Main points of investment:
The company is engaged in the production and sales of air conditioning blades, and its main products are plastic cross-flow, axial flow, centrifuge and other blades used in household air conditioning systems, as well as metal blades and fans used in commercial air conditioners. it is one of the few professional manufacturers in the industry that can produce plastic blades and metal blades and fans at the same time, and it is also the core supplier of Gree, Midea and other leading enterprises in the industry.
The main products are outstanding and gradually diversify into new profit growth points. Plastic wind leaf products are the company's traditional products, is the main source of income from the company's main business, and has a high profitability. The income of plastic wind blade products accounts for about 85%, and the comprehensive gross profit margin is maintained at about 25%. Through continuous research and development, the company has launched new models of wind blades that meet the high-quality requirements of air-conditioning manufacturers, ensuring the profit space of the products. With the rapid development of commercial air conditioners in China, there is a great prospect in the field of commercial air conditioners in the future, which is expected to become a new profit growth point of the company.
Cooperate with industry leaders to comprehensively layout the sales network. The company has formed a strategic partnership with downstream core customers, industry leading enterprises Gree, Midea, Haier, LG and other well-known domestic and foreign air conditioning manufacturers. In order to supply nearby products, the company has set up production bases all over the country, and actively follow the pace of air-conditioning manufacturers to set up factories near the new factory. In recent years, with the gradual migration of air conditioning manufacturers to the central and western regions, the company has also begun to layout the corresponding production network and sales network in the central and western regions.
In the bipolar competition pattern of the industry, conservative cloth innovation is the key. The development of the accessories industry is closely related to the air conditioning industry. The upgrading of the household air conditioning industry and the gradual popularization of commercial air conditioners promote the upgrading of air conditioning blades and bring more product demand. The air conditioning blade industry is now in a polarized competition pattern, the household air conditioning industry is becoming more and more stable, the brand concentration is getting higher and higher, and the market capacity in the commercial air conditioning field is huge, but the domestic metal fan is still in the stage of decentralized competition. The company makes use of the existing customers and technical advantages to gradually increase the market share of metal fans, which is the main development direction in the future.
Fund-raising projects take the lead. The funds raised are intended to be used for the production project of air conditioning blades in Landi in Wuhan and the construction project of 3.5 million sets of commercial air conditioning fans and R & D center in Ningbo. This project can expand the company's existing production capacity of plastic air conditioners and further consolidate its position in the industry. at the same time, effectively improve the research and development, production and sales of metal fans, and seize the market opportunity.
The number of new shares issued by the company is 23.68 million shares, with a total share capital of 94.72 million shares, the total amount raised is about 278 million yuan, the issue fee is 45.88 million yuan, and the issue price is 11.73 yuan per share. The EPS of diluted computing company in 16-18 years is 0.84,1.16,1.33 yuan per share respectively. According to the comparable company's 16-year PE valuation, we give the company 25-30xPE in 16 years, and the reasonable value range should be 21.0-25.2 yuan.
Risk hint. Corporate performance fluctuations, macroeconomic and policy-oriented risks.