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先锋电子(002767):6月12日上市首日定价建议

Pioneer Electronics (002767): Pricing recommendations for the first day of listing on June 12

華泰證券 ·  Jun 11, 2015 00:00  · Researches

Pioneer Electronics (002767)

The company has been committed to providing urban gas industry with "urban gas intelligent metering network toll collection system" which integrates hardware equipment, software platform and application scheme. After years of accumulation, the company has accumulated a number of original technologies and owned many independent intellectual property rights. It is a patent pilot enterprise in Hangzhou. The "Intelligent Gas Metering and charging Control system Terminal" project undertaken by the company has won the "National Torch Plan Project Certificate" issued by the Torch High-tech Industry Development Center of the Ministry of Science and Technology. The company's "wireless vehicle meter reading system and terminal equipment" project has been listed in the "2009 Hangzhou technological Innovation Project Plan" by the Hangzhou Economic Commission.

The company has mastered a series of core technologies, such as intelligent gas metering and charging management platform technology based on plug-in design, CPU card application technology, low-function and high reliability measurement and processing technology, GPRS remote gas monitoring technology, micro-power wireless meter reading technology, intelligent gas meter centralized control technology, micro-power consumption and high reliable turn-off technology of electromechanical valve, all of which are in the leading level in China. The company's products range from civil intelligent gas meters to industrial and commercial intelligent gas meters, from logical encryption cards to CPU card products, from short-range wireless transmission to GPRS long-distance wireless transmission, and from single-household control prepaid to centralized control prepayment, covering all varieties and series of urban gas meters, which ranks in the forefront of the domestic intelligent gas meter industry. The company has completed the marketing strategic layout covering the whole country, with Hangzhou, Beijing and Chengdu as hubs, and set up southern sales department, Beijing office and Chengdu office respectively, in order to maintain high-speed and stable business growth. In addition, the company has also established a nationwide after-sales service network to serve the gas company through resident and itinerant service.

It is estimated that the EPS of the company after dilution for 15-17 years is 0.74,0.82 and 0.90 yuan respectively. The company focuses on providing "urban gas intelligent metering network charging system" for urban gas enterprises; combined with the consideration of success rate, stock fundamentals, valuation and current market sentiment, we give that the first-day pricing range of this new stock is 17.84-21.41 yuan. It is recommended that the investors who win the lottery continue to hold.

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