Capital Securities: Key purchase Yuan Li shares

-Capital Securities Zhang the Chinese New Year holiday, the share market has accelerated the pace of IPO, according to the exchange arrangement, January 24 28th will be 14 of the IPO online. Among them, on 24th, there will be 5 gem new shares online purchase, on 25th will have 2 new shares in Shanghai and 2 new and medium-sized Board of new shares for online purchase.　　Up to now, the 27th issue of 5 gem new shares of the basic information has not yet fully disclosed, so the current statistics do not consider these 5 new shares. Recently listed new shares mostly break, so in order to avoid potential break risk, investors in the purchase of new shares should first pay attention to the price is reasonable, but also should consider the company's development prospects.　　Considering the valuation level and fundamentals of this issue, we suggest that investors should focus on the purchase of Yuan-Li shares, which not only peg has obvious advantages, but also its dynamic PE is at the lowest level in 5 gem shares. 24th issued 5 gem new shares, Han information (300170) is the earliest established, the largest and most experienced IT consulting services company, has been successfully for nearly 500 companies from different industries to provide ERP implementation and services; Donfoulon (300171) is a medical freeze-drying machine and freeze-drying system research and development, design, production, sales and service as one of the High-tech enterprises, in the field of freeze-drying system has a leading domestic research and development, design capabilities; The CLP Environmental Protection (300172) mainly for thermal power, nuclear, petrochemical, coal chemical industry, Major industrial projects in metallurgy and other industries provide solutions for industrial water treatment systems, water treatment equipment system integration and project contracting business; Song Tak shares (300173) is a leading manufacturing service provider in China's printing and processing equipment industry, which is the fastest developing, technologically advanced and　　The largest key High-tech private enterprises; Yuan Li Shares (300174) has been committed to the development, production and sales of wood activated carbon, has developed into the largest domestic scale, the highest technology level, independent innovation capacity of the most powerful wood activated carbon enterprises. 25th issued 2 SMEs, Oriental Tower (002545) is a main steel (power plant steel structure, petrochemical steel structure, civil construction steel) and tower products (transmission line tower, radio and television Tower, Communication Tower) research and development, design, production, sales and installation of High-tech enterprises; new Electronic ( 002546) mainly engaged in the power information collection system of software and hardware research and development, production, sales and services, the main products 230M network terminals in recent years the domestic market share in more than 20%, to maintain the top three in the industry. On the same day issued 2 motherboards, radio and Electric (601616) is a high and low voltage equipment and components products production and sales for the main business of the company, is a small number of domestic can provide a full range of 40.5kV and the following voltage-grade transmission and distribution of products, one of the enterprises; Xingyu shares (601799) Mainly passenger car) lighting research and development, design, manufacture and sales, isChina's main automotive lighting assembly manufacturers and design solutions provider. 24th issued 5 Gem IPO online fundraising amount of 3.124 billion yuan, can use up to 3.102 million yuan purchase funds.　　25th issue of 2 small and medium-sized board IPO online fundraising is expected to be 2.17 billion yuan, up to the use of 2.102 million yuan purchase funds, 2 of the Shanghai IPO online financing scale is expected to be 2.62 billion yuan, up to the use of the purchase capital of 2.616 million yuan. If the purchase 24th new shares, the funds will be unfrozen on 27th, can participate in the next round of new stock purchase.　　If the purchase of 25th, the new shares can not participate in the 27th purchase. From the fundamental point of view, the Sino-Electricity environmental protection and the Yuan Li shares worthy of attention. CLP Environmental protection in the field of industrial water treatment with integrated service advantages and core technical advantages, in thermal power, nuclear water treatment field has a strong competitiveness in the hands of sufficient orders. Because of the national policy to vigorously promote industrial water-saving and sewage treatment, the company's industry is more concerned about the market. Yuan Li Stock is a leading enterprise in the domestic wood activated carbon industry, with strong cost advantages and quality advantages.　　Benefiting from the rapid development of environmental protection, food, medicine and other industries, the market demand of activated carbon is expected to grow rapidly. From the growth point of view, the Yuan force shares are expected to increase the average annual performance of 84%, growth is very prominent. Star-Yu shares, radio and television Electric, Han information, Donfoulon and the expected growth rate of environmental protection between 38%, also has good growth expectations.　　The rest of the new shares are expected to grow at 28%, with relatively less growth. 5 Gem has announced the IPO price, due to the recent IPO debut weak, new stock pricing slightly down. 5 new shares of the average dynamic PE is 32.5 times times lower than the previous batch of gem shares 39.7 times times. In terms of growth, peg, which is 0.5 times times the 2011 dynamic P/E and 2012 expected performance growth rate, is more attractive. Donfoulon and CLP Environmental protection peg are 1.1 times times, the valuation is slightly higher. It is noteworthy that the CLP environmental protection comparable to the company Wambonda and bi-water sources of peg are 1 times times and 0.9 times times respectively.