Huatai Securities issued new shares analysis: present margin 603369 new shares purchase strategy

July 2, the Shanghai Stock exchange yesterday said that Jiangsu present Edge Wine Industry Co., Ltd. 51.8 million shares will be listed on July 3, 2014 in the SSE trading market, securities referred to as "present and present", the Securities code is "603369". Present and present margin of the issue price of 16.93 yuan/share, corresponding to P/e 12.54 times times. The following is the recent issuance of Huatai Securities purchase strategy. This is the main edge of liquor production and sales, production "present and Present", "National margin", "Gaogou" series of brand products. The main products are Luzhou-flavor liquor. 2011-2013, the present edge liquor liquor products in Jiangsu Market accounted for the total liquor sales of the company's 94.64%, 94.76% and 94.29% respectively. Current Edge now has "national margin", "present Edge", "Gaogou" three famous brands, of which "national margin", "present Edge" are "well-known trademarks in China", "Gaogou" is "Chinese old." Product quality and technical advantages. This is one of the 9 research cooperation units in China Liquor Industry "169 plan". 2010, with the support of the provincial Science and technology department, the establishment of Jiangsu Province, the present edge of bio-wine Technology Research Institute. The company's existing 11 invention patents, as well as 13 of proprietary technology, scientific and technological research and development level in the industry advanced status. The ownership structure is superior, the management power is sufficient. Present and present margin formed a more reasonable ownership structure. Shareholders in the company as a controlling shareholder of the state-owned companies, but also has management, the company middle-level managers and business and technical backbone of the joint shareholding companies. There has been a good synergy between the shareholders, ensuring that the company can formulate and implement long-term and stable development strategy. Regional market advantage. This is the base of wine products market in Jiangsu. On the one hand, the company's well-known brand, culture-friendly people, in the Jiangsu market has been developed for many years, has a good market base and Word-of-mouth. On the other hand, Jiangsu is located in the Yangtze River delta, the economic total and development level of the national leading; Jiangsu is known as liquor consumption tradition, liquor market capacity is larger, to the national market also has a certain influence. Huatai Securities is expected, 2014-2016 present margin of the wine industry diluted EPS for 1.19/1.17/1.24 yuan, reference the same volume of regional liquor 14E valuation, to the company valuation range of 13-15 times, based on the company has a certain degree of competitiveness, the level of valuation is basically reasonable, recommended for purchase.