Summary of the report:
Company profile: the company is a professional manufacturer of plastic air conditioning blades with product R & D and design as the core. In recent years, the company's plastic air conditioning blades products have a national market share of more than 25%. Long-term customers include Gree, Midea, Haier, Zhigao, TCL, Galanz and other domestic air conditioning giants, as well as Daijin, Panasonic, General Fujitsu, Samsung, LG, Toshiba Kelly, Mitsubishi and other foreign high-end brand air conditioning manufacturers. The company's operating income in 2009, 2010 and 2011 was 653 million yuan, 1.098 billion yuan and 1.404 billion yuan respectively. The net profit was 55 million yuan, 110 million yuan and 104 million yuan respectively, with a compound growth rate of 38.11%.
The market space of air-conditioning blades is huge: the plastic air-conditioning blades industry is developed along with the outsourcing of air-conditioning industry. At present, the market of plastic air conditioning blades is gradually concentrated to a small number of enterprises with stable product quality, strong R & D strength, strong cost control ability and obvious scale advantages. With the steady growth of the air conditioning industry, the leading companies in the air conditioning industry represented by the company will face more and more market space.
The company is a large-scale enterprise with a complete industrial chain: in addition to the production of plastic air conditioning blades, the company also has modified plastics and mold design and production business. With a complete "plastic modification-mold design and manufacturing-plastic air conditioning blades design and manufacturing" industry chain, is one of the few professional plastic air conditioning blades production enterprises with comprehensive supporting capacity in the industry. Its modified plastics R & D center has the strength of research and development of wind blade raw materials, and its developed AS reinforced composite technology, general plastic AS reinforcement and flame retardant technology have reached the leading level in China.
Earnings forecast: we expect diluted earnings per share in 2012, 2013 and 2014 to be 0.89 yuan, 1.04 yuan and 1.48 yuan, respectively. Give the company 20-25xPE, according to 2011 diluted EPS 0.65 yuan, the recommended inquiry range is 13.0-16.2 yuan. We give 18-20xPE to the company and predict that the diluted EPS of the 2012 company is 0.89 yuan, and the price range of the company on the first day of listing is 17.1-20.9 yuan.
Risk hint: raw material price fluctuation risk, rely on single market risk, customer concentration risk.