The hottest tobacco packaging industry should foll

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The tobacco packaging industry should follow the pace of the times

the cigarette label industry is in the process of integration, and the leading enterprises can improve the concentration in the future with the help of endogenous growth and extension expansion; The growth of new businesses is expected to improve the valuation. Recommended target: Dongfeng Co., Ltd. (stable endogenous growth and high dividend yield provide a margin of safety, sufficient cash flow, while the rapid development of cutting-edge materials such as graphene, 3D printing and superconductivity has the possibility of epitaxial expansion, and the extension of the application field of raw materials provides new growth points. It is announced that the company will expand another growth pole in the field of military e-cigarettes; it is expected that the annual EPS of the company will be 1.26 yuan and 1.45 yuan respectively, and the current share price (16.76 yuan) will correspond to 13.3 times and 11.5 times of annual PE respectively; The target price is 22.7 yuan, corresponding to 18 times the valuation in 2013), Shanghai Lvxin (continuously and steadily implement the extension expansion strategy, acquire Fujian Taixing, significantly increase the performance for 13 years, and actively expand new businesses. It is estimated that the company's annual EPS is 0.68 yuan and 0.89 yuan respectively, and the current share price (15.00 yuan) corresponds to 22.0 times and 16.9 times of annual PE respectively; The target price is 19 yuan, corresponding to 28 times of the valuation in 2013 and Jinjia shares (the leader of cigarette label printing). The improvement of governance structure is expected to promote the company's operation on the right track. It is estimated that the company's annual EPS is 0.81 yuan and 0.99 yuan respectively, and the current share price (11.82 yuan) corresponds to 14.6 times and 11.9 times of the annual PE respectively; The target price is 14.6 yuan, corresponding to 18 times the valuation in 2013)

downstream cigarette industry: focus on brand development, and the trend of structural upgrading is obvious. The cigarette bag industry is mainly divided into cigarette label materials and cigarette label printing. In the traditional sense, it is not an "artist" festival, and the downstream is mainly cigarette enterprises. Tobacco profits and taxes are an important source of national fiscal revenue (accounting for 7% of national fiscal revenue in 2012). In the context of tobacco control, the sales growth rate of the downstream cigarette industry is limited; It mainly relies on structural upgrading to meet the demand of stable growth of industry profits and taxes

the endogenous growth of cigarette packaging enterprises comes from: 1. Follow the key brands of downstream cigarettes to achieve higher growth than the industry; 2. Upgrade the product structure and provide products with higher added value; 3. Relying on the scale and technical advantages, with the help of the system promotion of cigarette public bidding, we can enter the new regional market

background and driving force of the expansion of cigarette packaging enterprises: the industry is scattered. With the concentration of downstream cigarette enterprises increasing, it will promote the market share of the upstream cigarette packaging industry. The promotion of the public bidding system and the withdrawal of the tertiary industry of tobacco will accelerate this process. The listed leading enterprises are expected to rely on the capital platform to act as industry integrators

new business extension, building a new growth pole and improving the valuation level. E-cigarettes have a rapid growth rate in the European and American markets (the U.S. market has doubled in the past four years, and its sales are expected to reach $1billion in 2013). Traditional cigarette giants in Europe and the United States (such as loriard, Renault, British American tobacco, etc.) have a long-term layout of e-cigarette business through acquisition or new establishment. Domestic cigarette packs 2 The largest test piece: W200 x D200 x H200 (mm) faucet can also follow this practice and layout this rapidly growing market by virtue of its channel advantages in the tobacco field

for more information, please pay attention to the packaging box design, which has been produced since the plastic factory began production at the end of last year

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