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神马电力(603530)新股网下申购询价建议报告

Shenma Electric Power (603530) offline purchase inquiry proposal report

東莞證券 ·  Jun 25, 2019 00:00  · Researches

The company is mainly engaged in the R & D, production and sales of power system substation composite external insulation, transmission and distribution line composite external insulation and rubber seals. At present, the company is an internationally renowned power system composite external insulation product development enterprise and a leading enterprise of rubber seals for domestic power equipment. In 2012, as one of the key technologies, complete sets of equipment and engineering applications of UHV AC transmission, Ma Bin, the company's chairman, won the National Science and Technology Progress Award in 2012. On December 6, 2017, the "UHV ±800kV DC Transmission Project" project that the company participated in as one of the main completion units and Chairman Ma Bin won the National Science and Technology Progress Special Award in 2017.

From 2016 to 2018, the company's income was 561 million yuan, 680 million yuan and 654 million yuan respectively, and the net profit was 120 million yuan, 124 million yuan and 122 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 7.93% and 0.75% respectively. In 2018, the company's comprehensive gross profit margin is 39.98%, and the net profit rate is 18.60%.

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