Heat exchanger equipment manufacturer-Ningbo Jingda New share pricing report domestic heat exchanger equipment leader in the field of air conditioning: since its establishment in 2002, the company has been engaged in the research and development, production and sales of heat exchanger equipment and precision presses. The main products are widely used in air conditioning appliances, motors, automobiles, electronic and information industries. The company has the ability to design and manufacture the whole production line of air-conditioning heat exchangers, and has obvious competitive advantages in the air-conditioning heat exchanger equipment industry. Gree, Midea, Haier, Daijin, Hitachi, Fujitsu and other global leading air-conditioning enterprises equipment suppliers. The market share of air conditioning heat exchanger equipment has been the first in the industry since 2011.
Forerunner of domestic microchannel heat exchanger equipment: in 2013, the company independently developed a new product microchannel heat exchanger for sale, which is used to produce automotive heat exchanger products. It has become the equipment supplier of the world's well-known auto parts suppliers, such as Valeo, Behr, Denso, Delphi and other companies.
Microchannel heat exchangers also have a broad market prospect in the field of household air conditioners. considering the long-term cooperative relationship between the company and air-conditioning manufacturers, it is expected to seize the market opportunity.
The company has strong independent research and development capability: the company has a "provincial high-tech enterprise research and development center", which is recognized as an "innovative pilot enterprise" by the Ministry of Science and Technology and other three ministries. The core products independently developed by the company, the fin high-speed precision press and the stator and rotor high-speed precision press have been included in the National Torch Plan. The company has 57 patents (including 7 invention patents), the proportion of R & D expenses has increased year by year in the past three years, and the market prospect of new products is good.
Fund-raising project capacity expansion and R & D two-pronged approach: this fund-raising is mainly used for the annual production line construction project of 240 high-speed precision presses and the technical transformation project of annual expansion of 310 air-conditioning heat exchangers, which will add new profit growth points for the company. The construction project of engineering technology R & D center helps to shorten the development cycle from technology research and development to product application, and speed up the pace of technology upgrading and innovation.
Reasonable value range: the predicted EPS of 14, 15 and 16 years is 0.63,0.85,0.99 yuan respectively. From the current valuation of the comparable company and considering the performance growth expectation of the company in the next few years, we give it a reasonable PE range of 20-25 times in 15 years, and the reasonable value range of the company is 17-21.25 yuan.
Risk hints: capacity construction is not as expected; major raw material prices fluctuate sharply; downstream air conditioning, automobile, motor and other industries fluctuate risk.