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沃施股份(300483):6月30日上市首日定价建议

華泰證券 ·  Jun 29, 2015 00:00  · Researches

A leading integrated service provider for horticultural supplies. Shanghai Wosh Horticulture Co., Ltd. is a comprehensive service provider focusing on R&D, production and sales of gardening supplies, and also takes care of horticultural design, engineering construction, and greening maintenance. The company's main products cover four major gardening supplies series, including hand tools, decorations, irrigation, and machinery. The horticultural supplies industry has broad prospects, and industry concentration needs to be improved. With the rapid development of the global economy and increasing environmental awareness, people are increasingly demanding a green and healthy lifestyle and optimizing the living environment. Gardening DIY has become a fashionable leisure lifestyle, gardening has gradually become an important part of people's lives, and the horticultural supplies industry has broad prospects for development. Demand in the global gardening supplies market is growing steadily. The labor cost advantage of domestic horticultural products companies is obvious. The products are good and cheap, but the industry concentration is low. There are few large and medium-sized enterprises above scale, and the market concentration is low. The company's integrated business model has obvious competitive advantages. The company has a rich product line. The main products cover four major horticultural supplies series, including hand tools, decorations, irrigation, and machinery. Sales of the company's horticultural products are growing year by year, which is the main source of the company's main business revenue. The greening engineering business has been in operation for a short time, and the overall scale is currently small, and it is expected to develop further in the future. The profit generated by simple manufacturing is low, but the added value of R&D without marketing is high, so the company will develop on both sides of the smile curve, that is, strengthen R&D without design, and marketing without branding. Relying on R&D, brand and channel advantages, the company forms a business model combining ODM and OBM. The company's performance has been growing steadily. In 2012, 2013, and 2014, the company's main business revenue was 294.937,800 yuan, 367.7715 million yuan, and 3819.56 million yuan, respectively, with a compound growth rate of 14.70%. The company's EPS is expected to be 0.65 yuan, 0.75 yuan, and 0.83 yuan after 15-17 years of dilution. The company is a comprehensive service provider focusing on R&D, production and sales of horticultural supplies, taking into account horticultural design, engineering construction, and greening maintenance. Based on the winning rate, individual stock fundamentals, valuation, and current market sentiment, we expect the pricing range of the first day of the IPO to be 13.94-16.40 yuan. It is recommended that the successful investors continue to hold it.

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