Famous professional contractor in the field of bridge steel structure. The company mainly engages in bridge steel structure engineering business, covering the manufacture and installation of bridge steel structure, as well as corresponding technical research, process design and technical services. The company has the first-class qualification of professional contracting for steel structure engineering, and has the engineering capacity of 45000 tons of bridge steel structure per year, and has successively participated in the construction of more than 100 bridge steel structure projects across sea, river and urban viaduct. It has rich engineering experience and high industry status.
Zhang Haibo is the actual controller. After the completion of this offering (calculated at 25.6 million shares), the chairman of the company, Zhang Haibo, will still hold 55.24% of the company and is the controlling shareholder and actual controller of the company. The wife, sister Zhang Li and sister Zhang Xuejun of the controller hold 0.47%, 1.95% and 1.95% of the shares respectively, and Ding Quan, the brother of the wife of the controller, also indirectly holds 0.12% of the company.
Income has declined slightly in the past two years, but performance growth has remained relatively stable. From 2013 to 2015, the company's operating income was 406 million yuan, 403 million yuan and 376 million yuan respectively, with year-on-year growth rates of 19.52%,-0.76% and-6.81%, respectively. The decline in revenue is mainly due to the continuous increase in the proportion of steel business provided by Party A with lower unit price of the project. The attributable net profit was 35.8218 million, 38.3006 million and 45.289 million yuan respectively, and the year-on-year growth rate was 7.85%, 6.92% and 18.25% respectively. The performance growth rate was higher than the income growth rate mainly due to the improvement of the company's business gross profit margin.
The concentration of downstream customers is high, and the scale of accounts receivable + inventory is increasing year by year. According to the combined statistics of the same actual control party, the top five customers of the company from 2013 to 2015 accounted for 74.37%, 87.81% and 80.55% respectively, which is relatively concentrated. This is mainly because there are only a few large state-owned enterprises that can obtain large-scale bridge projects and have general contracting qualifications, and most of the projects undertaken by the company are also related to such state-owned enterprises or their subsidiaries. The total (accounts receivable + inventory) of the company from 2013 to 2015 was 383 million, 421 million and 430 million yuan respectively, accounting for 56.52%, 60.90% and 58.38% of the total assets, respectively.
Listing to solve production capacity and capital bottlenecks, help the company's long-term development. The steel structure engineering capacity of the company from 2013 to 2015 is 40, 000, 45000 and 45000 standard tons respectively, while the completion rate of steel structure projects in the same period is 40100, 51800 and 53300 standard tons respectively, and the capacity utilization rate has been in a state of full load. the lack of capacity gradually restricts the rapid development of the company. At the same time, the bridge steel structure engineering industry is a capital-intensive industry. Compared with state-owned enterprises and listed companies in the same industry, the company has a single financing channel and limited financial strength. After landing in the capital market, the company's financial strength and production capacity can be effectively expanded, and the business undertaking capacity has been greatly improved.
Raise funds to expand production capacity, enhance technological research and development capabilities and supplement liquidity. The company plans to issue 25.6 million new shares to raise funds (net 228 million yuan) for the expansion project of bridge steel structure production base, the construction of enterprise technology center and supplementary liquidity. The project will alleviate the problem of insufficient production capacity (the company is expected to increase production capacity by 40, 000 tons after reaching production), further enhance the company's technological research and development strength, and provide financial guarantee for the company's sustainable development in the future.
The reasonable value range is 14.39-16.78 yuan. According to the calculation of this issue of 25.6 million shares, the EPS in 16-17 years is expected to be 0.48 yuan and 0.55 yuan respectively. According to the rules of issuing new shares, the company's issue price is 10.04 yuan ((financing amount + issue fee) / issue quantity), corresponding to about 20.94 times PE in 16 years. Considering that the company belongs to new shares and its market capitalization is too small, the company is given a dynamic price-earnings ratio of 30-35 times in 16 years, and the corresponding reasonable price is 14.39-16.78 yuan. As a professional company of bridge steel structure, the improvement of production capacity, technological upgrading and the widening of financing channels have solved the bottleneck restricting the company's business development, which is beneficial to the long-term development.
Risk hint. Order decline risk, economic downturn risk.