Dynamic events:
Recently, the "basic research on the design, manufacture and safe operation of large lifting equipment in ultra-deep wells" undertaken by Zou Shengyong, a senior engineer of Henan CITIC heavy Industry, has been approved by the Ministry of Science and Technology as a major national basic research project (National 973 Program Project). The funding is 15 million yuan.
Comments:
Take the lead in undertaking the national 973 project and leading the industrial upgrading
The main purpose of this approved project is to study and establish the basic theory and method of design and manufacture and safe operation control of large hoisting equipment in ultra-deep mine, and to guide the design and manufacture of large hoisting equipment in ultra-deep mine. it is of great strategic significance for the development and utilization of deep resources in our country. It is estimated that in the next 3 to 5 years, China's metal and coal mines will start to build more than 10 wells with a depth of more than 1000 m. This project will require more than 40 sets of large lifting equipment for ultra-deep mines in 5 to 8 years, with a total value of more than 8 billion yuan. The company strongly promotes strategic transformation, devotes itself to scientific research and new product development, and gives full play to the advantages of technological research and development. this research project will effectively meet China's major technological needs for the development of deep resources. it will play a leading and promoting role in the upgrading of China's high-end equipment manufacturing industry.
Investment advice:
It is expected that the company will achieve earnings per share (diluted according to the latest share capital) of 0.26,0.33 and 0.40 yuan respectively from 2013 to 2015. At present, the dynamic price-to-earnings ratio of the stock price from 2013 to 2015 is 12.53,10.05,8.21 times respectively, and the valuation in the industry is reasonable. The company leads the industrial upgrading through the technology leader, and continues to enhance the core competitiveness of the industry. At the same time, considering the company's continuous expansion into overseas markets in recent years, the major cement production line general contract project signed at the end of last year will also become a strong performance support for the company to expand the cement market in Southeast Asia. We upgraded the company's investment rating to "prudent overweight" over the next six months.
The main risk tips: the impact of real estate regulation and control policies on the downstream market demand of building materials and equipment, as well as the risk that the fluctuation of raw material prices leads to the decline of corporate profitability.