Domestic automobile fuel sensor leader. The automobile oil level sensor is the main product of the company, and it has more than 20 years of professional experience so far. With the product advantages, the market share of the automobile oil level sensor and accessories produced by the company has increased steadily in recent years. It has become one of the largest manufacturers of automobile oil level sensors in China.
According to the prospectus, the company has maintained more than 30% market share in recent years.
Automotive electronics and automotive networking stimulate the demand for automotive sensors. As the information source of the automobile electronic control system, the automobile sensor is the key component of the automobile electronic control system. With the development of automotive electronic technology, sensors have been widely used in automobile, mainly used in automobile transmission system, body system, chassis system and safety protection devices. According to a research report released by Strategy Analytics, the global automotive sensor market will grow from $16.9 billion in 2012 to $23.5 billion in 2017 at a CAGR of 6.8%.
There is a large market space for automotive plastic parts. Developed countries regard the amount of plastic used in automobiles as an important symbol to measure the level of automobile design and manufacturing. For every 10% reduction in car weight, fuel consumption can be reduced by 6% to 8%, which is the main reason why the automobile industry has a large demand for plastic parts. According to the prediction of China synthetic Resin supply and Marketing Association, the average amount of plastic used for cars in developed countries will reach more than 500kg/ by 2020. At present, the plastic consumption of medium and high-end cars in China is 100~130kg, which lags far behind the average amount of plastic used per car in developed countries.
The company's competitive advantage is outstanding. After more than 20 years of efforts, the company has accumulated rich customer resources, a wide range of customers, high-level. The company's customers include automobile manufacturers (Shanghai GM, SAIC, Jianghuai Automobile, etc.), and the company provides spare parts products as a first-class supporting supplier; it also includes well-known first-class supporting suppliers (United Electronics, Yapu, Yanfeng, Beijing Delphi, Ofi, Sofima, Valeo, etc.). Since its inception, the company has always been committed to improving its own product innovation and technological innovation capabilities. After years of research and accumulation, the company has formed a strong product development and technology research and development capabilities.
The company continues to raise funds to enhance its main business and further enhance its profitability. The net amount of funds raised after deducting the issuing expenses at the time of the company's IPO is 354.408 million yuan. Mainly used to expand the production capacity of automotive sensors, fuel system parts and interior parts. Will enhance the company's ability to meet customer orders, enhance the company's R & D capabilities, improve the company's business performance and competitiveness, consolidate the company's position in the industry, and lay a solid foundation for the realization of the company's medium-and long-term strategic planning.
Profit forecast and valuation. We estimate that the net profit attributed to the parent company from 2016 to 2018 is RMB 0.93 million, an increase of 19.30%, 24.05%, 28.16%, and the corresponding EPS is 1.39, 1.73, 2.22 yuan, respectively. Combined with the valuation of the comparable company, the company is given a target price of RMB 167 within six months in 2016, and a "Buy" rating for the first time.
Uncertainty analysis. Great changes have taken place in the technology path of the industry, and the competitiveness of the company's products has declined.