First, the company profile
Domestic piezoelectric quartz crystal resonator leader, the global market share is increasing year by year: since its inception, the company has focused on frequency control and selection of components industry, is a professional engaged in piezoelectric quartz crystal component series product development, production and sales of high-tech enterprises. The company mainly produces piezoelectric quartz crystal resonators, with surface mount piezoelectric quartz crystal resonators as the leading products. The company's products are widely used in communication electronics, automotive electronics, consumer electronics, mobile Internet, industrial control, household appliances, aerospace and military products and security products intelligence and other fields. The company's market share has increased year by year, ranking ninth in the world in 2013.
Second, competitive advantage
Since its inception, the company has focused on frequency control and selection of components industry, is a professional engaged in piezoelectric quartz crystal components series product development, production and sales of high-tech enterprises. The main competitive advantages are as follows:
1. With the advantages of technological innovation and advanced technology, the company has the core competitiveness in the process of chip design and processing. As one of the core components of piezoelectric quartz components, it has an important impact on product quality stability and performance.
2, product leading advantage, the company's product miniaturization, thinning, high-precision process occupies a leading position in the same industry in China. In 2008, the company's "ultra-miniature, high-precision wireless communication" frequency control and selection "surface mount components (SMD3225 26MHz)" won the title of national key new products. In 2010, the company achieved mass production of SMD2520 in China earlier, with a qualified rate of more than 90%. From 2011 to 2012, the company has achieved mass production of SMD2016 and SMD1612, achieved great-leap-forward development and reached the international advanced level.
3. the advantages of equipment compatibility and tooling transformation. When ordering the equipment, the company puts forward the equipment tooling requirements for customization according to its own process design and characteristics. Before the equipment is put into production, the company optimizes the layout of the production line and the equipment tooling and fixture, and sets the equipment parameters according to the characteristics of miniaturized products to improve the equipment compatibility, so that the production process is more scientific and reasonable, the production line operation is more efficient, and the stability of product quality is guaranteed.
III. Profit forecast and valuation
EPS is expected to be 0.35 yuan and 0.44,0.48 yuan in 2015, 2016 and 2017, the company mainly produces piezoelectric quartz crystal resonators, with surface mount piezoelectric quartz crystal resonators as the leading products. The offering price of 6.43 yuan, offering price-to-earnings ratio of 22.96, taking into account the valuation of comparable companies and industry growth space, to recommend the purchase rating.
