Julong Technology (300475)
The company is mainly engaged in R & D, production and sales of new, high-efficiency and energy-saving deceleration clutch of washing machine. it has successfully developed and promoted a series of products, such as double-drive deceleration clutch, double-wheel deceleration clutch, 16kg large-capacity deceleration clutch, direct drive motor deceleration clutch and so on. A number of products are non-competitive procurement products of Haier, Midea and other leading enterprises in the washing machine industry.
1. Leading enterprise of washing machine clutch
With its strong R & D strength and strict intellectual property protection system, the company has effectively protected the legitimate rights and interests of patents and ensured that Haier purchased the company's dual-drive deceleration clutch products by non-competitive bidding for a long time. The company has established a dominant position in the development and application of large-capacity, new wave wheel type washing machine deceleration clutch technology.
2. A number of new products are sold smoothly.
Since 2007, the company has entered a period of rapid and high-quality development, the company's products have developed from a single wave wheel deceleration clutch to a variety of series products, and customers have also expanded from a single Haier to Haier, Midea's department and other diversified customer groups; the production capacity of the company's fully automatic washing machine deceleration clutch has reached 2 million sets per year, basically achieving full-load production, and the total production capacity is in the forefront of the industry. In recent years, Haier has further increased the promotion of dual-drive washing machines, correspondingly driving the stable development of issuers' dual-drive deceleration clutch products. The company's independent research and development of double-wheel deceleration clutch, 16kg large-capacity deceleration clutch, as well as supporting Whirlpool, Aucma developed direct-drive motor deceleration clutch integration device and other new products have been put on the market, gradually achieve mass production, and further consolidate the company's leading position in the middle and high-end market.
3. Key account strategy
Since the mass production of double-drive deceleration clutch in 2004, in order to fully protect the demand for dual-drive deceleration clutch in Haier dual-power washing machine production, supporting and serving the development of dual-drive washing machine series products, in the case of relatively insufficient production capacity, the issuer gives priority to arranging production capacity for the production of dual-drive deceleration clutch, and focuses on R & D efforts to develop multi-specification dual-drive deceleration clutch products. The supporting business of the company and Haier has gradually changed to the pattern of developing and supplying double-drive deceleration clutch, supplemented by ordinary wave wheel deceleration clutch; after years of development, the issuer and Haier have established a stable cooperative relationship in the business of washing machine deceleration clutch; in addition, the company has maintained a good cooperative relationship with Midea, Whirlpool and so on.
4. Strong R & D strength
Since its establishment, the company has been focusing on the technical research of the washing machine clutch, has accumulated a solid technical foundation in this area, and has formed a series of technical achievements around the leading products such as double-drive deceleration clutches, and strictly implements the technical achievement transformation mechanism of first applying for patents and then putting into production. The company already has 30 valid invention patents, 46 utility model patents, 21 design patents related to the main products, 61 invention patents, 8 utility model patents and 4 design patents that are in the stage of application. A strict intellectual property protection system has been built to effectively protect the legitimate rights and interests of patents.
The company is expected to earn 0.95 yuan, 1.09 yuan and 1.25 yuan per share from 2015 to 2017. Combined with the success rate, stock fundamentals, valuation and the current market sentiment considerations, we expect the IPO price range of 11.44-12.67 yuan on the first day. It is recommended that the investors who win the lottery continue to hold.
