The production of IPO and private placement projects will significantly consolidate the performance, and there is a huge demand for daily glass replacement.
The company was listed in April 2015, and IPO raised 230 million yuan to invest in the technical renovation and glass project, of which the Heze technological renovation project produced new materials, and on July 2, 2016, it completed a private offering to raise 630 million yuan for high-grade lightweight glass products in Gansu and Jiangsu. The two major projects are expected to be put into production in 2017, and the total contribution income is expected to be close to 400 million yuan. Considering that the purchase of major equipment has been completed in the previous period, The profit margin of the project itself is higher, the company's 2015 revenue of 730 million yuan, attributable net profit of 50 million yuan, effective consolidation of the performance after the implementation of the new project. According to the China Daily Glass Information Network, the daily glass industry is still in short supply in the world, with a capacity gap of about 2 million tons, and the per capita glass consumption of 50 kg is far less than 15 kg in China.
The blue sea of high-end manufacturing is emerging, with both operation platform and transformation determination.
Although the glassware industry maintains steady growth, it is an indisputable fact that industry competition aggravates the decline in profitability. In contrast, high-end manufacturing based on robots, new energy equipment, automation technology, autopilot, and new display technology faces a broad blue ocean of applications. and by "made in China 2025", "13th five-year Plan outline" and other important documents of continuous support, is expected to become the company's transformation and upgrading to open up the direction of the second main business. In August 2015, the company signed a strategic agreement with Shanghai Village Capital to sort out the company's main business upgrading, strategic transformation, cross-border development, industrial mergers and acquisitions and integration. It is expected to accept the transformation and upgrading to the high-end manufacturing direction with the help of the capital platform in an open and win-win mentality.
Be optimistic about the solid and steady growth of the company's main business and keep an open mind to meet the transformation and upgrading
Be optimistic about the steady growth of the company's main business, and use the capital platform to transform and upgrade with an open mind. Regardless of the company's extension expectations, the company's operating income from 2016 to 2018 is expected to be 8.0,10.0 and 1.23 billion yuan, an increase of 10%, 25% and 23% over the same period last year, and its mother's net profit is 0.66,0.80 and 99 million yuan. the current market capitalization is 5.7 billion yuan but the valuation is not cheap, covering for the first time to give a cautious overweight rating.
Risk hint
The performance of the fund-raising project fell short of expectations, and the progress of transformation and upgrading was slower than expected.
