Annie shares: Customer service to enhance the value of the company

Introduction to the report: Swing money: Stratified Progressive stock selection method This paper lists the company's production and operation and financial situation, and according to the company's development plan, to its future performance and market value of the forecast analysis.　　Investment points: The company's main business information paper, its main products heat-sensitive paper, carbonless printing paper, Color ink-jet printing papers and other special paper in 2010 will continue to maintain B. annual growth. As at the end of 07, the company's total assets of 296 million yuan, sales of paper products 41000 tons, sales revenue of 402 million yuan, attributable to the parent company net profit of 45.17 million yuan, total capital 75 million shares, earnings per share 0.60 yuan. 05-07 year sales income compound growth 26.8%, net profit compound growth 107%.　　With fax paper, cashier paper, ATM Print List, lottery paper, all kinds of tax ticket documents, such as more than 7,000 varieties, is the most complete variety of domestic business information paper suppliers. Company to "3S" (fast, service, save) for the operating principle, built a more complete product line, can meet the different grades, different product customer needs, at the same time to meet customer "one-stop" procurement needs, reduce customer procurement costs.　　Second, the company has built a nationwide marketing network, with distributors, retailers, nearly 4,000, especially fine, comprehensive customer development core customer concept, not only won customers, but also help improve the profitability of the product. The project has 4 projects, respectively, the expansion of special coating paper, Bill printing expansion, multi-channel marketing distribution network expansion and expansion of the project Development Center, the total investment of 251.35 million yuan.　　The expansion of coated paper production capacity, the completion of the expansion of the bill printing will directly contribute to the net profit of more than 57 million yuan. After the calculation of the company in accordance with the issuance of capital stock, 07, 08, 09 full diluted after the earnings per share of 0.45 yuan,　　0.53 Yuan and 0.64 yuan, referring to the level of the representative company's valuation, combined with the characteristics of the printing industry, that Anne's reasonable valuation level in accordance with the 08-year performance calculation should be between 20-25 times, that is, the level two market reasonable price should be between 10.6-13.25 yuan. Risk tip: In addition to the original paper, coating with the increase in the price of chemical materials, corporate income tax is likely to improve.　　In addition, the United States of China's low weight heat sensitive paper anti-dumping, countervailing investigation, may aggravate the domestic market competition, reduce the company's product profitability. 1, the company's basic profile Anne shares registration and production base in Xiamen Jimei District, the main production and sales of business information paper, such as heat-sensitive paper, carbonless paper, Color ink-jet printing paper, two-piece tape, such as the 4 series, covering fax paper, cashier paper, ATM printing, lottery paper, all kinds of tax ticket documents, such as more than 7,000 varieties, is the most complete variety of domestic business information paper suppliers.　　2007, the company's total assets of 296 million yuan, sales revenue of 402 million yuan, attributable to the parent company net profit of 45.17 million yuan, total equity 75 million shares, earnings per share 0.60 yuan. The predecessor of Anne's shares was XiamenAnnie Paper Co., Ltd., May 2007 to adopt the overall change method set up Xiamen Annie Co., Ltd.　　The company is a private enterprise, the main controlling shareholder is Lin Xuxi, Zhang Jie couple, the total share of the total share capital 75 million shares before the issuance of 86.15%, accounting for 64.6% after the release.　　At present, the company has a total of Annie Enterprise, Jinan Annie, Red Cherry Zi paper three holding, a wholly owned subsidiary. 1. Xiamen Annie Enterprise Co., Ltd owns 100% Equity. Annie Enterprises will be digital, anti-counterfeiting and other printing technology used in special coating paper, the production of lottery paper, ATM Print list, boarding pass and so on.　　