[table maininfo][table title] 300596 2020-07-02 · 32.92 28.69 22.48 17.73 13.87 5.93 3.94 3.25...
TRANSCRIPT
[Table_MainInfo] [Table_Title]
/
[Table_Summary]
2017
+
ROE 15%-20%
ROE ROE
15%-20%
50 34
U-PACK 2019
U-PACK
U-PACK
SONGWON
2020-2022 EPS 1.57/2.00/2.55 PE
22/18/14
25% 25 PE 39.25
[Table_Finance] 2018A 2019A 2020E 2021E 2022E
1,488 1,978 2,606 3,212 3,906
(+/-)% 30.23% 32.97% 31.73% 23.23% 21.61%
193 262 323 409 523
(+/-)% 47.95% 35.86% 23.03% 26.83% 27.82%
0.94 1.28 1.57 2.00 2.55
32.92 28.69 22.48 17.73 13.87
5.93 3.94 3.25 2.75 2.29
(%) 18.02% 13.74% 14.46% 15.49% 16.53%
(%) 0.00% 0.00% 0.00% 0.00% 0.00%
( ) 180 205 205 205 205
[Table_Invest]
[Table_Market] 2020/6/29
6 39.25
35.39
12 26.51 43.88
7,255
205
A 205
B /H 0/0
6
[Table_PicQuote]
-14%
-5%
4%
13%
22%
31%
2019/7 2019/10 2020/1 2020/4
[Table_Trend] % 1M 3M 12M
26% 18% 16%
20% 7% 9%
[Table_Report]
10
--20200630
--20200223
--20200121
[Table_Author]
S0550520030002
[email protected] 18110073586
S0550118080009
[email protected] 18611895566
300596
2020-07-02
2 / 29
[Table_PageTop]
1. —— ........................................... 4
1.1. ROE 15%-20% .............................................................................................. 4
1.2. ............................................................................................. 5
1.2.1. .................................................................................................................................................................. 6
1.2.2. .................................................................................................................................................................. 7
1.2.3. ...................................................................................................................................................................... 9
1.3. .............................................................................................. 11
1.3.1. ................................................................................................................................................................ 11
1.3.2. ................................................................................................................................................................ 13
1.3.3. ................................................................................................................................................................ 14
2. .................................................................................. 15
2.1. ....................................................................................... 15
2.2. .................................................................................................. 17
2.2.1. ................................................................................................................... 17
2.2.2. ................................................................................................................... 18
2.2.3. ........................................................................................................................ 19
2.3. ........................................................................ 20
3. 3 ........................................................................... 22
3.1. .................................................................................................................... 22
3.1.1. ....................................................................................................................................................... 22
3.1.2. ................................................................................................................... 22
3.2. SONGWON ............................................................................ 24
4. ..................................................................................................... 26
5. ..................................................................................................... 26
3 / 29
[Table_PageTop]
1 2011-2019 ........................................................................................................... 4
2 2011-2019 ................................................................................................. 4
3 2011-2019 ROE/ROIC ......................................................................................................... 4
4 2011-2019 .................................................................................................... 4
5 2011-2019 .................................................................................................... 5
6 2011-2019 .................................................................................................... 5
7 2011-2019 ............................................................................................. 5
8 2011-2019 .......................................................................................... 5
9 2011-2019 ........................................................................................................ 6
10 2019 .............................................................................................................. 6
11 ............................................................................................. 6
12 .................................................................................................................. 7
13 .................................................................................................................. 7
14 ........................................................................................................ 8
15 .................................................................................................................. 8
16 UVA .................................................................. 10
17 ................................................................................. 10
18 UV-P ....................................................................11
19 ................................................................................................................ 13
20 ................................................................................................................ 13
21 2019 ............................................................................................................... 16
22 2015-2019 ................................................................................................ 16
23 2015-2019 ................................................................................................ 16
24 .................................................................................... 18
25 ......................................................................................................... 19
26 2013-2019 ...................................................................................... 19
27 2013-2019 ......................................................................................... 19
28 ...................................................................................................... 20
29 2017 .............................................................................................. 21
30 ............................................................................................... 21
31 .................................................................................................. 22
32 2011-2019 U-PACK ..................................................................................... 23
33 2011-2019 U-PACK ..................................................................................... 23
34 U-PACK ......................................................................................................... 23
35 2015-2019 ......................................................................................... 24
36 SONGWON .............................................................................................. 24
37 SONGWON ........................................................................ 24
38 SONGWON .................... 25
1 ............................................................................................................. 7
2 ................................................................................................................ 8
3 7000 ................................................................................... 9
4 ........................................................................................................... 12
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[Table_PageTop]
1.
