[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

wurf@nesc.cn 18110073586

S0550118080009

tianzf@nesc.cn 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

4 / 29

[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

18 / 29

[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 ruanmin@nesc.cn

021-20361229 17717370432 wuxiaoyin@nesc.cn

021-20361258 18221628116 qijian@nesc.cn

021-20361267 13262728598 chen_xh@nesc.cn

021-20361258 13120758587 Lilq@nesc.cn

021-20361112 18801903156 lirx@nesc.cn

021-20361133 18516728369 zhoujq@nesc.cn

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021-20361229 15213310661 jinyue@nesc.cn

010-58034553 18515018255 lihang@nesc.cn

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010-58034555 13701194494 wenzc@nesc.cn

010-58034563 18501944669 zengyg@nesc.cn

010-63210813 18153683452 zhouying1@nesc.cn

0755-33975865 18938029743 liu_xuan@nesc.cn

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