Domestic high-quality supplier of automobile stamping and welding parts
The company is mainly engaged in the R & D, production and sales of automobile brake pads and brake discs. The company achieved an operating income of 1.29 billion yuan in 2016, an increase of 15.0% over the same period last year, and a net profit of 207 million yuan, an increase of 28.4% over the same period last year. The company has actively expanded its sales channels and achieved an increase in sales revenue of brake pads and brake discs. The company's comprehensive gross profit margin for 2014-2016 was 34.5%, 33.0% and 30.9% respectively, maintaining a high level. The company's profitability and financial position are good, with high operating capacity.
The competition pattern of the industry and the main advantages of the company
The automobile brake parts market is mainly divided into AM and OEM markets: OEM has a high threshold and relatively fixed suppliers, which is mainly monopolized by large international parts manufacturers; the competition in AM market is fierce, and customer orders have the characteristics of multi-variety, small batch and multi-batch. The company's export brake pads series products are concentrated in the middle and high-end market, with a high gross profit margin. In 14-15 years, the brake pads export accounted for 15.1% and 14.8% of the brake pads export market respectively. In addition, the company continues to improve the technical content of its products, and currently in R & D projects are: EMU train brake pads, environment-friendly ceramic brake pads industrialization, new NAO automobile brake pads, new wind power generation mechanism dynamic friction blocks, etc., in which the research and development of train friction pads is a new market that the company is ready to expand.
Analysis of fund-raising projects
The company plans to issue 52.5 million new shares to the public, and plans to raise a net fund of about 1.04 billion yuan. It will be used for "Advanced Manufacturing Project of 15 million sets of Automobile Brake pads per year", "Project of annual production of 6 million high-performance automobile brake discs" and "Innovation capacity Building Project of Enterprise Technology Center" and repayment of bank loans. After reaching production, the project will enhance the company's supply capacity to downstream customers, at the same time, continue to expand the company's brand influence and R & D capabilities, which is conducive to the company's long-term development.
Profit forecast
Based on the total share capital of 209.37 million shares after IPO, and considering the impact of the investment project put into production, we estimate that the company's EPS from 2017 to 2019 will be 1.20,1.44,1.74 yuan respectively.
Risk hint
The cost of raw materials has increased significantly; the expansion of customers has fallen short of expectations; and the prosperity of the automobile industry has fallen short of expectations.