Profit forecast and valuation

Based on the total share capital after the issue, we expect the company's earnings per share for 12-14 years to be 0.84 yuan, 1.22 yuan and 1.54 yuan respectively. The company belongs to the upstream product supplier of the home appliance industry, and its main products are plastic products. We select Golden hair Technology, Pulitte and Tiansheng Xinliao, which are most similar to the company's business, as a reference. The three companies have a dynamic price-to-earnings ratio of 24 times in 2012. Although they all belong to the plastic product manufacturing industry, the three companies have their own advantages, and the downstream industries are different. For conservative reasons, we give the company a valuation of 15-20 times in 2012. It is considered that the reasonable price is between 12.60 and 16.80 yuan.

Risk hint

(1) risk of price fluctuation of raw materials

(2) the risk of macroeconomic fluctuation.