Capacitor films

BOPP film is qualitative light, non-toxic, odourless, moisture, high mechanical strength, size stability and printing performance is good, good transparency, moisture resistance, and low pollution. Capacitor with BOPP film is the core of the capacitor dielectric, the capacitor is excellent, good reliability, high temperature resistant, wide range to capacity, small volume, long service life and good self-healing characteristic, is the most main raw material for film capacitor.

Thin film capacitor is a new growth point of future dosage of BOPP film, BOPP film capacitor 2015 market demand will reach 82000 tons. Over the past 15 years, the domestic demand of capacitor with polypropylene film from 06000 tons in 2010 to 2010 tons/year, estimate 2011 to 2015, the Chinese use demand of polypropylene film capacitor to keep compound growth rate of 7.9%, by 2015 China with polypropylene film capacitor demand will reach 82000 tons, but so far, total output of the top five domestic enterprises can only 40000 tons, is in a state in short supply.

Crude oil prices are low, be helpful for BOPP film production enterprises to reduce costs. International propylene and BOPP prices, from crude oil prices and international propylene and BOPP synchronous compare prices, the international prices of propylene and BOPP is the price of crude oil lag about a month, just reflect a production cycle, and in 12 years WTI crude oil prices from $110 a barrel in early 2012 fell to $92 a barrel, on August 10, or as high as 20%, the downstream BOPP prices fell by 9%, and the capacitor with polypropylene film prices fell 2%, almost no big change. The drop in oil prices is significantly positive to downstream capacitor manufacturer. With the growing demand for downstream capacitor as well as a decline in the cost of the upstream, we have reason to believe that BOPP film and BOPP film capacitor will usher in a wave of market.

We watch the film capacitor and raw materials production enterprises. The most bullish on polypropylene film and film capacitor integrated enterprises, recommendation of industrial integration and capacitor capacity per share elasticity larger peak with polypropylene film production capacity and the SAFE electronics co., LTD.

Tong-feng electronics (600237) : the company is the domestic film capacitor and capacitor materials production of leading enterprises; Now have the production capacity of 12000 tons of polypropylene membrane, the company is actively preparing for increased, offering investment gold film is mainly used for 10200 tons of new capacitor capacity; Does not consider issuing project, we expect the company from 2012 to 2014 earnings per share were 0.23, 0.28, and 0.23 yuan, the corresponding 12-14 years dynamic price-earnings ratio of 21, 17 and 14 times respectively. 

Safe electronics (002389) : the company is currently the domestic high-end capacitors with polypropylene film market leading supplier of base film and metallized film in 2011 sales of 12600 tons, the expansion has increased 5000 tons of a polypropylene film project. Is expected in 2012-2014 earnings per share were 0.48, 0.74, and 0.48 yuan, the corresponding 12-14 years dynamic p/e ratio of 33, 21 and 17 times respectively. O