The domestic fuse manufacturer with the most complete product line: the company already has five categories of products: tubular fuses, radial fuses, SMD fuses, power fuses and self-replicating fuses, which is not only one of the leaders in China's circuit protection components industry, but also the world-renowned fuse manufacturer with the most complete domestic product line and the largest sales scale.
Circuit protection devices have a wide range of applications and good market prospects: circuit protection components are installed in the circuit to cut off the circuit or restrain the sudden change of current and voltage when the circuit is overloaded, such as overcurrent, overvoltage or overheat. a class of components that protect circuits and protect electronic and power equipment; mainly used in electronic product circuits, automotive electronic circuits and industrial fields The rapid development of electronic and power industry will drive the market demand of circuit protection components.
According to the market research organization Paumanok Publications Inc. According to statistics, the use of global circuit protection components is basically in a trend of rapid growth in the past 20 years. It is estimated that from 2014 to 2019, the annual compound growth rate of global circuit protection components will reach 5.5%, and the annual compound growth rate of sales amount will be 3.3%. By 2019, the total market volume will reach 6.697 billion US dollars.
The company has good technology and strong R & D capability: the company has good production technology and strong R & D capability, and can produce fuses with excellent breaking ability to meet the needs of circuit protection in various fields. In terms of product design, the company has successively obtained 25 utility model patents, among which the ultra-small fuse body with "one kind of over-current protection sealed fuse body" and "one kind of fuse body" patent technology has small size and high breaking capacity. it is one of the fuse products designated by Samsung of South Korea for high-end smartphone chargers outside the South American market.
With high-end customer resources: after years of development, the company has accumulated a large number of well-known customers at home and abroad, the top five customers are PICO, Gree, Ruili, ANT, Midea, etc., among which ANT is a Korean electronic components trader, assisting the company to enter Samsung smartphone supply chain in 2012.
Reasonable value range: we predict that the annual EPS in 14-15-16 will be 0.6 PE 0.66 RMB 0.74 yuan respectively. From the current valuation of the comparable company (from the product category, Shunluo Electronics and the company are more comparable), and considering the company's performance growth expectations in the next few years, we give it a reasonable 14-year PE range of 15-20 times, and the company's reasonable value range of 9-12 yuan.
Risk tips: large fluctuations in raw material prices, RMB appreciation and so on.
