The company is an expert in the manufacture of gear transmission equipment. The company specializes in gear transmission equipment, which is used in the four major fields of ships, construction machinery, automobiles, and wind power. In 2009, revenue was 1.8 billion, gross profit margin was 23%, and net profit margin was 5%. Among products, marine gearboxes and construction machinery transmissions have the highest market share, contributing greatly to the company's gross profit, reaching 85% in total. 101 million shares were issued this time, with a total share capital of 400 million shares after issuance. The actual controller, Xiaoshan, holds 45% of the shares. Gears are widely used, and the industry is growing steadily. Gears are divided into three categories: automotive, industrial, and special gears, covering more than 20 industries such as ships, aviation, energy, and construction machinery. China's gear industry had sales of 126 billion yuan in 2009, ranking third in the world. Benefiting from the recovery in automobile and industrial demand, the growth rate of the industry is expected to reach 15% in 10 years and continue to maintain steady growth. Demand for original products is stable, and wind power products have become the highlight of growth. Marine gearboxes have a clear competitive advantage, with a market share of 65%. The future will be hampered by the decline in the shipbuilding industry, but the “import substitution” effect will make up for the decline in downstream demand. The growth rate of marine products is expected to reach 5-10% in 10-12. Construction machinery transmission market share is 20%. As the growth rate of fixed asset investment declined in 2011, the growth rate of construction machinery transmission demand will also decline accordingly. The growth rate is expected to reach 10-15% in '11. The current production capacity of wind power growth boxes is 350 units, and the fund-raising project will build a new production capacity of 2,000 wind power accelerators and put them into production in 2012. According to the energy and wind power development plan, the compound growth rate of the industry will reach 16% in the next ten years. The wind power business will become the company's new profit growth point, with annual growth of 30-40% after 2 years. The fund-raising project made up for the shortfall in production capacity. The company, which entered a growth period in 2012, raised 750 million yuan of available capital, of which 74 million was invested in four major R&D and production expansion projects, effectively making up for the shortfall in production capacity, with an additional net profit of 140 million yuan in 2003. The reasonable value is between 7.8 and 8.1 yuan/share for 10-12 years EPS of 0.27 yuan, 0.32 yuan, and 0.37 yuan, and the three-year net profit CAGR reached 15.7%. The value range is between 7.8-8.1 yuan/share, and the corresponding 10-year PE is 27-30 times.

【国信证券】杭齿前进:齿轮行业优势企业,风电业务是未来主要增长亮点
The translation is provided by third-party software.
The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Risk Disclaimer
The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Got it
Risk Disclaimer
The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Got it
Write a comment
0 0 0
LikeLoveLaughing CryRespectEmmSadAngry
Tap to Select a Mood
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
Use the share button in your browser
to share the page with your friends
Tap here to share
No comments yet. Write one.
Latest
01:27
The CEO of Fox stated that for the new streaming platform, the expected number of user subscriptions will reach millions, in the range of single-digit millions.
01:19
Most Italian bank stocks rose, with the United Crediting Group increasing by 2.69% and the Italian Siena Bank rising by 2.06%.
01:19
The CEO of Fox stated at the Microsoft Technology Conference that in 2025, the focus will be on renewing distribution agreements.
MSFT-0.63%
Investment Course

Choose stocks based on financial reports
Quickly master financial season learning guidelines
When the financial season comes, company stock prices are the most likely to rise and fall, and many excellent investors will see the financial season as a good
How to view Tesla's performance in January 2025? Pay attention to these four key points.
It's earnings season for US stocks again. The performance of giant companies not only affects their own stock prices but also influences the overall trend of th
In 【2024.11】, surged more than 0.04 million times, achieving the title of stock god Buffett! How do you view Berkshire's performance?
When it comes to legendary figures in the investment world, the name of Warren Buffett, the helm of Berkshire Hathaway, is definitely unavoidable. $Berkshire Ha
Statement
This page is machine-translated. Futubull tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.