Focus on official ship + leisure ship design and production, high-performance boat manufacturing experts
Mainly engaged in the design, development, production and sales of tourism and leisure boats and official law enforcement boats, providing customers with a full range of personalized service solutions from application design, product manufacturing to maintenance. The main products can be divided into tourism and leisure boats and official law enforcement boats according to their uses. The actual control of the company is Xia Gang and Yan Zhiqing, Xia Gang and Yan Zhiqing are concerted actors, of which Xia Gang holds 28.99%, Yan Zhiqing directly holds 16.97%, through Jucai Shenglong indirectly holds 4.30%, the two directly hold 45.96% of the shares. The annual revenue of 2014/2015/2016H1 was 324 million / 361 million / 156 million, an increase of 24.99%, 11.53% and 56.78% respectively over the same period last year, and the net profit was 29 million / 32 million / 8 million respectively. The company's revenue from official law enforcement ships accounted for 60%, which was mainly sold to South and East China. 2016H1 had a gross profit margin of 21.01% and a net profit of 5.18%.
Official business + leisure yacht consumption continues to release, location + people and outline the future growth space of the industry
First, with the accelerated development of the coastal tourism market, waterfront tourism has become a fashionable way of leisure for people. Second, with the improvement of the degree of water development and the development of water transportation in our country, the requirements for water law enforcement equipment are increasing. Third, the consumption of the yacht industry is positively related to the economic development of our country. With the reduction of survival consumption, the new consumption has stepped into high-end and personalized, which expands the market space of the yacht industry. At the same time, China is very rich in water resources, dotted with inland rivers and lakes, which provides natural favorable conditions for the development of China's boat industry; in recent years, the state and relevant local governments have provided good industrial policies and development environment for the development of the industry. If we take a look at the existing pattern of the boat industry in China, there are many production enterprises and low industry concentration, and there is no one enterprise that can occupy the absolute market share. As there are many kinds of boat products and there are great differences in market demand, boat enterprises generally choose their own market positioning according to their own technical characteristics.
The advantage of core technology is obvious, and the path of military-civilian integration is clear.
The company invested 30 million to set up a joint venture with Australian and US warship manufacturer AUSTAL. The company owns 60% of Austal's vessels for Australian border guards for more than 18 years. It is also Australia's largest defense exporter, with customers covering the world's leading commercial and defense fleets such as the United States Navy, Australian Border Army, Royal Australian Navy and Condor Ferry. It has developed the world's most iconic ships, such as Navy Warship (LCS), Expeditionary Express Transportation (EPF), and can develop major naval and other defense fleets for navies, defense forces, security agencies and coast guards around the world. The company has obvious advantages in core technology and continuous innovation, and has outstanding core competitive advantages in the field of all-aluminum alloy boat manufacturing and steel-aluminum alloy composite boats. This time, 108 million yuan was raised to invest in the expansion project of high-performance and energy-saving composite boats and the construction project of boat R & D and design center.
Covered for the first time and given a "buy" rating, the company is mainly engaged in the design, R & D, production and sales of tourism and leisure boats and official law enforcement boats, with obvious core technical advantages and a clear path of military-civilian integration. This fund-raising of 108 million yuan is invested in the expansion project of high-performance and energy-saving composite boats and the construction project of boat R & D and design center. We estimate that the EPS of the company in 16-18 is 0.40,0.48,0.56 respectively, and the corresponding PE is 126x 105x 91x.
Risk hint: performance growth is lower than expected