1.1. ROE 15%-20%
2003 2017
2011-2019 2.6 19.78 CAGR 28.76%
1972 2.62 CAGR 38.19%
2017
2017 31.59%
41.78%
1 2011-2019 2 2011-2019
Wind Wind
ROE
ROE
3 2011-2019 ROE/ROIC 4 2011-2019
Wind Wind
5 / 29
[Table_PageTop]
ROE
13% 10%
0.8
35%-40%
5 2011-2019 6 2011-2019
Wind Wind
2019 37%
7 2011-2019 8 2011-2019
Wind Wind
1.2.
90% U-PACK
5%
6 / 29
[Table_PageTop]
9 2011-2019 10 2019
Wind Wind
11
Wind
0.1%-0.5%
/
1.2.1.
UVA
7 / 29
[Table_PageTop]
1
UVA
UV-9 UV-531
UV-P UV-327 UV-326
BAD TBS OPS
-5
UV-Ab-sorber317
HALS
HALS
UVA
HALS HALS
44%
12 13
Wind Wind
1.2.2.
2018 6.57
30 BASF
8 / 29
[Table_PageTop]
BASF
Addivant
BASF
40% SABO
20% BASF Addivant
ADEKA
14 15
Wind Wind
2
1.6 6000 1
2.4
1.2
1
1.6
0.5
1000 / 0.5
8000
/ / UVA
1.5
60%
9 / 29
[Table_PageTop]
1.2.3.
7000
UV-329 UV-P UV-234 UV-928 UV-327 8
200 2000 15000
UV-P UV-328 UV-329 UV-234 UV-928 UV-1130
UV-384 UV-360 UV-123 UV-3030 2 4 12
UV-770 UV-3853 UV-292 UV-3035 UV-3039
UV-1577 UV-1164 UV-328 UV-1130 UV-400 UV-3348 2,4-
2- -4- 2- -4- 2,4- 16
3 7000
t/a
UV-329 2000 312
UV-P 2000 313
UV-234 1000 314
UV-928 300 314
UV-327 200 314
UV-326 1000 315
UV-328 300 315
UV-1120 200 315
7000
314/315 314
UV-234 1000 UV-928 300 UV-327 200 1500
UVA
10 / 29
[Table_PageTop]
16 UVA
Wind
17
Wind
15000 6 18%
11 / 29
[Table_PageTop]
18 UV-P
Wind
1.3. 1.3.1.
12 / 29
[Table_PageTop]
,
4
Notch 2018
52.38 16.82
50%-60%
30-36% 18%
50 Addivant
/
13 / 29
[Table_PageTop]
19 20
Wind Wind
49% 44%
1.3.2.
ADK
5
/ t/a
50,000
1977
1-2
35,900 6.5
20,000 2022
4.8
21,000 1995
1.6
5000
42,000 4
1997 2009
2019
1.2
14 / 29
[Table_PageTop]
20,000
12,000
13,000
15,000 2014 7
1.3.3.
+
2015 30% 2019 10%
15 / 29
[Table_PageTop]
2.
2017
2.1.
2003
10
6
2003
1998
16 / 29
[Table_PageTop]
21 2019
Wind
2019 248
14% 4%-5%
22 2015-2019 23 2015-2019
Wind Wind
1.5%-4%
17 / 29
[Table_PageTop]
THASORB UV-328 THANOX MD-1024
7
THASORB
UV-328
THANOX
MD-1024
- -
0.07% ≤0.30% 0.05% <0.50% ≤0.50%
99.8% ≥99.0% 99.9% >98% ≥98%
81.2-82.3 80.0-88.0 228.1-291.1 221.0-232.0 221.0-232.0
460nm 98.5% ≥97.0% 425nm 99.7% >96% ≥96%
500nm 99.2% ≥98.0% 500nm 99.9% >96% ≥97%
0.01% <0.10% <0.10% <0.10% <0.10%
2018 6 2020 3
24
2.2.
2.2.1.
PPG LG
72
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[Table_PageTop]
24
Wind
2.2.2.
