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机械行业新锐系列报告之三十:伟隆股份(002871)

The 30th of a series of cutting-edge reports in the machinery industry: Weilong shares (002871)

華泰證券 ·  Apr 28, 2017 00:00  · Researches

Mainly engaged in the production and sales of drainage valves, overseas income accounts for more than 80%.

The company is mainly engaged in the design, research and development, production and sales of water supply and drainage valves, providing products and solutions for downstream application fields such as urban water supply and drainage system, fire water supply system, air conditioning HVAC system and sewage treatment system. At present, the company has formed 8 series of products such as gate valve, butterfly valve, control valve and check valve, with more than 2000 models and more than 2000 specifications, which can meet the one-stop purchasing needs of all kinds of customers. The company's products are export-oriented. The proportion of export income of the company's products in 2014, 2015 and 2016 was 82.41%, 81.50% and 86.98% respectively, and was sold to more than 50 countries and regions, including Europe, North America, the Middle East, South America, Asia and Oceania.

In recent years, the scale of income has been basically stable, and the level of gross profit margin has increased steadily.

The company's main business revenue decreased by 21.7435 million yuan in 2015 compared with 2014, mainly because the company's export revenue fell 7.34% as the global economic growth slowed and market competition intensified. The company's main business revenue in 2016 increased by 3.7849 million yuan over 2015, a slight increase of 1.47%. In recent years, the company's other business income is mainly from housing rental, waste sales and other income, the amount is relatively small. With the steady growth of the company's sales revenue, in 2014-2016, the total gross profit of the company was 105.4105 million yuan, 89.955 million yuan and 106.7958 million yuan respectively, and the gross profit margin of the main business was 36.33%, 33.43% and 39.33%, respectively. The main factors that affect the gross profit margin of the company's series of products include product price, production cost and input tax transfer of export products.

Focus of fund-raising project: develop manufacturing technology of large-size and special-purpose valves, and comprehensively enhance the strength of research and development.

The company intends to issue no more than 17 million shares to the public, accounting for 25% of the total share capital after the issue. The total amount of funds raised by the company in this public offering is expected to be 261.63 million yuan. The funds are to be invested in: large size and special purpose valve production projects, technology R & D center construction projects. Referring to the consistent forecast of Wind, the corresponding PE of comparable listed companies in 2017 is 390.61 times; in 2017, the PE of listed companies in the mechanical basic parts industry is in the range of 150.320 times, the median value is 47 times, and the average is 75 times.

Risk tip: changes in market sentiment lead to a downward shift in the valuation center.

The translation is provided by third-party software.


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