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【东兴证券】中材节能:一体化的余热发电龙头企业

[Dongxing Securities] Sinopec Energy Saving: an integrated waste heat power generation leading enterprise

東興證券 ·  Jul 21, 2014 10:53  · Researches

Inquiry conclusion:

It is estimated that the EPS of the company from 2013 to 2015 will be 0.28,0.28,0.32 yuan, the proposed inquiry range is 3-4 yuan, and the pricing range on the first day of listing is 5.6-7 yuan.

The main basis is:

General situation of release. The company intends to issue no more than 80 million shares to the public, with a total share capital of 407 million shares, accounting for 10 per cent of the total share capital after issuance. After the issue, the number of shares held by Sinopec will be reduced from 255 million shares to 244 million shares, and the shareholding ratio will be reduced from 77.8% to 60.6%. The company plans to raise 41 million yuan for the construction of Wuhan Institute equipment manufacturing R & D base and 210 million yuan to invest in four waste heat power generation BOOT/EMC projects.

The scale of waste heat power generation industry will increase greatly during the 12th five-year Plan period. It is estimated that the average annual production capacity of cement will be increased by 90 million tons in the next few years. Based on the scale of Nissan 5000T/D production line, about 50 new dry process production lines will be built every year. It is estimated that by the end of 2015, nearly 800 domestic production lines will need to be equipped with waste heat power generation equipment, with a market space of 40 billion yuan. At the same time, the waste heat power generation market of the steel and glass industry will also be opened, and it is estimated that there will be a market space of 25 billion yuan.

Waste heat power generation leader to build an integrated service system. The company is a leading enterprise of waste heat power generation, with the first market share of 27% in 2013. Through the acquisition of Wuhan Research Institute and Nantong boiler, the company constructs an integrated service system of design, construction, operation, contract energy management and equipment.

Profit forecast. The vigorous promotion of energy conservation and emission reduction during the 12th five-year Plan period will bring a broad market space for the company. in addition, the expansion of overseas business has also opened another window for the company's development, and the company's performance is expected to maintain a trend of rapid growth in the next few years. Based on the total share capital of 407 million shares, the EPS of the company from 2013 to 2015 is expected to be 0.28,0.28,0.32 yuan.

Purchase advice. At present, the reasonable valuation level of A-share related listed companies in 2014 is about 25 times. Considering that the company is a leading company in the industry and its future performance is growing rapidly, it is recommended that the inquiry share price range is 3-4 yuan; the first-day pricing range is expected to be 5.6-7 yuan.

The translation is provided by third-party software.


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