BASF DSM Lanxess
EMS Axalta PPG Polyone
LG
19 / 29
[Table_PageTop]
25
Wind
2.2.3.
26 2013-2019 27 2013-2019
Wind Wind
20 / 29
[Table_PageTop]
2.3.
2017
11500
6000
28
Wind
2018 6000
715
725
724 726 7000 /
2017
31.59% 41.78%
2018
HALS
21 / 29
[Table_PageTop]
HALS
U-pack
29 2017 30
Wind Wind
12.5
2020
12.5
11500
12.5
12.5
22 / 29
[Table_PageTop]
3. 3
3.1.
3.1.1.
2017
31
Wind
12.5
2020 2021
3.1.2.
U-PACK
U-PACK
23 / 29
[Table_PageTop]
32 2011-2019 U-PACK 33 2011-2019 U-PACK
Wind Wind
U-PACK
U-PACK
34 U-PACK
Wind
U-PACK
U-PACK
U-PACK
24 / 29
[Table_PageTop]
3.2. SONGWON
SONGWON
SONGWON 45-50
35 2015-2019 36 SONGWON
23%
28% 21%
22%
37 SONGWON
Wind
25 / 29
[Table_PageTop]
38 SONGWON
Wind
26 / 29
[Table_PageTop]
4.
SONGWON
20-22 EPS 1.57/2.00/2.55 20-22
PE 22/18/14 A
25% PEG=1 2020
25 PE 39.25
5.
80%
27 / 29
[Table_PageTop]
[Table_Forcast] 2019A 2020E 2021E 2022E 2019A 2020E 2021E 2022E
294 350 319 848 263 323 410 524
0 0 0 0 4 0 0 0
361 475 585 712 70 113 113 113
595 801 981 1,185 0 0 0 0
127 139 157 165 21 0 0 0
1,376 1,766 2,042 2,911 0 0 0 0
-199 -149 -142 -154
0 0 0 0 6 0 0 0
650 687 824 712 166 286 380 482
195 248 300 353 -360 -248 -153 197
353 353 353 353 104 17 -259 -150
1,774 1,909 1,949 1,639 99 337 512 988
3,150 3,675 3,992 4,550
392 409 150 0 2019A 2020E 2021E 2022E
330 421 530 631
10 14 17 21 1.28 1.57 2.00 2.55
40 40 40 40 9.32 10.89 12.89 15.44
975 1,176 1,083 1,118 0.81 1.40 1.86 2.35
193 193 193 193
44 44 44 44 33.0% 31.7% 23.2% 21.6%
238 238 238 238 35.9% 23.0% 26.8% 27.8%
1,212 1,414 1,321 1,356
1,910 2,232 2,642 3,165 29.2% 27.7% 28.1% 28.6%
28 29 29 30 13.3% 12.4% 12.7% 13.4%
3,150 3,675 3,992 4,550
66.18 66.18 66.18 66.18
2019A 2020E 2021E 2022E 155.11 155.11 155.11 155.11
1,978 2,606 3,212 3,906
1,400 1,885 2,309 2,790 38.5% 38.5% 33.1% 29.8%
8 12 16 10 1.41 1.50 1.89 2.60
-1 0 0 0 0.77 0.79 0.94 1.50
103 136 168 204
92 109 135 164 5.2% 5.2% 5.2% 5.2%
20 0 0 0
4.7% 4.2% 4.2% 4.2%
0 0 0 0 1.0% 0.0% 0.0% 0.0%
0 0 0 0
288 359 455 582 0.0% 0.0% 0.0% 0.0%
4 0 0 0 0.0% 0.0% 0.0% 0.0%
292 359 455 582
29 36 45 58 P/E 28.69 22.48 17.73 13.87
263 323 410 524 P/B 3.94 3.25 2.75 2.29
262 323 409 523 P/S 3.67 2.78 2.26 1.86
0 0 0 1 13.7% 14.5% 15.5% 16.5%
28 / 29
[Table_PageTop]
“ ”
R3 A B
AA ABS
“ ”
6 15%
6 5% 15%
6 -5% 5%
6 5% 15%
6 15%
6
6
6
29 / 29
[Table_PageTop]
6666 130119
28 D 100033
729 200127
1006 22A 518038
122 15 510630
021-20361121 13636606340 [email protected]
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