Investment Summary:
Energy saving and environmental protection, new energy and key parts manufacturing have a large future space.
The funds raised from the listing of the company are mainly invested in energy conservation and environmental protection, new energy projects and key parts manufacturing projects, of which 81% are invested in energy conservation and environmental protection projects and new energy equipment manufacturing industrialization projects. the investment structure of funds is basically in line with the strategic allocation of the company's future development. With the increasing national requirements for energy conservation and environmental protection, the company has made great efforts to develop environmental protection and energy-saving products, especially in the comprehensive recycling of waste heat power generation, activated lime, lignite upgrading, tailings treatment, slag treatment, municipal waste utilization and other high-efficiency energy-saving products, such as high-pressure roller mill, large roller press, raw material vertical mill, etc., the company has achieved better benefits. In 2012, the service income of energy conservation, environmental protection and circular economy projects was 2.119 billion yuan, accounting for 29.29% of the company's operating income.
Have the advantage of high-end heavy machinery manufacturing
The company's "new heavy machine" project has constructed a system engineering of high-end heavy equipment manufacturing process system with the world's largest and most technologically advanced 18500-ton free forging hydraulic press as the core. Around the 18500-ton free forging hydraulic press, the company has built the corresponding high-end heavy equipment manufacturing process system, equipped with a series of manufacturing equipment. It can be said that through the implementation of the "new heavy machinery" project, the company has formed a scarce high-end heavy machinery processing and manufacturing capacity at home and abroad, making the company among the first echelon of the same industry at home and abroad, and building a competitive advantage for the development of the company in the future. it has laid a solid foundation for the rapid development of the company in the future.
Investment advice:
Optimistic about the long-term development of the company in the future, it is estimated that the company will achieve a year-on-year increase in operating income of 7.50%, 12.50% and 14.80% respectively from 2013 to 2015, and net profits belonging to the owners of the parent company will increase by 5.56%, 14.53% and 22.68%, respectively. Realize earnings per share (diluted according to the latest share capital) of 0.34 yuan, 0.38 yuan and 0.47 yuan respectively. The current price-to-earnings ratio for 2013-2015 is 10.55,9.21 and 7.51 times, respectively. We are optimistic about the long-term development of the company and give it a rating of "market synchronization in the next six months".