 13.02%.

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< p > < strong > a href= < //www.sjfzxm.com/news/index_c.asp > terminal consumption < /a > upgrade capacity fully released < /strong > /p >

< p > with the improvement of people's living standard, the demand of end users to products is getting higher and higher. High-end products will gradually replace low-end products, and consumption upgrading will drive the demand for high-end synthetic leather.

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At present, "P", Amway synthetic leather has 17 wet production lines with 14 dry production lines. It has the capacity of production and operation of 65 million meters of synthetic leather. It is the largest enterprise in China.

In the next 2 years, the company's comprehensive capacity will reach an annual output of 88 million 500 thousand meters of polyurethane synthetic leather.

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< p > < strong > with the cooperation of Samsung and other hi-tech products, the comprehensive a href= "//www.sjfzxm.com/news/index_c.asp" > gross profit margin < /a > /strong > /p >

< p > 2008-2013, Amway, a href= "//www.sjfzxm.com/news/index_c.asp" > synthetic leather < /a > PU sales of synthetic leather increased from 628 million yuan to 1 billion 161 million yuan, with an average annual compound growth rate of 13.08%.

In the 1 quarter of 2014, the consolidated gross profit margin reached 22.30%, which was 21.6% higher than the consolidated gross profit margin in 2013. We speculated that the order of Samsung's high gross margin made some contribution.

In the future, with the deep cooperation between the company and the high quality enterprises at home and abroad, the company's customer structure will continue to optimize, and will further enhance the company's gross profit margin.

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< p > the annual revenue of Amway synthetic leather is 2014-2016 yuan, 1 billion 447 million yuan, 1 billion 719 million yuan and 2 billion 74 million yuan respectively.

Net profit attributable to the parent company was 101 million yuan, 122 million yuan and 152 million yuan. The net profit growth rate was 36.65%, 21.43% and 23.81% respectively. The corresponding EPS was 0.48 yuan, 0.58 yuan and 0.72 yuan, with a reasonable valuation of 14-17 yuan, maintaining the "highly recommended" rating.

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