A high-tech enterprise specializing in the manufacture of compressor motors
The company specializes in R & D, production and sales of refrigeration compressor motor. The company's products are the rotor and stator of the compressor motor, which share the shell with the compressor, which is one of the core components of the compressor, mainly for refrigerators, freezers, refrigeration display cabinets, commercial air conditioners and other household and commercial refrigeration compressors. After years of development and accumulation, the company has formed three series of products with an annual production capacity of 9 million sets of refrigerator compressor motors and 1.7 million sets of commercial compressor motors, and is one of the backbone enterprises in the domestic compressor motor industry. In 2015, the market share of light commercial compressor motor was 6.98%, and that of heavy commercial compressor motor was 4.97%.
Corporate revenue bottomed out and rebounded in 2016, with a slight increase in gross profit margin
The driving force of the company's revenue growth comes from three aspects: 1) changing the business cooperation and sales model, the sales revenue of refrigerator compressor motors increased in 2016 compared with the same period last year; 2) Light commercial compressors increased with the increase in order demand of Spain's Cubigel, the fourth largest light commercial compressor company in the world. 3) sales of heavy commercial compressors have also increased as the company has supplied Bristow in bulk since the fourth quarter of 2016. The company's gross profit margin rebounded in 2016 mainly for the following two reasons: 1) with the business expansion of major customers, the demand for high-end and frequency conversion refrigerator compressors has increased, and the processing difficulty and processing cost of this kind of motor are high. unit gross margin has increased; 2) benefited from the increase in export sales.
Focus of the fundraising project: expand the company's core production capacity and create a leading domestic R & D center
The company plans to issue 25 million shares to the public, and the capital is expected to raise 248.25 million yuan. The funds are planned to invest in: annual production of 3.5 million high-efficiency and energy-saving compressor motors, annual production of 1.5 million DC frequency conversion compressor motors, compressor motor R & D center construction project. Referring to the consistent forecast of Wind, the corresponding PE of comparable listed companies in 2017 is 23-52 times; in 2017, the PE of listed companies in the motor industry is 23-62 times, with a median of 45 times, with an average of 44 times.
Risk tip: changes in market sentiment lead to a downward shift in the valuation center.
