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【东北证券】精艺股份新股定价报告:立足东南,辐射全国—具有完整产业链的区域铜管加工龙头

東北證券 ·  Sep 28, 2009 00:00  · Researches

The company is a high-tech enterprise integrating the professional industrial chain of “copper processing equipment - precision copper tubes - copper tube deep processing products”. At present, it has formed a reasonable industrial structure with precision copper tubes as the leading product, extending to upstream copper processing equipment and downstream copper tube deep processing products. The company is the main manufacturer of copper tube processing equipment for continuous casting and rolling in China, and the technical level of key equipment for the self-developed copper tube continuous casting and rolling production line is in a leading position in the country. In terms of industry competition, the company's competitive advantage mainly lies in (1) having a relatively complete production chain, reducing product costs and enhancing its ability to withstand industry risks. (2) The company has a high market share and brand awareness advantages. (3) Product and customer advantages. The company's precision copper tubes and copper tube deep processing products have become suppliers to many well-known domestic enterprises. (4) Regional advantages. The Pearl River Delta region where the company is located brings together a large number of well-known enterprises in the Chinese home appliance industry, such as Gree, Midea, Guangzhou Panasonic, TCL, Mitsubishi Electric, Colon, Chigo, and Galanz. The company has regional advantages. The company's future growth mainly comes from several fund-raising projects. Among them, the precision copper tube business is expected to maintain steady growth in the next few years. The fund-raising projects are expected to begin production in mid-2011, and the company's revenue is expected to increase significantly in 2011. In terms of processing fees, due to increasingly fierce competition in the domestic copper tube processing industry, it is expected that processing fees will remain stable in the next few years, and processing costs will increase slightly. The promotion of the company's several projects will help the company enhance its competitiveness in the same industry, expand the market, enhance the company's influence, and ensure continued profitability. After the company's listing, the reasonable pricing range is between 14.25 and 17.10 yuan.

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