Practice the application of fiber diversification, high-value liquid filtration officially set sail.

The main application scenes of fiber materials are filtration (objects include gas dust, fuel / lubricating oil / blood, etc.), heat preservation (heat insulation at room temperature, cold insulation at low temperature, etc.), energy saving, among them, air filtration, Refrigerated cold chain and building heat preservation are basic applications, liquid filtration / oil / gas separation in engine cleanliness and other fields belong to high-end applications, with high technology content and added value. Fiber applications are highly professional, and high technical barriers to high-end applications. The global glass fiber filter paper and the glass fiber filter board bibcock LYDALL and H & V are constructed through the continuous research and development and the extension to construct the coverage filtration, the separation, the global glass fiber filter paper and the partition board leader LYDALL and V through the continuous research and development and the extension construction covers the filter, the separation, The phased holding arrangement is expected to expand the company''s fiber application plate, enhance international influence. The company is a domestic air filtration material leader, also involved in basic insulation, energy-saving applications, but liquid filtration, Oil and gas separation, soot treatment and other high value-added fiber applications are still blank, and the product system is still far from being rich compared with the international leader. Harvard, Germany, which is to be controlled by stages, is the world leader in liquid filtration materials. Both sides have agreed to set up a new company around the world to build no less than 2 liquid filtration production lines.

The company announced in May that it would buy Chongqing Paper Industry Research and Design Institute (No. 4 in China, No. 4, 100%) in cash for 105 million yuan. This phased investment arrangement will focus on high-end liquid filtering overseas. The growth path of extension acquisition is clear, and continues to practice.

The company''s air filtration advantage is outstanding, and the multi-product escort continues to grow. The company has formed obvious products, capital advantages and future domestic share in the advanced manufacturing air filtering market. The international influence continues to increase (the company''s filter paper market share in the global air filtration field is 670%). The company has formed a four-wheel drive pattern of microfiber glass wool, glass filter paper, VIP core material and AGM partition board. At the same time, it plans to extend to the downstream vacuum insulation board derivatives, and the subsequent liquid filtration is also expected to contribute new growth point.

Maintain the company''s "buy" rating. Long term optimistic about the company''s research and development and extension, "clean, efficient and energy saving" -oriented fiber diversity applications: basic applications to expand civil air purification, high-end applications break through vehicle sound insulation, The EPS is estimated to be 0.71% 1.231.84 yuan / share from 2016 to 2018. Considering the growth attributes and denotation of the company, the company is given 60 times PEE in 2016, with a target price of 42.60 yuan per share.