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Recently, we went to the company to conduct on-site research to understand the company's core technology and its recent production and operation, as well as the progress of fund-raising projects.
Main points:
The product structure tends to be high-end. The company maintains the international standard in technology by means of independent research and development, digestion and absorption. While leading the mainstream technology of domestic marine gearbox and construction machinery gearbox, it has advantages in the following technologies. Including: adjustable propeller technology (efficiency and energy-saving products), marine gearbox technology with inclination transmission (high-speed boat supporting products), marine gearbox technology with fretting control function (dynamic positioning products such as research ships, yachts, etc.), 2MW wind power gearbox technology, etc., we believe that these technologies can bring new performance growth points for the company.
The marine gearbox market benefits from the great development of inland water transport and yacht industry. The marine gearbox accounts for about 50% of the company's sales revenue and gross profit, and its product structure has been greatly adjusted in recent years, and the medium and small power marine gearbox has become the main growth point, mainly due to the rise in logistics costs. as well as the superposition of factors such as inland waterway upgrading, ship upgrading and shipbuilding cost reduction, inland river and offshore shipping has ushered in a new period of development; due to the upgrading of the consumer market, the domestic yacht market has a bright future. The adjustable pitch propeller and its matching gearbox, light high-speed gearbox, special ship gearbox and marine gearbox with fretting control function (for yacht power positioning) developed by the company benefit from these new market changes. while firmly occupying the market share, the gross profit margin has also increased to a certain extent.
Sales of construction machinery gearboxes will fall steadily in the second half of the year. The construction machinery gearbox accounts for about 30% of the company's operating income and gross profit, and the company's market share of the loader transmission is 14.07%. As the loader enters the off-season in the second half of the year, the sales of the construction machinery gearbox will decline steadily.
The fund-raising project will be put into production six months ahead of schedule. The company originally scheduled to put into production by the end of 2012 three annual investment projects: 100 sets of advanced marine propulsion systems and 800 sets of high-precision marine gearbox expansion project; annual production capacity expansion project of 12000 sets of electro-hydraulic control construction machinery transmission The capacity expansion project with an annual production capacity of 2000 sets of wind power gearboxes is expected to be put into production in mid-2012. after reaching production, the annual operating income will reach 1.55 billion, and the total annual profit will reach 170 million, nearly double the total profit of 180 million in 2010.
Earnings forecast: we predict that the company's earnings per share in 2011, 2012 and 2013 will be 0.41 yuan, 0.54 yuan and 0.72 yuan respectively, and the corresponding Pamp E will be 38, 28 and 21 times respectively.