Main points of investment:

The company is a manufacturer of solid preparation equipment in the field of pharmaceutical equipment.

The company's main products include wet granulation series, boiling drying / granulation series, dry granulation series, lifting series, mixing series, coating series, cleaning series, pharmaceutical containers and other 8 series, which are mainly used in the pharmaceutical industry. it can also be used in health products, food and other health industry related fields.

The fund-raising project plans to invest in the pharmaceutical equipment industrialization base project (phase I) profit forecast.

It is estimated that the construction progress of the fund-raising project, and the net profit attributed to the parent company from 2014 to 2015 is expected to change by 18% and 50%, corresponding to diluted earnings per share of 0.77 yuan and 1.15 yuan.

Pricing conclusion.

Taking into account the valuations of comparable companies in the same industry, we believe that the reasonable price for Canaan Technology is 30.80-36.96 yuan, corresponding to the price-to-earnings ratio of 4048 times 2014 earnings per share.