Yufeng: MSG enters the harvest period, high-grade amino acids are expected to erupt

MSG into the harvest period: from the point of view of demand, MSG industry demand is more stable, from the supply point of view, the industry continued to be depressed after small businesses into losses, some companies have stopped work or exit, the industry gradually go to production capacity, at the same time, the national elimination of backward production capacity and environmental protection policies tighten, the future MSG industry new capacity probability is smallAt present, The three strong, three occupy more than 90% of the market share, price leadership significantly enhanced, is expected to carry out rational competition, in order to avoid shutting down production capacity, it is expected that MSG prices are expected to gradually spiral up, the company's MSG business will gradually enter the harvest periodVtkHigh-grade amino acids are expected to explode: by virtue of the formation of technical advantages and experience in the field of biofermentation, The Development of the Group will be the focus of development of high-grade amino acids, the company in 2012 to invest in the construction of Xinjiang factories, the use of local superior resources, and strive to create a global attention of high-grade amino acid production base, mainly the production of leucine, isolidate, proline, glutamine and other productsHigh-grade amino acids are mainly used in beauty, medical and health care industries, the downstream market space is broad, the company's high-grade amino acid products rapid growth, the first half of 2015 revenue reached 236 million yuan, up 61.4% YoY, the company expects 2015 high-grade amino acid products annual production capacity of 14,000 tons, revenue of 600 million yuan, is expected to become the company's performance growth of the new engineVtkHuangyuan glue 2016H2 bottom rebound: Huangyuan rubber prices have fallen in the past few years, mainly in the downstream oil mining industry downturn, the expansion of Huangyuan plastic production capacity of The Yanfeng Group and competition from plum biologyWe judge that the price of Huangyuan glue is currently at the bottom, the second half of 2016 is expected to rebound, mainly: (1) at the current price level of 17,000 / ton, in addition to The other Huangyuan rubber producers are in a loss-making state, this state can not be sustained in the long term, there will be production capacity to withdraw;VtkInvestment recommendations: The company's 2015-2016 EPS is expected to be 0.40, 0.51 yuan, respectively, the corresponding PE 10X, 8XThe company is the leader of the biofermentation industry, MSG, Huangyuan glue production capacity of the world's first, MSG gradually into the harvest period, Huangyuan glue 2016H2 is expected to rebound, high-grade amino acids are expected to explode, to give a "buy" ratingVtkMSG into the harvest period: from the point of view of demand, MSG industry demand is more stable, from the supply point of view, the industry continued to be depressed after small businesses into losses, some companies have stopped work or exit, the industry gradually de-production capacity, at the same time, the national elimination of backward production capacity and environmental protection policy tightening, the future MSG industry new capacity probability is not greatAt present, The three strong, three occupy more than 90% of the market share, price leadership significantly enhanced, is expected to carry out rational competition, in order to avoid shutting down production capacity, it is expected that MSG prices are expected to gradually spiral up, the company's MSG business will gradually enter the harvest periodVtkHigh-grade amino acids are expected to explode: by virtue of the formation of technical advantages and experience in the field of biofermentation, The Development of the Group will be the focus of development of high-grade amino acids, the company in 2012 to invest in the construction of Xinjiang factories, the use of local superior resources, and strive to create a global attention of high-grade amino acid production base, mainly the production of leucine, isolidate, proline, glutamine and other productsHigh-grade amino acids are mainly used in beauty, medical and health care industries, the downstream market space is broad, the company's high-grade amino acid products rapid growth, the first half of 2015 revenue reached 236 million yuan, up 61.4% YoY, the company expects 2015 high-grade amino acid products annual production capacity of 14,000 tons, revenue of 600 million yuan, is expected to become the company's performance growth of the new engine Vtk 　　Huangyuan glue 2016H2 bottom rebound: Huangyuan rubber prices have fallen in the past few years, mainly in the downstream oil mining industry downturn, the expansion of Huangyuan plastic production capacity of The Yanfeng Group and competition from plum biology We judge that the price of Huangyuan glue is currently at the bottom, the second half of 2016 is expected to rebound, mainly: (1) at the current price level of 17,000 / ton, in addition to The other Huangyuan rubber producers are in a loss-making state, this state can not be sustained in the long term, there will be production capacity to withdraw; Vtk 　　Investment recommendations: The company's 2015-2016 EPS is expected to be 0.40, 0.51 yuan, respectively, the corresponding PE 10X, 8X The company is the leader of the biofermentation industry, MSG, Huangyuan glue production capacity of the world's first, MSG gradually into the harvest period, Huangyuan glue 2016H2 is expected to rebound, high-grade amino acids are expected to explode, to give a "buy" rating Vtk Share it on feed