Dinglong shares: deep plowing electronic imaging chemicals industry to maintain the "buy" rating

Guohai Securities recently released Ding Long shares (300054) research report, relying on color laser printing market development of demand for supplies driven by the next few years the global growth rate of color toner will be more than 10%. Electronic imaging three-point world, laser printing with more excellent overall performance and gradually reduce the cost of the future in the print market will have a higher share; with the information technology industry and consumer structure upgrade, people print color and effect The use of color printing technology, it is expected that color laser printing will be more than 7% higher than the average growth rate of laser printing faster growth.

The two levels of substitution for the polymerization method of color-compatible toner growth provide a strong driving force. Which is the first layer of alternative supplies to the original market share to seize: Europe and the United States universal supplies more than 30% penetration rate, China is currently compatible with low penetration rate, the Government in the field of renewable supplies procurement will promote the future development of general supplies industry; The second layer is the polymerization method of the alternative to the physical law: polymer toner has a better overall performance, and the trend of falling costs is very obvious, the original manufacturers for the pressure of the physical powder more accelerated alternative process.

Innovative R & D is the company to break the monopoly of the rapid development of the internal force. Electronic imaging chemicals industry technical barriers are very high, has long been monopolized by Europe and the United States and Japanese companies. Companies to scientific and technological innovation as the guide, ten years to break the Japanese enterprises on the global charge regulator market for more than 20 years of monopoly, and once again to achieve the polymerization of color toner technology breakthrough in 2012 to complete the scale of industrialization. Company color compatible toner has covered more than 90% of HP models, and actively to the brothers, Xerox and other brands to expand, and strive to have more models of more models of printer compatibility. At the same time the company has opened up the technical barriers to the higher carrier production process line, its technical level has reached the fourth level of the Japanese counterparts, is expected to be completed in 2013 pilot, 2014 after the completion of industrialization will become the world's first Manufacture of color and can create a carrier of suppliers.

The business of the company conforms to the development trend of laserization, colorization and compatibility in the global development. The toner business is the most profitable growth point and the technical barriers are higher. The carrier project is being promoted smoothly to provide guarantee for the future growth of the company. Positive upstream and downstream integration improves the company's leading position in the industry. It is expected to have EPS of 0.48 and 0.73 in 2013 and 2014, respectively, to maintain the "buy" rating.

Institution Source: Guhai Securities


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