Teri Machine: a leading company in the domestic injection molding machine industry
The company specializes in R & D, design, production, sales and service of injection molding machine, and provides injection molding solutions for downstream application fields. In addition, the company also sells auxiliary machines of injection molding machine, including drying system, cooling system and so on. The company is one of the main suppliers of injection molding machines in China. Since its establishment, the company has been focusing on the field of plastic injection molding equipment, gradually forming a technical system with medium and large injection molding machine technology, small and medium-sized high-speed precision injection molding machine technology, extrusion molding technology, two-plate hydraulic mold locking and direct drive all-electric technology as the core. The company's injection molding machine products and solutions provide basic and overall support for the downstream plastic processing industry, and the performance directly determines the product quality and production efficiency of the downstream plastic processing industry.
In recent years, income first fell and then increased, and the level of gross profit margin was basically stable.
From 2015 to the first half of 2017, the company's operating income increased by-13.30%, 26.40% and 54.04% respectively compared with the same period last year. The company's income mainly comes from the production and sales of injection molding machines, and the growth is mainly due to the consumption growth and investment growth driven by the upgrading of China's economic growth model under the new normal, so the overall prosperity of the injection molding machine industry continues to rise. thus promoting the company's domestic sales to grow by a large margin.
From 2015 to the first half of 2017, the company's comprehensive gross profit margin was 34.02%, 33.36% and 30.95% respectively, which remained basically stable, and the gross profit margin decreased slightly in 2016. this is mainly due to the rise in raw material prices, the increase in the proportion of domestic sales and sales models, and the continued decline in the first half of 2017 is mainly due to the rise in raw material prices and labor costs.
With the vigorous development of domestic plastic processing industry, it is a general trend to import and replace molding equipment.
China's plastic processing industry has developed rapidly since the 10th five-year Plan period, which has led to an increase in the total output value of plastic processing machinery industry from 7.3 billion yuan in 2000 to 58 billion yuan in 2015. China has become the largest market for this kind of equipment in the world. In the field of high-end equipment, precision and high-end plastic machinery products from Germany, Italy and other countries still monopolize China and even the global market. China still has a lot of room for improvement from the world plastic machinery production power. However, after years of development, China's plastic molding equipment industry has developed from the initial focus on quantity to the current focus on technological development and industrial upgrading. China's injection molding machine is the largest plastic molding equipment in import and export. Domestic equipment continues to replace imported equipment, and the proportion of domestic equipment has increased from about 49% in 2008 to 81% in 2015.
Focus of fund-raising projects: expand the company's core production capacity, strengthen technology research and development and marketing capabilities
The company plans to issue 51 million shares to the public this time, and the capital is expected to raise 399.33 million yuan. The funds are planned to invest in: annual production of 51 million sets of intelligent precision injection molding machine technical transformation project, large-scale two-board and all-electric precision injection molding machine technical transformation project, technology center upgrading project, regional marketing service network construction project, supplementary liquidity. Referring to the consistent forecast of Wind, the comparable listed company Izumi's corresponding PE in 2017 is 26 times (wind consensus forecast); in 2017, the PE of listed companies in special equipment manufacturing industry is in the range of 90.178 times, the median value is 39 times, the average is 46 times.
Risk tip: changes in market sentiment lead to a downward shift in the valuation center.