Main points of investment
As a leader in the industry of high-efficiency and energy-saving washing machine deceleration clutch, the company focuses on expanding the high-end market, with a large number of patents, strong technology development capacity and obvious scale advantages.
1. The advantage of the main industry is obvious, and the production capacity is in the lead.
The company is mainly engaged in R & D, production and sales of new, high-efficiency and energy-saving washing machine deceleration clutch, giving full play to the advantages of stable product quality, excellent performance and strong exclusivity, and the production and sales volume of all kinds of new and high-efficiency energy-saving deceleration clutch is expanding year by year. Annual production and sales have exceeded 2 million sets, and the production capacity is in the forefront of the industry.
two。 The downstream demand is strong, and the company has broad market prospects.
In the future, the development potential of high-end washing machine market is huge, and the market prospect of high-efficiency and energy-saving washing machine clutch industry is broad. Chinese residents' demand for product renewal, rural market demand, demand caused by urbanization, demand created by technological innovation and foreign market demand are all conducive to the expansion of washing machine market demand. Production and sales have doubled in the eight years from 2005 to 2013.
3. High quality and reliability of products, leading technology, high brand recognition and stable market
The company has perfect technology development facilities, testing means, and established a provincial enterprise technology center. At present, it has a number of effective invention patents related to the main products, and has become a technology leader in the deceleration clutch industry. Quality and brand advantages have established the long-term cooperation of leading enterprises in Haier, Midea and other industries for the company's products, and won a high reputation for the company.
4. The fundraising project will enhance the company's profitability and provide guarantee for performance growth.
The funds raised this time will mainly be used to expand the production capacity of the company's existing key parts and integrated devices of the deceleration clutch, further enhance its competitiveness in the field of deceleration clutch and consolidate its market position. It is expected that the average annual net profit of the fund-raising project during the production period will be about 122.5138 million yuan.
5. Profit forecast and valuation
We estimate that the EPS of the company from 2015 to 2017 is 0.89,1.06,1.24 yuan respectively, and it is reasonable for the price-to-earnings ratio to be 50-60 times, and the corresponding reasonable price range is 44.5-53.4 yuan.
Risk prompts customers to relatively concentrate risk; single risk of product and business structure; risk of tax preference policy change.
