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星徽精密(300464):6月10日上市首日定价报告

華泰證券 ·  Jun 9, 2015 00:00  · Researches

Xinghui Precision (300464) is a professional precision metal connector supplier integrating R&D, design, production, sales and service. Adhering to the concept of “refining your life”, the product development direction is to develop in the direction of multi-function, quiet damping, hidden, automatic closing, and user-friendly, making life safer, more efficient, environmentally friendly and convenient. The company mainly provides customers with various multi-functional, high-precision metal connector products such as slides and hinges. 1. The company has advanced manufacturing technology. The company has advanced manufacturing technology and highly automated production equipment. In 2014, the company achieved revenue of 389,900 yuan per capita. Precision metal connectors such as slides and hinges produced by the company are widely used in furniture, home appliances, industry, IT, finance, automobiles, etc., and play an important role in achieving high performance and high precision of downstream products and promoting advanced manufacturing upgrades in the downstream industry. The company has always been committed to large-scale, automated and standardized manufacturing of metal connectors to realize the transformation of advanced manufacturing technology in traditional industries. Under the trend of rising labor costs and increasing mechanization and automation in the production of downstream furniture, home appliances, etc., through extensive use of precision manufacturing technology, automated production technology, and information management technology, the company has achieved transformation and upgrading from traditional manufacturing to advanced manufacturing, improving product precision, yield and production efficiency. 2. The company with outstanding brand advantages is a national high-tech enterprise, the “first batch of key innovation to help high growth small and medium-sized enterprises” in Guangdong Province, and has successively won titles such as “Guangdong Excellent Independent Brand” and “Guangdong Province Integrity Demonstration Enterprise”. The company's “SH-ABC” trademark has been recognized as a “famous trademark of Guangdong Province”, and the “SH-ABC brand” hinges and guide rails have been awarded “Guangdong Famous Brand Products”. The three-section cushioning slides and hidden cushioning slides have been rated as “Guangdong High-tech Products”. After years of hard work, the company has become a direct or indirect supplier to well-known domestic and foreign companies such as Toshiba Electric, Electrolux, Emerson Electric, Waterloo, Hisense Electric, Midea Electric, Stanley, Jiangsu Tongrun, Quanyou Furniture, Meike Meijia, Country Garden Furniture, Sophia Wardrobe, Shanghai Electric Bus New Energy, Lanbei Information, and BYD. It is in a leading position in the same industry in terms of product design, production technology, R&D innovation, etc. The company's EPS is estimated to be 0.56 yuan, 0.73 yuan, and 0.95 yuan after 15-17 years of dilution. The company is a professional supplier of precision metal connectors integrating R&D, design, production, sales and service; the issue price was 10.20 yuan, with a price-earnings ratio of 22.67 times. Combining the winning rate, individual stock fundamentals, valuation, and current market sentiment, we gave the pricing range of 13.26-14.69 yuan on the first day of listing of this new stock. It is recommended that the successful investors continue to hold it.

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