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【恒泰证券】星光农机:预计公司上市初期压力位30元-33元

恆泰證券 ·  Apr 14, 2015 00:00  · Researches

Company profile: The company's main business is R&D, production and sales of combine harvesters. The main products are Starlight series combine harvesters, which can be used to harvest crops such as rice, wheat, and rapeseed. They are the mainstream models of rice and rapeseed combine harvesters in China, and one of the two major models of wheat combine harvesters. The issuer's controlling shareholder is Xinjiayuan, which held 65.688 million shares of the issuer before this issue, accounting for 43.792% of the issuer's total share capital. Zhang Shenqiang directly held 16.208% of the issuer's shares, Qian Juhua directly held 20% of the issuer's shares, and the two directly held 36.208% of the issuer's shares in total. At the same time, Zhang Shenqiang and Qian Juhua indirectly held 43.792% of the issuer's shares through their new home. Therefore, Zhang Shenqiang and Qian Juhua directly and indirectly held a total of 120 million shares in the issuer, accounting for 80% of the total share capital of the company before this issue. They are the issuer's actual controllers. The current situation and prospects of the industry China is carrying out comprehensive and in-depth reforms to remove institutional and institutional barriers and inject new impetus into the development of China's agricultural machinery industry. Since the “18th National Congress”, the country has accelerated the reform of the rural land system, the cultivation of new agricultural operators, the reform of the household registration system, the new urbanization with Chinese characteristics, the policy of “strengthening agriculture, enriching and benefiting farmers”, the new urban-rural relationship between workers and farmers, and piecemeal planting, etc., which have provided institutional guarantees for large-scale management of agricultural production, solved the institutional and institutional bottlenecks that limit the modern development of agriculture, and injected new impetus into the continuous and rapid development of China's agricultural machinery industry. China is going through a stage of accelerated development towards full and comprehensive mechanization, and the rigid demand in the market continues to increase. With the advancement of industrialization and urbanization, the surplus labor force in rural areas is rapidly shifting, and the dependence of agricultural modernization on agricultural machinery is becoming more and more obvious. China has entered a new stage of accelerated development through full and comprehensive mechanization. At this stage, in addition to the fact that agricultural machinery products are being upgraded more and more rapidly, the application fields of agricultural machinery products are constantly expanding, new demand is constantly increasing, and the domestic agricultural machinery market has good opportunities for development. Company highlights: Product advantages. Since products and services are carriers for the company to create unique value, the company focuses on all key production and operation links that can bring value to users, and ultimately implements them on top of products and services, forming the company's current product advantages and service advantages. Advantages of technology research and development. The company attaches great importance to the development of new products and processes, and the main technical backbone has been engaged in the research and development of combine harvesters for a long time. The company focuses on independent research and development, and currently has 84 authorized patents. Quality control advantages. Over the years, the company has firmly established a sense of quality. On the one hand, a strict quality management system and quality culture have been established, and a quality management system for all staff and the whole process has been formed; on the other hand, the company has continuously invested in process equipment methods to continuously improve product quality. Therefore, the company effectively guarantees product consistency, stability and reliability when it invests in production equipment on a small scale and mainly relies on outsourcing and outsourcing to provide most parts.

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