Overview of the packaging and printing industry in the first three quarters of 2019
Packaging printing is the printing of various packaging materials as a carrier. Decorative patterns, patterns or text are printed on the packaging to make the product more attractive or descriptive, thereby transmitting information and increasing sales. effect. According to the classification of packaging materials, the packaging industry can be divided into fine molecular industries such as paper packaging, metal packaging, plastic packaging, and glass packaging.
Packaging printing needs to take into account economical, environmental protection and other issues, and it needs to be able to express the information to be printed completely and well. From the perspective of the industrial chain, the upstream of the packaging and printing industry is mainly the manufacturing of raw materials and equipment such as paper, plastics, inks and additives, and the downstream is connected with cigarettes, electronics, food and beverage, and pharmaceutical industries.
In the first three quarters of 2019, the packaging segment achieved revenue of 70.7 billion yuan from its main business, a year-on-year increase of 7.3%; net profit attributable to mothers was 5.7 billion yuan, an increase of 0.1% year-on-year. In terms of quarters, the revenue of the segment Q1 / Q2 / Q3 increased by 8% year-on-year, decreased by 0.4%, or increased by 5.78%, and net profit attributable to mothers increased by 9.9%, decreased by 15.1%, or increased by 6.3% year-on-year.
In the first three quarters of 2019, the gross profit margin of the packaging sector was 24.2%, a year-on-year increase of 0.9pct; the net profit margin was 8.3%, a year-on-year decrease of 0.9pct. In terms of expense ratio, the sales expense ratio was 4.53%, a year-on-year increase of 0.3pct; the management expense (including research and development expenses) ratio was 8.3%, a year-on-year increase of 1pct; the financial expense ratio was 1.5%, a year-on-year increase of 0.1pct.
I. Industry Structure
The packaging industry is a trillion-scale market, of which the paper packaging industry with the largest capacity has a market size of nearly 330 billion yuan. It has calculated the demand for paper packaging in relevant downstream sub-industries, and based on this, it has estimated the market share of each leading company in the corresponding sub-section. Case. In the past five years, the proportion of leading companies in their fine-molecule industries has been increasing year by year. However, compared with developed countries, there is still room for improvement in the concentration of China's packaging industry.
The packaging industry is a trillion-level market, of which the paper packaging industry with the largest capacity has a market size of nearly 330 billion yuan. It is estimated that the potential market size of high-end packaging in consumer electronics, tobacco, alcohol, cosmetics, food / pharmaceuticals and other fields has reached 100 billion. The cross-developed downstream demand structure drives enterprises to continue to promote the process of business diversification. The traditional consumer electronics packaging leaders Yutong Technology and Jinjia Co., Ltd. continue to promote the development of packaging diversification. With the volume of business and the gradual introduction of high-quality customers, the gross margin of new business is also expected to continue to increase.
Box corrugated packaging
Another business expansion model of the packaging industry leader is the light asset expansion road represented by Hexing Packaging. Hexing Packaging's PSCP platform integrates industry orders and resources and provides value-added services for small and medium enterprises through online collection of Caitong, Chuangketong, Youcaitong, and Chuangyetong. The offline partner model can maximize the packaging enterprise Resource allocation and efficiency.
Since 2019, the domestic corrugated and containerboard market prices have shown an upward trend and then a trend. In January-February 2019, the price of paper showed a volatile upward trend, mainly due to the increase in the price of raw waste paper and the increased willingness of paper companies to support the increase in costs. Secondly, because there are more paper companies to stop and repair during the Spring Festival, the market supply is slightly tight. In addition, it is in the peak season for downstream stocking around the Spring Festival and the market demand is expanding. After March 2019, with the launch of new production capacity and shrinking downstream demand, paper prices have begun to show a downward trend.
In the first half of 2019, the national average price of corrugated paper was 3658 / ton, down 13.62% month-on-month, and down 17.24% year-on-year; the national average price of containerboard was 4043 / ton, down 9.88% month-on-month, and down 14.93% year-on-year.
Third, recycling
Waste paper is a strategic resource scrambled by many countries and is one of the largest sources of fiber raw materials for the paper industry. Waste paper can be used not only to make recycled packaging paper, but also to make recycled newsprint. It needs to go through four processes including deinking, purification of paper fiber and absorption of ink and impurities, and then papermaking. Can make full use of raw material resources, reduce production costs and reduce waste emissions. According to production practices, the use of 1 ton of waste paper can replace the use of 4-7 cubic meters of native wood.
The recovery rate of waste paper in China has continued to increase, from 39.40% in 2008 to 48.50% in 2017. In early 2017, the Ministry of Industry and Information Technology, the Ministry of Commerce and the Ministry of Science and Technology jointly issued the "Guiding Opinions on Accelerating the Development of Renewable Resources Industry". Opinions suggest that by 2020, the domestic waste paper recycling rate will reach 50%.
