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【安信证券】华昌达:上市定位分析报告

[Anxin Securities] Huachangda: Listing Positioning Analysis Report

安信證券 ·  Dec 15, 2011 00:00  · Researches

1. The company is a leading intelligent automation equipment system integration supplier in China, which is mainly used in automobile manufacturing. It was recognized as a high-tech enterprise in 2008, with 9 utility model patents and 3 computer software copyrights. Core technicians hold a total of 42 million shares, accounting for 65.89% of the total share capital before issuance.

2. The industry the company is in is a strategic industry that provides technical equipment for various industries of our national economy, and it is expected that the demand at the end of the Eleventh five-year Plan or the beginning and downstream of the Twelfth five-year Plan will exceed 100 billion yuan. at present, international giants have basically controlled and monopolized the high-end market of automation equipment in China by virtue of their advanced technical level, rich project experience and strong capital strength.

3. At present, the main downstream customers of the issuer are domestic independent brand car manufacturers (mainly Dongfeng system, accounting for more than 70% in the past). The downstream production expansion plan will inevitably lead to the demand for technical transformation and upgrading of the automobile automatic production line, thus bringing huge market opportunities for the company's automation equipment system.

4. Business model: fix production by sales, order by production, and produce non-standard parts after winning the bid; the production cycle is 3-12 months; as of November this year, the company has an order of 420 million yuan.

5. The expansion of pre-production capacity comes from extending the growth of the number of employees and their working hours. As of June 30, the number of production workers reached 265, an increase of 62% over the same period last year, and maintained a high growth for two consecutive years. And capacity utilization continues to remain above 100%.

In 10 years and 2009, the average growth rate of operating income, operating profit and net profit was more than 100%. In the first half of this year, operating income accounted for 83.42%, operating profit accounted for 67.57%, and net profit accounted for 57.53%. Among them, the data of administrative expenses and income tax have exceeded 1.65% and 22.99% of last year's annual level.

The translation is provided by third-party software.


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