A rookie of comprehensive coal machinery with coal mine support machinery as the main product

The main business of stone coal equipment is the research and development, manufacture, sales and service of coal machinery such as supporting machinery, safety drilling rigs, tunneling equipment and transport machinery. Supporting machines and tools are the company's leading products, with a market share of more than 30% of the country. After supporting machines and tools, the company has launched safety drilling rigs, tunneling equipment and transport machinery products one after another, and has become a comprehensive coal machinery manufacturing enterprise based on coal mine support machinery.

The coal machinery industry will maintain a compound growth rate of about 20% in the future.

The demand for coal machinery equipment caused by the growth of coal production capacity, the improvement of mechanization rate, the technical transformation of coal mine integration and the replacement of equipment will continue to grow steadily in the next few years, and the compound growth rate of industry demand is expected to be maintained at about 20%. Especially with the advance of small mine integration, the growth of demand for coal mine safety equipment is expected to exceed that of the industry.

The scraper conveyor has unique technology, outstanding performance-to-price ratio and good prospect.

The company's scraper conveyor adopts the international first full-cast non-welding middle groove technology, which solves the problem of low overall strength and poor wear resistance of the traditional casting and welding middle groove, and further improves the main indicators such as coal life and reliability. the product has a long service life and low maintenance cost. it is expected that with the cost-effective advantage of the product, the company is expected to continue to improve the market share of scraper conveyor products.

Fund-raising projects help to expand production capacity and optimize product structure.

The company's fund-raising project is a coal mining equipment industrialization project, in which bolt machines, roadheader and scraper conveyors are the company's mature products, and bolt drilling vehicles are the company's new products. After the completion of the project, the company's production scale will be further expanded, the product structure will be more abundant, and the company's comprehensive competitiveness will be further enhanced.

Profit forecast and investment suggestion

It is estimated that the EPS of the company from 2012 to 2014 is 0.42,0.49 and 0.60 yuan respectively. Considering the development prospect of the company and the comparable valuation range of the machinery industry, it is estimated that the reasonable price range of the company after listing is 15-18 times PE in 2012, corresponding to 6.3-7.6 yuan.