By the end of 2007, Anne's total assets of 99.8 million yuan, net assets of 25.45 million Yuan, 2007 annual sales revenue of 11,578 180,000 yuan, net profit of 15.45 million yuan. 2, Jinan Annie Paper Co., Ltd. Jinan Annie was founded in April 2000, the company's ownership ratio of 65.9%; Jinan Anne Department of the company's coating processing base, with advanced coating equipment, and independent research and development of heat-sensitive paper, carbonless printing paper, such as color inkjet printing papers, such as special coating production technology, the company and Annie Enterprise from Jinan, Annie procurement of special coating paper by slitting processing, printing to the market.　　2007 Jinan Annie has an annual production capacity of about 4,000 tons of heat-sensitive coated paper.　　At the end of 2007, Anne of Jinan total assets of 21.85 million yuan, net assets of 15.94 million yuan, 2007 to achieve sales revenue of 38.93 million yuan, net profit-161,800 yuan.　　3, Xiamen Red Cherry Paper Co., Ltd. Red Cherry paper was founded in June 2001, mainly engaged in paper trade, in 2006 did not carry out the real business.　　At the end of 2007, the red Cherry paper total assets of 2.9031 million yuan, net asset of 2.8986 million Yuan, the 2007 did not carry out business, no sales revenue, net profit of 2000 yuan is the main department of bad debts ready to rush back. 2, industry development background and competitive situation 2.1, industry basic production and marketing of the company's main products are heat-sensitive paper, carbonless paper, Color ink-jet printing paper, double glue, such as the 4 series, as at the end of 07 the company has production capacity of 43200 tons, of which 22000 tons of heat-sensitive paper, 3100 tons of carbon-free papers, Color Spray Series 1600 tons, double glue paper series 16000 tons, the other 500 tons.　　The company's main advantage is a variety of ticket paper production and sales, conventional double adhesive paper slitting packaging process simple, low sales profit. In the 15 years of 1991-2006, the total production and consumption of paper and paperboard in China grew at an average annual rate of 9.71% and 9.83%, respectively. China's paper is the world's fastest growing countries in recent years, 2006 domestic paper and cardboard output 65 million tons, compared to 56 million tons year-on-year increase of 16.07%,　　Consumption of 66 million tons, increased by 11.3% from the previous year 59.3 million tons. 2007 imported paper and cardboard 4.02 million tons, a year-on-year decline of 8.97%, imports of 3.61 billion U.S. dollars, an increase of 0.09%, pulp imports 8.472 million tons, year-on-year growth of 6.46%, import amount of 5.55 billion U.S. dollars.　　2007 Export paper and cardboard 4.76 million tons, an increase of 33.2%, the export amount of 3.93 billion yuan, an increase of 32% per cent.　　China's exports of paper products for the first time exceeded the number of imports.　　In the coated paper (coated paper, white cardboard is also coated), the import of 610,000 tons in 2006, a reduction of 120,000 tons than 05, exports 1.21 million tons, more than 05 420,000 tons. Heat-sensitive paper is the company's leading products and widely used, such as cash register paper, computer lottery, train tickets, label paper, according to the relevant institutions in China, 2006, the consumption of heat-sensitive paper about 56,000 tons, of which fax paper 2.2-24,000 tons, labels and heat-sensitive printing papers 1.2-14,000 tons.　　With the Wuxi Ricoh Thermal technology company, Crown Hao High-tech, Suzhou Sunway and the company to raise investment coated paper projects in succession, supply will gradually increase. 2007 consumption of about 72,000 tons, production of about 50,000 tons, import 20,000 tons, supply and demand gap is larger.　　It is expected that by 2010 domestic production can reach 130,000 tons, consumption of 120,000 tons, net exports of 10,000 tons. Carbon-free paper is a kind of sheet which has the function of hair color, more convenient to clean than the original through the use of colored carbon paper for multiple pages of carbon, is widely used in banking, tax, postal, customs, insurance, securities and other industries of the production of ticket documents, is the fastest growing demand in recent years, one of the paper.　　2003, China's carbonless paper consumption of about 150,000 tons, 2007 reached 280,000 tons, 2008 is expected to 320,000 tons, growth of 14%.　　With the computer, color printers, digital cameras, the gradual popularization of color inkjet printing paper also has a faster demand growth, according to the relevant institutions, 2006 China's color inkjet printing paper consumption of about 100,000 tons, 2010 will increase to 250,000 tons, the annual compound growth of 25.7%.　　The company does not produce double glue paper, only the paper production of web paper or flat paper slitting packaging to supply the local market, does not have the technical content, also should not be the main direction of the company's development. 