Domestic high-quality supplier of automobile stamping and welding parts
The company is mainly engaged in the R & D, production and sales of stamping and welding parts for passenger cars, commercial vehicles and chassis. In 2016, the company achieved revenue of 1.49 billion yuan, an increase of 31.3% over the same period last year, and a net profit of 150 million yuan, an increase of 92.3% over the same period last year. From 2014 to 2016, the inventory turnover of the company was 6.41,6.35,6.45 respectively, and the turnover rate of accounts receivable was 11.8,8.6,12.4 respectively, which was at a high level in the industry. From the company's financial indicators, the company's profitability and financial position is good, with a high operating capacity.
The competition pattern of the industry and the main advantages of the company
China's automobile stamping and welding parts market has the characteristics of strong region and fixed-point matching for vehicle manufacturers, which is limited by production capacity, site, transportation radius and so on. Regional competition is the main competition mode in the automobile stamping and welding industry. The company's main competitors are the first-class suppliers of body and chassis parts products for Jianghuai Automobile, Chery Automobile and other automobile factories, as well as listed companies in the same industry. The company has accumulated rich industry operation experience in the domestic automobile supporting industry chain, and its competitive advantage is mainly reflected in the outstanding ability of independent R & D and innovation, rich supporting experience and so on. the company has successfully entered the supporting supply chains such as Chery Automobile, Foton Daimler and BAIC Group, and plans to expand the passenger car supporting business of SAIC Group.
Analysis of fund-raising projects
The company plans to issue 51 million new shares to the public, with a net fund of about 781 million yuan, which will be used for "Construction Project of Technical upgrading of Automotive stamping and Welding parts", "Construction Project of R & D Center" and "Wuhu Changrui Automobile stamping and Welding parts expansion Project" as well as supplementary working capital and repayment of bank loans. After the project reaches production, it will improve the company's supply capacity to downstream customers, at the same time, enhance the company's R & D capacity, which is conducive to the company's long-term development.
Profit forecast
Based on the total share capital of 204 million shares after IPO, taking into account the product technology upgrading and production capacity expansion after the implementation of the investment project, the company's EPS from 2017 to 2019 is expected to be 0.91,1.11,1.31 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.
