Investment suggestion
It is estimated that the EPS of the company from 2015 to 2017 is 0.34,0.60,0.81 yuan respectively, and the corresponding PE is 135,77 and 57 times. The company is the exclusive agent of DYP intelligent parking equipment in China, while the layout of vacuum coating equipment, PPP project positioning of the municipal pipe network general contractor in the future. Cover for the first time and give recommended rating.
Main points of investment
Steel reinforced plastic pipe faucet: as the domestic steel reinforced plastic pipe leader, the company has an absolute advantage in the subdivision field of large diameter drainage pipe products. At the end of 2015, 147 million of funds were raised and 2443 million of its own funds were invested in the industrialization project of complete sets of technology and manufacturing equipment for steel reinforced plastic pipes to control the self-production of core components, so as to shorten the production cycle, improve profit margins and increase exports. Although domestic economic growth slows in the short term in 2015 and investment in municipal infrastructure tightens, the market demand in areas such as municipal drainage pipes is still huge, and the company operates with light assets, and there is not expected to be overcapacity. In the future, it is expected to increase production and sales through exports.
Exclusive agent DYP, intelligent parking newly launched: considering that the difficulty of parking has become a social problem that can not be ignored, at the same time, in order to make effective use of the company's strong manufacturing capacity, the company decided to enter the field of intelligent parking relying on Chengdu mechanical processing industry cluster and bonded area. DYP specializes in intelligent parking equipment, ranking first in related fields in South Korea. At present, it has promoted thousands of devices in the world, including more than 200 in Seoul alone, while there are no reliable mature product manufacturers of the same type in China. In August 2015, the company signed a technology transfer agreement with it and became its exclusive domestic agent, obtaining permission to exclusively use its patented technology for the production and sale of intelligent parking systems in China.
Promote vacuum coating, try to lead PPP project expansion: the company's vacuum coating equipment related technology has been more mature, previously small batch production and export to Australia, the company plans to focus on promoting this business in 2016. With the gradual improvement of environmental protection requirements of the construction industry, LowE glass is expected to usher in explosive growth. In the future, the company will enter the LowE coating production line. At present, the company is exploring the possibility of undertaking the municipal pipe network PPP project as a general contractor. In the future, the company can produce its own pipes or subcontract them to downstream pipeline manufacturers to sell their own equipment.
Risk hint: the overall prosperity of the industry is low, and the strategic layout is not as expected. -500%