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Song Chi Shares: Passenger Car Air Conditioning Will Promote The Company's New Round Of Expansion.

2010/7/5 15:20:00 47

Investment points

automobile

Air conditioning industry

The leading company is a professional manufacturer of vehicle air conditioners. Its main products are air conditioning and passenger car air conditioners of various series of large and medium buses.

The company takes the operation of its own brand as the core, and takes the market as the guidance, independently develops, designs, marketing, and sells various kinds of vehicle air conditioning products. Air conditioner sales volume of large and medium buses in 07, 08 and 09 years are ranked first in China.

Independent automobile air conditioning enterprises have larger development space. Large and medium-sized passenger car air-conditioning market competition enterprises are mainly divided into passenger car factory subordinate large and medium-sized passenger car air conditioning production enterprise and independent large and medium-sized passenger car air conditioning production enterprise.

With the advantage of technology and scale, the independent manufacturers, which are represented by the company, are more likely to achieve specialization and scale, and have greater room for development.

Technology and

Market advantage

Obviously, the new business will have rapid Growth Company after years of cultivation, has formed the advantages of technology, sales mode advantages and customer resources and other advantages.

The company's main products include air conditioners for large and medium buses, and passenger car air conditioning has increased rapidly in recent years.

The company regards large and medium-sized passenger car air conditioners as a "cash cow" to support new products and new fields, and strive to enter new broad markets including passenger car air conditioners, rail cars, air conditioning units, refrigerating trucks and refrigeration units.

The project will bring about a comprehensive expansion of business. This company will mainly invest in the two projects of "automotive air conditioning production base technology pformation project" and "automotive air conditioning compressor technical pformation project".

The former will add new passenger cars / light buses / wagon air conditioners, large and medium buses air conditioners, rail cars air conditioning units, refrigerating trucks, refrigeration units and other production equipment. The capacity of new and old products will be improved.

And the implementation of compressor project will achieve the key.

Spare parts

Self production is conducive to reducing product costs and enhancing competitiveness.

Earnings forecasts and investment proposals we expect that the company's revenue will increase by 30.2% and 29.2% in the next 10 or 11 years with the increase of new capacity, respectively. The net profit of the company will reach 218 million yuan and 275 million yuan respectively. According to the total share capital issued, the diluted EPS will be 0.86 yuan and 1.08 respectively.

Referring to the current valuation level of the A share auto parts industry, it gives the company 22-26 times the PE interval in 2010, the corresponding company's reasonable value is 18.92-22.36 yuan, and the proposed inquiry interval is 18-22 yuan.

Risk warning: downstream demand change risk; product price fluctuation risk.