Style listing of shares tomorrow Positioning
a company fundamental analysis
company mainly engaged in the transmission line towers and tower insulation composite materials research and development, design, production and sales of major products transmission line towers, substation support structure and composite insulation tower, transmission line towers include 1000KV, 750KV and 500KV transmission line tower and the following products, 500KV and 750KV transmission line tower products dominate. In EHV and UHV transmission line tower is an industry leader, were the first domestic exchange 500KV tower with four back, the first exchange and the first 750KV transmission line to provide communication 1000KV Tower products, research and development of the domestic first compound trial tower insulation materials, and successfully linked network operation. Tower products in the State Grid Corporation is the only bid for five consecutive years in the industry for the top three companies.
II, the first day of listing location prediction
Essence Securities 26.0-29.1
GF Securities 39.0-45.5
Guotai Junan 29.3-32.5
Century Securities 32.67-35.64
Datong Securities 36.00-40.50
Guotai Junan: style and reasonable price of shares to the interval 29.3-32.5 per
2010,2011 annual EPS forecast 0.72 yuan and 0.95 yuan. Consideration listed on the first day gain of about 10%, the first day of the pricing range of 32.50 yuan to 29.30 yuan ~.
Essence Securities: style and reasonable price of shares to the interval 26-29.12 yuan
a handful of domestic companies to produce the highest voltage transmission line tower 1000KV one of the enterprises, but also a handful of independent intellectual property rights of domestic production of composite materials and insulating tower business, has been the exchange were the first domestic 500KV tower with four back, the first exchange and the first 750KV transmission line to provide communication 1000KV Tower products; 2009, the company to 10.34 scalar tons ranks first in the industry. 2010-2012 EPS forecasts the company were 0.76 yuan, 1.04 yuan, 1.38 yuan. Recommended for the company in 2011 EPS25-28 times earnings, obtained the pricing of listed companies listed on the first day interval 26.0 yuan -29.12 million.
GF Securities: style and reasonable price of shares to the interval 39-45.5 million
mainly to the super / ultra high voltage products, including ultra-high voltage level above products in 2007 -2010, respectively, in the first half of the proportion of 84%, 84%, 65% and 76%. The company is the industry leader in power tower, one of about 20 million tons annual output of Tower Products, since 2005, a unified national grid scale in procurement, the bid number and the same industry have greater advantages than any other company. The company expects EPS in 2010 -2012 years were 0.76 yuan, 0.97 yuan, 1.16 yuan, reference similar tower and power equipment industry in the corporate profit model similar to the valuation of small and medium enterprise market, and the feast brought UHV investment industry growth expected to give 40-45 times the company in 2010 PE, 25% considered premium space, the company issued the reasonable value of the interval 29.1-33.
Third, the company competitive analysis
one of the advantages: product structure, product diversification advantages of rich, comprehensive competitiveness among the forefront of the industry. 1000KV company and the following transmission line towers, substation support structure, AQSIQ issued a 750KV transmission line tower national industrial production permit for the currently the highest voltage transmission line tower production license. Produced 1000KV 1000KV Transmission Line Steel Tower and the tower has power (Beijing) Certification Center Co., Ltd. certification, is one of the few able to produce 1000KV 1000KV transformer transmission line towers and tower support structure of one of the production.
in the international market, the company based on customer needs, design, production to meet the requirements of foreign markets Tower products, the company Tower products are exported to Australia, Southeast Asia, Africa and Central and South America and other countries and regions, including the voltage level 500KV, 400KV, 230KV, 138KV, 132KV and other company's own research and development of composite insulated pole products, and has independent intellectual property rights, in December 2009, the company produces composite rod in the State Grid Corporation of insulation, demonstration project - the power company Lianyungang Mao Qiang 220KV Line renovation project, was completed and put into operation.
two advantages: technological advantages the company has research and development centers, and scientific research institutes with a number of long-term technical cooperation.
company set up R & D center, in all types of transmission line products, composite materials, products and software product design and development. R & D center now has 75 technical staff, college degree and above accounted for the total number of R & D 86.67%. R & D center has 26 major laboratory equipment / sets, and with the Kunming Institute of Technology, Jiangnan University, China Electric Power Research Institute and other research institutes to establish a long-term research partnership, through technical exchange, technical cooperation, etc., constantly improve the level of R & D . A number of patented technologies.
company has a patent for invention, utility model patents 5, and 2 design patents. Company materials and new technologies, and have made progress.
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