Company profile:
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, the products are widely used in passenger elevators, cargo elevators, special elevators and other vertical elevator manufacturing fields.
Current situation and prospect of the industry
In recent years, the rapid economic development and large-scale infrastructure construction have brought unprecedented development opportunities for China's elevator industry, and the elevator industry has achieved unprecedented rapid development. From 2005 to 2015, China's elevator production increased from 135000 to 760000, with an annual compound growth rate of 18.86%. By the end of 2015, the number of elevators in China has reached 4.2596 million, regardless of the number of elevators, annual output or annual growth, China has ranked first in the world.
In the long run, the process of urbanization and industrialization in China will continue; the construction scale of domestic houses such as indemnificatory apartment and low-rent housing is still large; there is a large demand for fixed assets investment in factories, infrastructure and commercial real estate; the market demand for the installation of elevators in old buildings and the maintenance and replacement of existing elevators has become a trend. At present, there is still a big gap in the level of elevator ownership per capita between China and the developed countries.
Highlights of the company:
The company has independently mastered a number of advanced technologies, such as VVVF frequency conversion control technology, permanent magnet synchronous frequency conversion control technology and AC vector frequency conversion control technology, and have been successfully applied to many product lines. The company has 46 patents and 12 software copyrights. The products such as "Zhanpeng 02 door crane and pendant" developed by the company are evaluated as high-tech products by the Department of Science and Technology of Jiangsu Province, "Digital door Crane Controller (FE-D3000)" and "Elevator door Lock device (FEL-161A)".
Obtained the European CE certification, "digital VVVF synchronous belt explosion-proof door crane products" won the national instrument explosion-proof safety supervision and inspection station explosion-proof certificate. At the same time, the company also actively integrates emerging technologies such as the Internet of things into product development, and the developed "elevator remote monitoring platform and intelligent elevator integrated control system based on the Internet of things" won the Silver Award of the Fifth China International Internet of things (Sensor Network) Expo.
Fund-raising project
1, 50,000 sets of elevator door system product construction project.
2. Elevator integrated control system project.
3. Elevator car and door system supporting parts construction project.
4. Upgrade project of technology R & D center.
5. Marketing service network upgrade project.
6. Replenish working capital.
Main potential risks
(1) the risk of market demand fluctuation in the elevator industry caused by the macroeconomic environment since 2011, due to the continuing impact of the international European debt crisis, the adjustment of the domestic economic structure has been gradually deepened, coupled with the gradual emergence of the effect of national regulation and control policies on the real estate market, the growth rate of the real estate industry, urban infrastructure construction and commercial service facilities construction, which is closely related to the demand for elevator products, will slow down. The higher growth rate of the domestic elevator market will slow down. If the macroeconomic situation at home and abroad continues to deteriorate, the state's regulation and control of the real estate industry will be further strengthened, which will have a negative impact on the operation of issuers.
(2) Market competition risk:
The fierce market competition puts forward higher requirements for the company's production scale, product quality, price, R & D level, service and market development ability. If the company cannot maintain a good development trend and form a strong comprehensive competitiveness, it may be in a disadvantageous position in the increasingly fierce market competition in the future.
Valuation
The issuer works in the electrical machinery and equipment manufacturing industry, and as of April 28, 2017, the average static price-to-earnings ratio for the latest month released by the CSI was 36.6 times. It is estimated that the company's earnings per share in 2017 and 2018 are 0.34 yuan and 0.35 yuan respectively, combined with the current market conditions, the initial pressure is expected to be 15 yuan-18 yuan.