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荣阳实业(2078.HK):IPO认购指南

Rongyang Industrial (2078.HK): IPO subscription Guide

國元(香港) ·  Jan 24, 2013 00:00  · Researches

1. IPO purchase proposal:

The company is a manufacturer engaged in the production of aluminum products in Guangdong Province, mainly focusing on the manufacture of high value-added and high-precision aluminum parts for cutting-edge electronic products. At the same time, we also manufacture aluminum profile products for different industries. From the perspective of distributed income, the company's products are mainly divided into electronic accessories, Oprah brand products and construction and industrial products, of which electronic accessories and construction industrial products account for relatively high revenue, accounting for 46.9% and 42.5% respectively. For the company's main products. As of September 30, 2012, the company's operating income was 2437 million yuan, an increase of 16.6% over the same period last year.

The company is engaged in the production of aluminum products, which are mostly used in the global mobile network device shell industry and aluminum profile product industry. The downstream industry of the company, the mobile network device shell industry is mainly divided into smart phones, multimedia computers and laptops, etc., in which the case and chassis have higher requirements for material characteristics, beauty and technology; it is expected that smart phones, multimedia computers and other products will maintain double-digit growth in the future, and the increase in demand will lead to the growth of the company's revenue. Aluminum profile products are greatly affected by real estate, construction industry and so on. With the further promotion of urbanization in the future, the increase in downstream demand will lead to the growth of the company. The company raised 300000000 shares, and the company expects to earn about HK $0.40 per share as of March 31, 2013. according to the average issue price of HK $3.98, the valuation of the company as of March 31, 2013 is 9.95PE, which is higher than the average valuation of listed companies in the same industry. In 2012, PB is expected to be 2.48 times, higher than the average level of the same industry, although the company in recent years in line with the growth rate is relatively large, but the company's market share is not particularly high, ranked in the 50th place, so it is recommended to be cautious to participate in the purchase.

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