Research situation:
On August 20, we conducted an on-the-spot investigation of Saixiang Technology and exchanged views with Dong Secretary Zhu Hongguang and Zheng Dai Wang Jia on the company's semi-annual report, industry development trend and future business prospects.
Main points of investment:
Benefit from the upturn of downstream demand and exceed market expectations
In the second half of 2012, the company seized the market opportunity of the arrival of the investment cycle of domestic tire manufacturers, and newly signed sales orders increased significantly, and this trend continues and continues to increase. In the first half of 2013, the company achieved operating income of 313.7034 million yuan, an increase of 22.21% over the same period last year, and operating profit of 23.1115 million yuan, an increase of 27.15% over the same period last year.
Overseas markets make efforts to effectively drive earnings growth
The company's forecast for overseas markets was relatively conservative, and with the gradual development of overseas expansion in 2012, it was found that the international market, especially those countries represented by Southeast Asian emerging markets such as Vietnam, India, Thailand and Indonesia, had great market potential. there is a broad demand for special equipment. In the first half of 2013, the company's export realized operating income of 117.3902 million yuan, an increase of 346.77% over the same period last year, and operating profit of 36.7039 million yuan, an increase of 465.63% over the same period last year, accounting for 37.42% of revenue and 53.11% of profit, respectively. It is expected that with the further improvement of recognition, overseas sales will contribute more revenue to the company. And the advantages of export products in unit price and gross profit margin are also conducive to the improvement of the company's profitability.
Once again, Airbus is actively involved in the aviation equipment market.
On July 31, the company held the third Airbus project signing ceremony, this time the company will provide Airbus final assembly plant with transport fixtures of the A320bot 321 model. This is another cooperation after the company became Airbus's first transport fixture general contractor outside Europe in 2007. in a few years, the company has provided Airbus with A320 series and A350 series of transport fixtures. services include Tianjin General Assembly Line and European General Assembly Line. This cooperation marks the further maturity of the company's technology and products in the field of aviation equipment, and lays a good foundation for entering the aviation equipment market in the future.
Profit forecast
We are optimistic about the potential of the company in terms of new order acquisition, revenue recognition, overseas markets and key customer expansion in the second half of the year, and give a "recommended" investment rating. It is estimated that the EPS in 13-14 will be 0.35,0.44 yuan per share, respectively.