2.2, the industry competition situation Special coating paper industry is characterized by small market overall capacity, market segmentation is obvious, even the industry's dominant share of the enterprise is relatively low, the domestic existing enterprises are basically a variety or a regional market owners, expanding market share is difficult. The main reason is that the market capacity is small, and each customer demand is also small, not suitable for long-distance transportation.　　If the company only more than 40,000 tons of sales (07 special paper sales of about 26000 tons), under the 10 sales branch, 25 offices, with more than 4,000 customers to deal with the market development costs relatively high. Such companies are small in size, with the listed Crown Hao High-tech, East Haven shares, such as relatively basic or slightly smaller, but Anne also has its own characteristics or competitive advantage,First, the company to "3S" (fast, service, save) as the operating principle, set up a coating, slitting, printing integration of the production system, with a relatively complete product line, there are heat-sensitive paper, carbon paper, color inkjet printing paper, double glue, such as 4 series, more than 7,000 varieties, independent of 20 registered trademarks, is the domestic business information paper one of the most complete, can meet the different grades, different product customer needs, at the same time to meet customer "one-stop" procurement needs, reduce customer procurement costs. Second, the establishment of a nationwide coverage of the marketing network, as well as through the customer's overall solution to expand the core customer's ability to build the company's core competitiveness.　　Company under the 10 sales branch, in 24 major cities in China and Tokyo, Japan set up 25 offices, professional sales staff of more than 150 people, with distributors, retailers nearly 4,000, through a wide range of marketing network, can provide customers with products and services in a short period of time. 3, the company's business and financial Situation Analysis 3.1, company main product production and marketing status 3.1.1, thermal paper thermal paper is the company's main products, is also the largest supplier of thermal paper, mainly used in lottery tickets, ATM printing, receipt of silver, boarding pass and so on, 05 to 07 annual sales of 123.09 million tons, 165.325 million tons, 211.376 million tons.　　06 Domestic market share reached 25.8%. 3.1.2, carbonless paper and color ink-jet printing the company's carbon-free paper and color ink-jet printing papers, production and sales of small, carbon-free sheet from 05 to 07 the actual sale volume of 866 tons, 811 tons, 3176 tons; color Inkjet printing paper 05-07 years, respectively, 1222 tons, 1032 tons, 1514 tons.　　With the company's fund-raising project special coating paper project completed and put into production, carbonless printing paper will reach 35,700 tons, the size of color ink-jet printing will reach 16,400 tons, have a substantial growth.　　3.1.3, double glue paper company Double glue paper 05-07 years respectively sales 11543 tons, 13133 tons, 14637 tons, along with this fund-raising project multi-channel marketing distribution network expansion, double adhesive paper cutting subcontract sales will be steadily increased. 3.2, the company's main products sales revenue and profit growth companies 06, 07 net profit growth has significantly exceeded the main business revenue growth. The main reasons are: First, with the company coated paper production line, the cost of raw materials has been reduced, and the second is a strong profitability of the business ratio increases.　　I'll give you a cash cow. 3.3, the company's main products gross margin and comprehensive margin level 3.4, the company's product costs constitute the company's products mainly from a variety of original paper, accounting for about 80% of the production costs. In recent years, the company's gross profit margin on the impact of raw materials, the sensitivity of the factor is declining, mainly due to the company holding subsidiaries of the production of coated paper Jinan Annie in the second half of 04, coated paper from the original all purchased, gradually increased to the present25%.　　At the same time, the product customer rate from 04 to 17% to 06 30%, coating, slitting, printing integrated production system gradually play a role, product structure is constantly optimized, the company's gross profit margin on the dependence of the raw materials has declined each year.　　3.5, the company solvency and operating capacity of the company flow ratio and speed ratio of two indicators are normal, in the same listed companies are relatively good.　　