Risk hint

The growth rate of the downstream air conditioning industry is lower than expected. In the face of the weak bargaining power of downstream customers, the actual performance of gross profit margin is lower than the assumption in our profit forecast.

The reasonable valuation of the company is 13.50 yuan ~ 15.70 yuan.

Through multi-angle valuation analysis, we believe that the reasonable value per share of the company is between 13.50 yuan and 15.70 yuan, and the expected earnings per share in 2012, 2013 and 2014 are 0.79,0.96 and 1.13 yuan.