The company's main products are stator and rotor cores and punching plates, which are the core components of generators and motors, whose cost accounts for about 30% of the overall motor. From January to September 2010, the main product income accounted for 85.12% of the main business income. At present, the company's products are divided into wind power and other generators, high-voltage motors, low-voltage high-power motors, low-voltage high-power motors and other motors according to the types used in motors. The proportion of the four products is 26.04%, 17.08%, 11.10% and 30.90%, respectively.
The company's customers are leading enterprises in the domestic motor industry and international well-known motor manufacturers, generally foreign enterprises need about two years to change suppliers, the company relies on technical advantages such as moulds and equipment, the company's design firmly occupies a leading position in the industry.
In 2009, the outsourcing proportion of stator and rotor cores and stamping sheets in domestic motor enterprises was about 25%, of which the proportion of key enterprises in the industry reached about 40%, and increased year by year. The proportion of stator and rotor outsourcing in foreign motor enterprises has been more than 95% in recent years. With the deepening of professional division of labor, the proportion of stator and rotor outsourcing in domestic motor enterprises will be further expanded.
More than 30% of the company's stator and rotor products are high-efficiency and energy-saving motor products, which are sold abroad. with the deepening of energy-saving motor subsidy policy, the company's energy-saving motor stator and rotor products will usher in a round of high-speed growth. At present, the company has obvious advantages in the field of wind turbine stator and rotor, and its competitors are mainly supporting enterprises of the whole machine factory, and there are almost no professional competitors of stator and rotor production enterprises. In the future, the other two key areas of the company, new energy vehicles and rail transit traction motors, are also developing rapidly with large industry capacity.
The main purpose of the company's fund-raising is to expand production capacity. It is estimated that the diluted EPS of the company in 2010, 2011 and 2012 is 0.45,0.70,0.91 yuan respectively, and the reasonable value range of the company is 19.60-23.10 yuan, corresponding to the 2011 PE range of 28-33 times.
