Main points of investment
Domestic thin film capacitor and film material leader: the company has been engaged in the production of thin film capacitor since 1975 and has accumulated profound technology and technology. Products include polyester film, polypropylene film, metallized film, AC capacitor, DC capacitor, power electronic capacitor. Film drawing is the core link of the film capacitor industry chain, and the company is a rare industrial chain integration company integrating film drawing and capacitors in China.
The problems of equity and mechanism that have suppressed the development of the company for a long time have been straightened out: the company, originally a state-owned system, introduced private capital in 2007, and Tieniu Group acquired 60% of the shares of the group company. But progress has stalled since then, and the 100% acquisition was not completed until the end of 2011. During this period, the company's business has not developed greatly. After the system and equity issues have been straightened out, the company has clarified its business development strategy and made positive adjustments to the internal incentive mechanism. The change of the system has injected new vitality into it, and the profit gap between it and its peers is expected to narrow.
Power electronic capacitors will be very explosive next year: according to relevant national plans, the domestic industry scale of power electronic capacitors will reach 2.2 billion yuan in 2013 and 3.6 billion yuan in 2015. The company began its research and development in 2000 and succeeded in 2008, breaking foreign monopoly and steadily increasing its market share. Up to now, the customer resource reserve is sufficient, and the new production capacity is put into operation at the end of the year. Last year's revenue was 80 million, and we expect it to reach about 300 million next year, with a net profit of nearly 100 million. Is the focus of the reversal of performance.
Profit forecast and investment advice: power electronic capacitors take a long time in R & D and certification, with considerable technical and customer barriers. The company has made full accumulation and reserves in the silent decade, and the change of mechanism has ignited the fuse of its accumulated strength. 2013 will be a very explosive year for the company. We estimate that the EPS of the company from 2012 to 2014 is 0.11,0.38,0.58 yuan respectively, and the current corresponding PE is 46 times, 13 times and 9 times. Assuming the issuance of 100 million additional shares, the diluted EPS is 0.09,0.31 and 0.47 yuan respectively, and the current corresponding PE is 57 times, 17 times and 11 times. For the first time, the company was given an "overweight" rating. .