Core ideas:
The company is a highly profitable steel structure engineering enterprise in the industry.
The company is mainly engaged in bridge steel structure engineering business, is a well-known professional contracting enterprise of steel structure engineering in the industry, has accumulated profound engineering experience in bridge steel structure production and construction technology, project management and other aspects, and has a high industry status. This time, it is proposed to issue 25.6 million new shares at a price of 10.04 yuan per share, and the total amount of funds raised is about 257 million yuan.
Bridge steel structure industry: rapid growth in scale, development and competition coexist the development of bridge steel structure engineering industry is closely related to infrastructure construction. The country is in the 13th five-year Plan.
Continue to maintain the investment in transportation infrastructure construction during the construction period, steel structure bridges are more and more widely used, which is expected to bring broad market space for the development of bridge steel structure. The number of enterprises in the industry is large, the hierarchical structure is clear, the industry competition is fierce, the degree of marketization is high, and the market concentration is low.
Experience, technology, customer relationship, location and other multiple advantages to consolidate the company's industry position the company has a long history in bridge steel structure engineering, rich project experience and excellent technology. The company has a close relationship with customers and obtains the project through invitation and bidding. The company is located in Wuhan, the "capital of bridge construction", with obvious location advantages. Multiple advantages to ensure the source of the project.
Profit forecast
We predict that the net profit attributed to the parent company from 2016 to 2018 will be 0.52,0.66 and 79 million yuan respectively, with year-on-year growth of 15.4%, 25.3% and 20.5% respectively, and the diluted EPS will be 0.51,0.64 and 0.77 yuan respectively. We believe that it is reasonable to give the company a valuation of 34 times earnings in 2016, and the reasonable price of the company should be about 17.40 yuan.
Risk hint
The risk of macroeconomic fluctuation and the change of economic control policy; the market competition risk of bridge steel structure engineering; the risk of engineering quality.