Steel Pipe,Door Accessories,Pre-Galvanized Steel Linepipe EXA International Trading (Tianjin) Co., Ltd , http://www.tjsteelplank.com
China's diamond tool industry has a large development space, with an increase of 15-20% in the next three years. At present, the global diamond tool market has a capacity of about 20 billion US dollars. Although it has been affected by the financial crisis since the second half of last year, in the medium and long term, the demand for diamond tools is increasing, and the demand for diamond tools is increasing year by year. Demand for professional high-end products is on the rise. However, China's economic downturn is relatively short, and it is mainly driven by increased investment in fixed assets. Therefore, the major downstream markets (stones and buildings) of diamond tools are relatively less affected by the economic downturn, and diamond tools are transferred to China's industries. The trend has not changed. Essence Securities expects the industry to maintain steady growth in the future, with an increase of 15-20%.
The company's domestic business growth will be significantly faster than the industry, but due to the late recovery of overseas, the growth in the next three years is around 20%. Although the diamond tool industry as a whole is more competitive, Essence Securities believes that the company, as a leading enterprise in domestic diamond tools, has obvious advantages in terms of scale, technology, sales network and other comprehensive strengths. The gross profit margin is relatively high, and the future will pass the technical level. Continue to improve and horizontal expansion, the company's performance will grow faster than the industry's overall level. However, in the next two years, the overseas economic recovery is later than domestic, and the company's export share is large. It is expected that the company's performance growth will be at the upper limit of the industry growth (that is, an average of about 20%).
The fundraising project is in line with the direction of the industry, but the capacity digestion depends on the recovery of the overseas market. The company plans to raise 400 million yuan for the technical transformation of existing products, mainly focusing on the laser welding of diamond tools, low-noise small-scale construction tools and technical center construction, which is in line with the development direction of the industry. However, the capacity increase of the company's existing products is very obvious, and the capacity digestion will depend on the recovery of overseas markets.
The recommended price range is 8-9 yuan. It is expected that the reasonable stock price will be between 11-12 yuan after listing. Essence Securities expects the company's diluted earnings per share for the next three years to be 0.33 yuan, 0.38 yuan and 0.45 yuan respectively, and the compound long-term ratio of net profit is about 13%. According to the product nature and market development of the integrated company, reference to the current listed companies is closer to Jinyi Industrial [7.56 0.53%] and Leo shares [19.41 -0.92%] (relative proportion of exports is relatively large, competition is relatively intense) The valuation level, Essence Securities gives the company a dynamic price-earnings ratio of 28-30 times in 2010 after the listing, the corresponding stock price is between 11-12 yuan. In the current market environment, the appropriate inquiry range is between 8-9 yuan.
Essence Securities: Boshen tool inquiry range is between 8-9 yuan
Essence Securities released a new stock analysis report on the 10th, indicating that the inquiry range of Boshen Tools (002282.sz) is between 8-9 yuan, as follows: