The evolution of the company's profit model. From electronic tool stores (selling electronic tools) → electronic tools chain stores (chain + a series of electronic products) → electronic process system solutions (product + service solutions) evolution. The biggest difference between the company and the product supplier is that the former is service-driven products, while the latter mainly sells products without involving process and technical support.
The company's competitive advantage needs to be strengthened. The main foreign electronic process manufacturers are mainly transformed from well-known suppliers through service and technology upgrading, such as Japan's Yamashan, Agilent, Germany's Mar Group and Japan's SSD, and chemical accessories are mainly controlled by technology manufacturers such as Japan's Shinyue, America's Dow Corning and America's McGraw. In contrast, although the sudden rise of New Asia is commendable, the company still lacks the support of core products, more to provide a package of comprehensive product procurement programs and some electronic process services.
Main business analysis. The company's process solution services are free of charge, and the revenue mainly comes from products, which is mainly composed of electronic tools, chemical accessories, instrumentation, electronic equipment and electrostatic purification, accounting for 45.30%, 27.45%, 9.32%, 7.98% and 5.41%, respectively.
The growth in 2009 comes from the compression of three fees. Compared with 2008, most of the performance improvement in 2009 came from cost compression, and we saw a significant reduction in sales, financial and administrative expenses in 2009 compared with 2008.
Operating income analysis. In the past three years, the company's income fluctuation growth has been very limited, with almost no growth, which normally reflects the impact of the global economic crisis on the electronics industry.
Fund-raising project analysis. The fund-raising investment project is 187.16 million yuan, which invests in the distribution center of marketing network and the construction of new technology center respectively. The over-raising of about 232.84 million yuan will greatly improve the financial situation of the company.
Profit forecast and investment advice. According to the calculation of 111 million shares after IPO, the company's EPS in 2010-2012 is expected to be 0.40,0.49,0.59 yuan respectively. According to the industry valuation, we give the company 30 times PE in 2010, corresponding to a share price of about 12.00 yuan, and the company's issue price is 15.00 yuan.
The main uncertain factors. Whether the profit model can be promoted remains to be confirmed.