Main points of investment:

The actual and forecast EPS0.49 of 13-15 after dilution of the company is 0.42,0.42 yuan. Comparable companies have an average PE of 29 in 2014, which is 34 times the average valuation of the industry in the last month, 55% at the 2013 diluted price-to-earnings ratio of companies in the CSRC industry, and 23% in 2014.

It is recommended that the company quote 9.24 yuan, corresponding to the diluted PE of 18.79 times in 2013.

The estimated success rate is 0.72% online, 0.55% offline for public offering and social security, 0.26% for annuity and insurance, and 0.11% for others. It is estimated that 22.9 billion yuan will be frozen online and 8.4 billion yuan will be frozen offline, totaling 31.4 billion yuan.

Cost of capital: the capital market has been abundant recently, and the repo rate on October 24, when the highest frozen funds for new shares were applied for in October, was only 6.8%.

It is estimated that there are 6 limit boards, and the new annualized rate of return sold on the broken board: online 54%, offline public offering and social security 41%, annuity and insurance 18%, other 7%. It is estimated that the annualized rate of return of the broken board is the highest. The fundamentals of the company are not prominent, and profits are expected to decline in 13-14, so it may dampen the performance of the company's share price after listing.

The company analyzes the basic situation of the company's main products plastic packaging film, plastic trays, plastic cushioning materials. Electronic packaging accounts for an average of about 90% of total revenue.

Development space: the company's business mainly follows the plastic packaging demand of electronics enterprises. On the whole, the current demand of the electronics industry is relatively strong, and the requirements of the electronics industry for supporting companies are gradually increasing. It is estimated that the growth rate of plastic packaging of electronic products in the next few years will be about 10%.

Company competitive advantage: the starting threshold of electronic products plastic packaging industry is not high, the competition is fierce, the biggest feature is the transport radius, the company is a national layout of the packaging company.

Risk tips: customer concentration is too high, competition tends to be fierce, raw material prices fluctuate.

Risk tips: increased competition erodes profits and porcelain glazed tiles are replaced by other products.

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