The company is mainly engaged in the manufacture and installation of cooling towers, and the products are widely used in the industrial field.
The company is mainly engaged in industrial cooling tower research and development, design, manufacturing and installation business, and rely on its own products and technical advantages to provide industrial cooling tower related technical services. The company's main products are mechanical ventilation cooling towers, including conventional cooling towers, open environmental protection and energy-saving cooling towers and so on. The company's products are widely used in petrochemical, metallurgical, electric power and other industrial fields. Since 2012, the production and sales of mechanical ventilation cooling towers have been ranked first. The market share of industrial towers in 2015 is about 7.50%. More than 400 petrochemical enterprises, more than 200 power plant projects and more than 100 metallurgical projects are using seagull cooling tower systems.
The slowdown in macroeconomic and industry growth has led to a slight decline in income and a basically stable gross profit margin.
In 2016, the company achieved operating income of 539 million yuan, down 2.74% from the same period last year, and the profit belonging to shareholders of listed companies was 38 million yuan, an increase of 9.95% over the same period last year. With its technological advantages and brand awareness, the company's main business revenue has always remained at a high level in the industry, but it declined slightly in 2016 against the backdrop of slowing domestic macroeconomic growth. In the past three years, the company's main business income mainly comes from conventional cooling tower sales, and the gross profit margin is high and stable. The comprehensive gross profit margin of the company's main business in 2014-2016 is 32.28%, 31.71% and 30.90%, respectively. As the company's cooling tower is widely used in the industry and provides corresponding technical services, the gross profit margin of each sub-section varies greatly. The net profit attributed to the owner of the parent company in 2016 increased by 3.4013 million yuan over the previous year, up 9.95% from the same period last year.
Focus of fund-raising projects: enhance the production capacity of environment-friendly cooling towers, improve the ability of R & D and marketing services
The company plans to issue no more than 22.87 million shares to the public, accounting for 25% of the total share capital after the issue, and is expected to raise 200.3412 million yuan. The funds will be invested in: environmental protection cooling tower project, green environmental protection JXY cooling tower technology R & D center construction project, marketing service network construction project. Referring to the consistent forecast of Wind, the corresponding PE of comparable listed companies in 2017 is in the range of 220.61 times; in 2017, the PE of listed companies in the industrial machinery industry is in the range of-508648 times, with a median value of 65 times, with an average of 104times.
Risk tip: changes in market sentiment lead to a downward shift in the valuation center.