Accounts receivable turnover ratio, inventory turnover rate in the company's business scale expansion, while still able to maintain a stable level, showing that the company in the recovery of goods and inventory management efficiency is high. From the solvency point of view, the overall debt level of the company is not high. During the reporting period, the company turnover ratio, the quick rate, the income tax depreciation amortization before the profit, the interest protection multiples are higher, has the strong repayment ability.　　There is no possibility of paying interest on bank loans, and with the company raising funds in place, the company's debt payment capacity will be further improved. In general, the company's assets liquidity is strong, the structure is more reasonable, the overall asset fine, and the company's current status of development to adapt.　　The assets impairment preparation is in accordance with the actual situation of the assets, and the amount of impairment is prepared in full and reasonable. 4, the fund-raising project analysis and evaluation of the company's fund-raising projects have 4, respectively, the expansion of special coating paper, Bill printing expansion, multi-channel marketing distribution network expansion and expansion of the project Development Center.　　The expansion of coated paper production capacity, it is mainly used to strengthen the control ability of the upstream of the company; Bill Printing extension, Project Development Center extension Project can further enhance the company for the core customers to provide personalized service capabilities; multi-channel marketing distribution network expansion Project can further establish a more comprehensive coverage of the marketing network system nationwide.　　The above project total investment of 251.35 million yuan, including fixed assets investment and supporting bedding liquidity, including the Bill printing expansion project required thermal paper, carbonless paper, etc. by the special coating production and expansion of the project provided.　　5, the profit forecast our profit forecast the important reference factor is the company existing production, the production cost, the sales volume, as well as the Sale Price Foundation, considers the industry overall supply and demand situation the change, plus in the near future launches or may determine the investment project to produce the income.　　6, the value of the market in Shenzhen and Shanghai to print as the main business of the listed companies less, we select a few special paper or printing-related companies to compare, in order to observe the positioning of such companies in the marketplace. 6.1, relative valuation judgment we choose the above 6 have a strong representative company, not only close to the main business, and 5 of the listed companies for the SME. Crown Hao Gao is the company's 6 companies with the company's most closely related companies, but because of its 07 years of poor performance, to a certain extent out of the normal valuation area, so we think the Crown Hao high-tech out of the valuation level is more representative. According to the share capital calculation after the issuance, the earnings per share of Anne in 07, 08 and 09 were 0.45 yuan, 0.53 yuan and 0.64 yuan respectively, referring to the valuation level of the representative company, the corresponding market share price should be 13 for three years..45 Yuan, 12.03 yuan, 12.93 yuan.　　We combine the printing industry with the growth of the company, that the company's reasonable valuation level in the 08-year performance calculation should be between 20-25 times, that is, the price level should be between 10.6-13.25 yuan. 7.2, on the first day of the market value of the price to look at the present, new shares on the first day of the IPO have a large rise, and even far more than the reasonable level of value. The first-day rise in new shares, although related to the quality of the industry and the company, but also related to the recent market.　　We chose the first day of the company listed recently as a reference. As can be seen from the statistics in table 13, several companies that have recently listed have almost reached the upper limit of issuance, averaging as much as 198.5% on the first day. But from the company's shares, such as the first day of the market is lower than the other shares of other stocks, we judge the first day of the opening price between rates, that is, between 17.45-21.82 yuan. Even so, we also believe that the first day of the IPO is too big, has greatly exceeded the company's normal valuation level, there is a great risk.