The company is the leading enterprise of engine intake and exhaust valve in our country. The company is mainly engaged in the research and development, production and sales of automobile engine intake and exhaust valves. It is one of the leading enterprises in the production of automobile engine valves in China. It is mainly divided into two categories: gasoline engine valves and diesel engine valves, accounting for 70% and 30% of the company's main revenue respectively. The total share capital of the company before the issue is 69 million shares, and this time it is proposed to issue 23 million shares, accounting for 25.00% of the total share capital after the issue. After the issue, the shareholding ratio of nine concerted actors, including Zhang Yan, the actual controller of the company, will change from 46.43% before the issuance to 36.03%, which is still the actual controller of the company.
The company has strong technological innovation ability and leading technological level. The company has taken the lead in developing a series of application processes of new valve materials in China. According to the processing characteristics of new materials, a series of manufacturing processes have been developed to improve product quality. The company has successfully developed superhard alloy surfacing and induction heating de-stress technology, valve rod end cap quenching technology, valve electric upsetting technology for automatic optimization of process parameters, constant current electroplating technology, equidistant electrode plating technology, ultra-low residual magnetic valve automatic demagnetization technology, forming grinding technology, silver polishing technology, spiral polishing technology, mirror spiral polishing technology, three-in-one turning new technology, New technology and technology such as valve liquid soft nitriding.
The company has a stable customer relationship and a balanced market structure. Yuchai, FAW and Weichai, the three largest domestic enterprises of multi-cylinder diesel engines, are all important strategic customers of the company. at present, the company ranks third in the domestic engine valve market, and is expected to further improve the ranking with the release of investment project production capacity. The company has maintained a balanced development in the domestic and international markets, in the mainframe supporting market and after-sales service, as well as in the diesel engine market and gasoline engine market. In recent years, the proportion of export income has been maintained at about 40%, that of mainframe equipment at 50-60%, that of diesel engine at 60-70%, and that of business structure at a balanced and stable development.
Raise funds to ease capacity bottlenecks. The funds raised by the company are mainly used for the capacity expansion of the main products. As the utilization rate of the existing capacity has exceeded 100%, the fund-raising project will effectively alleviate the company's capacity bottleneck.
Profit forecast and valuation. It is estimated that the net profit belonging to the owner of the parent company from 2013 to 2015 is 4009 yuan, 4812 yuan and 50.91 million yuan respectively, and the diluted earnings per share according to the total equity after issue are 0.43,0.44,0.52 yuan respectively. Combining the results of absolute valuation and relative valuation, we believe that the reasonable share price of the company after listing is between 8.80 and 11.00 yuan.
