Comments:
The performance is in line with the expected company is the largest domestic market share of independent ship gearbox, construction machinery gearbox supporting enterprises. The domestic market share of ship gearbox is more than 60%, and the market share of construction machinery gearbox is about 20%. Due to the obvious slowdown in the growth rate of the domestic shipbuilding industry, the company's ship gearbox business has also grown slowly in recent years. The company is actively developing new business to offset the impact of the decline in the growth rate of the shipbuilding industry. The company's marine products are changing from providing a single gearbox to integrated ship propulsion system supply, and there is more room for market growth in the future. The company's construction machinery gearbox is mainly used in loaders, forklifts, graders, road rollers and so on. Its market share is relatively stable in recent years and will maintain a growth rate of more than 20% in the future.
Wind power gearbox carries the banner of growth as an early enterprise entering the wind power gearbox industry in China, adhering to the idea of sound management, in the great development of wind power a few years ago, the pace of the company is relatively slow compared with its competitors, although it avoids technical risks, but the market sales volume is also unimpressive, and the annual sales revenue hovers around 100 million yuan. The company begins to accelerate in the wind power industry through the introduction of foreign advanced 2MW-class wind power accelerators. at present, the company's 2MW-class wind power speed-up box has been recognized by users and has entered the stage of batch supply. at the end of last year, the company announced that it had won a big order from the domestic company, with an amount of 392 million yuan. it is expected that most of the revenue will be recognized this year, driving the company's wind power product revenue to grow by more than 200%. It can be expected that with the real development of the company's wind power business, the company is expected to gain more than 10% of the market share in the future.
Car gearbox to be reversed the company's car gearbox originated from European products, due to weak overload capacity, in the domestic heavy truck market has been marginalized, sales income of less than 100 million, successive losses. The company has adjusted its product structure and developed a new product of double intermediate shaft heavy truck gearbox, which is expected to reverse the current declining trend of automobile gearbox business in the future. The company cooperates with Jilin University to develop an automatic gearbox. If it is successfully developed in the future, it is expected to bring new growth points to the company.
Hangzhou Iveco Automobile Transmission Company, which is owned by Hangzhou Iveco Future Investment income Company, introduces double-clutch gearbox technology from Fiat to produce double-clutch gearboxes, which will be matched to Guangzhou Automobile Company in the future. production is expected to reach production in 2013, when it will bring considerable investment income to the company. The company is currently one of the major domestic gearbox enterprises, in addition to the gearbox factory under the main engine factory, the only enterprise that cuts into the double-clutch gearbox product line, with the smooth progress of the joint venture between Fiat and Guangzhou Automobile, the two sides are making strenuous efforts. In the future, the company will share the benefits brought by the growth of the two giants in China.
Giving the "prudent recommendation" investment rating, it is estimated that the EPS of the company from 2011 to 2013 is 0.48,0.65,0.85 respectively, and the dynamic price-to-earnings ratio is 29.8,21.7,16.8 times. Considering the overall valuation level of the machinery industry, the company is given a "prudent recommendation" investment rating.
The risk indicates that the market competition intensifies, the growth rate of the shipping market declines further, and the growth rate of fixed asset investment slows down.
