The leading enterprise in the field of elevator door system to create a diversified elevator supporting product system.
The company is mainly engaged in the R & D, production and sales of elevator door system, elevator integrated control system, elevator car and door system components. The company is an enterprise with independent frequency conversion control core technology and early applied in elevator door system, after years of development, the company has formed a diversified elevator supporting product system, including elevator door system, elevator integrated control system, elevator car and door system supporting components, which is widely used in passenger elevators, cargo elevators, special elevators and other vertical elevator manufacturing fields. Among them, elevator door system products are in a leading position in the industry, with a market share of 7.8%.
Affected by the slowdown in macroeconomic and industry growth, income and net profit declined slightly
Affected by the decline in sales of medium-sized laminated door devices and the decline in unit prices of major products in 2016, the main business income decreased compared with the previous year. The company has the core technology of main frequency conversion control, and the door crane controller is developed and produced independently, so the gross profit margin is high. The gross profit of elevator door system (door crane and laminated door device) accounts for more than 90%, which is the main factor affecting the comprehensive gross profit margin. The company's net profit decreased slightly in 2015 from the previous year, mainly due to increased costs related to the carry-over of office buildings to fixed assets, depreciation and property taxes at the end of 2014, as well as increased expenditure on consulting fees and consumable materials. The company's net profit decreased in 2016 compared with the previous year, mainly due to the decline in sales volume of medium-laminated door devices and the unit price of major products.
Focus of fundraising project: enhance the production capacity of elevator core components, strengthen R & D strength and marketing network
The company plans to issue no more than 52 million shares to the public, accounting for 25% of the total share capital after the issue, and the company is expected to raise 398.84 million yuan in this public offering. The funds will be invested in 50,000 sets of elevator door system product construction project, elevator integrated control system project, elevator car and door system, supporting components construction project, marketing service network upgrade project, supplementary liquidity. Referring to the consistent forecast of Wind, the corresponding PE of comparable listed companies in 2017 is 32-39 times; in 2017, the PE of listed companies in the industrial control automation industry is 19-46 times, with a median of 33 times, with an average of 33 times.
Risk tip: changes in market sentiment lead to a downward shift in the valuation center.