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Industry dynamic
Valve industry leading enterprises, the market share of the third industry company specializes in automobile engine exhaust door production and sales, is one of the leading enterprises of domestic engine valve industry, the market share in the third industry, models totaled more than ten thousand kinds of products. Customers include cummins wood, wood, tin, such as weichai nearly 20 domestic famous vehicle and host manufacturers. Export products covering Europe, the United States and Japan cars most of the models.
Valve industry development prospects, the company's future growth space is large
In 2013 China's automobile production, sales reached 2211.68 and 21.9841 million respectively, year-on-year growth of 13.53% and 13.53% respectively. According to the China association of automobile manufacturers, in 2014 China's auto production and sales will break through 24 million, about 8.5% year-on-year growth, the future development of China's auto industry can still be period, and positively related to the automobile production valve requirements. Based on this, we keep predicting 2014 to 2015, the company's products target market capacity is 651.65 million, 668.86 million, after the market is offering for the expansion of the company production capacity (45 million) 14 times, the future market space is still large.
The company a competitive advantage, it should be a sustained growth in the future
Companies in the technology level, product quality, management mode has prominent advantages. The company has industry-leading technology level, the product has obtained the ISO/TS16949 international automobile industry quality system and cummins, big wood is famous at home and abroad, such as hosts, strict certification; Involved in making the JB/T 6012.2 2008, GB/T 23337-2009 valve industry such as the national standards; Company management experience, the core management in department office is close to or more than two decades; The company has a unique flexible production mode and the MMES advanced production management system, to ensure the company the advantage of flexible production scheduling; Since 2003 the company's products involved in military vehicles engine field, demonstrated the company's products is excellent; Company in 2013 for caterpillar international engineering machinery supporting business, a leader in the future will be rapid development in the high-end engineering machinery products market. Multiple advantages to ensure the company's future growth.
The profit forecast and valuation
Assume that issuing new shares to 23 million shares, we forecast the total equity diluted 2013-2015 earnings per share were 0.4, 0.4, 0.5 yuan. Contrast comparable company valuations, we think that give the firm a 17 to 19 times earnings in 2014 is reasonable, the value of the corresponding reasonable interval between 8.5 to 9.5 yuan.
Risk tip: overseas market risk; Trade friction risk; Rising cost of raw materials such as risk; Energy supply and transportation risks.
Valve industry development prospects, the company's future growth space is large
In 2013 China's automobile production, sales reached 2211.68 and 21.9841 million respectively, year-on-year growth of 13.53% and 13.53% respectively. According to the China association of automobile manufacturers, in 2014 China's auto production and sales will break through 24 million, about 8.5% year-on-year growth, the future development of China's auto industry can still be period, and positively related to the automobile production valve requirements. Based on this, we keep predicting 2014 to 2015, the company's products target market capacity is 651.65 million, 668.86 million, after the market is offering for the expansion of the company production capacity (45 million) 14 times, the future market space is still large.
The company a competitive advantage, it should be a sustained growth in the future
Companies in the technology level, product quality, management mode has prominent advantages. The company has industry-leading technology level, the product has obtained the ISO/TS16949 international automobile industry quality system and cummins, big wood is famous at home and abroad, such as hosts, strict certification; Involved in making the JB/T 6012.2 2008, GB/T 23337-2009 valve industry such as the national standards; Company management experience, the core management in department office is close to or more than two decades; The company has a unique flexible production mode and the MMES advanced production management system, to ensure the company the advantage of flexible production scheduling; Since 2003 the company's products involved in military vehicles engine field, demonstrated the company's products is excellent; Company in 2013 for caterpillar international engineering machinery supporting business, a leader in the future will be rapid development in the high-end engineering machinery products market. Multiple advantages to ensure the company's future growth.
The profit forecast and valuation
Assume that issuing new shares to 23 million shares, we forecast the total equity diluted 2013-2015 earnings per share were 0.4, 0.4, 0.5 yuan. Contrast comparable company valuations, we think that give the firm a 17 to 19 times earnings in 2014 is reasonable, the value of the corresponding reasonable interval between 8.5 to 9.5 yuan.
Risk tip: overseas market risk; Trade friction risk; Rising cost of raw materials such as risk; Energy supply and transportation risks.
