The field of motor parts has been deeply cultivated for more than 20 years. Shenli Co., Ltd. was founded in 1991, the main business is motor stator and rotor stamping sheet and iron core research and development, production and sales. Mainly faced with infrastructure-rail transit; power generation-diesel power generation, wind power generation; elevator manufacturing and mechanical transmission and other special motor supporting fields.
Rotor punching plate and iron core are important core components of the motor. The motor is mainly composed of stator and rotor, the total cost of which accounts for about 30%. The quality and performance of the stator and rotor core directly determine the performance, energy efficiency and stability of the motor.
Business focus on stator and rotor punching sheet and iron core, performance into the upward channel. At present, the stator and rotor punching and iron core business is the company's main source of income. In 2015, the product accounted for 98.03% of the total revenue. In 2015, the company's revenue and net profit reversed, due to a substantial increase in sales unit price and relatively high gross margin wind power orders, while the proportion of diesel generator business orders with relatively low unit price and gross profit margin declined. at the same time, silicon steel suppliers offered greater additional price concessions, resulting in a rebound in the company's comprehensive gross profit margin and net profit.
Net a large number of mainstream customers. Relying on continuous technical research and development, process improvement and reliable product quality, the company has gradually established stable business cooperation with leading domestic and foreign motor manufacturing enterprises, such as Cummins, Shanghai Mitsubishi, Kohler, Vestas, ABB and other leading domestic and foreign motor manufacturing enterprises, with high quality customer resources and downstream customers are mostly major enterprises in their respective fields.
Technology, cost control and products are the main competitiveness of customers. In terms of technology, the company's R & D and design team has rich experience, actively cooperates with scientific research institutes, and has excellent ability to develop synchronously with customers. In terms of cost control, advanced stamping sheet manufacturing processes such as company progressive punches can effectively improve production efficiency and reduce labor costs and related production costs. In terms of product quality, the company pays close attention to quality testing to ensure brand image.
Downstream wind power, diesel power generation, rail transit and other industries continue to grow rapidly. The downstream of the company is mainly wind power, diesel generator, rail transit, elevator and other industries. According to the forecast of GWEC, the installed capacity of global wind power will continue to grow steadily in the future. In terms of diesel power generation, there is still a strong demand for backup power products with high technology and high reliability in the future market. In terms of rail transit, China's urban rail has entered a period of rapid growth, and mileage has doubled during the 13th five-year Plan period. The development of downstream industries will promote the sustained growth of the company's motor parts business.
Profit forecast and investment rating. We estimate that from 2016 to 2018, the net profit of the company belonging to the parent company is 57.734 million yuan, 69.8524 million yuan and 84.6632 million yuan, an increase of 26.06%, 20.99% and 21.20% over the same period last year, corresponding to 0.48,0.58,0.71 yuan per share. With reference to the valuation of the industry and the growth of the company, a reasonable price range of 14.50-17.40 yuan is given, corresponding to 25-30X in 2017. It is recommended to apply for purchase.
