Double-ring Drive (002472)

Company Profile Company is China's gear parts production of the largest and most powerful gear production enterprises. Mainly engaged in transmission gear and gear parts production and sales, has been the formation of passenger car gears, commercial vehicle gears, motorcycle gears, construction machinery gear and electric tools gear all the same product pattern, the main customers are domestic and foreign large-scale vehicle (machine) production enterprises. The company has more than 1000 sets of advanced equipment at home and abroad, such as continuous line.　　The company was identified by China Gear Professional Association as "2007 China Gear industry outstanding new product balance Gear assembly first Prize", "2007 China's gear industry outstanding new products," and so on. Huatai Securities: 28.75 yuan-34.50 yuan gear industry market concentration is low, which is advantageous to the company in the future by increasing market share to achieve high growth. 2007, 2008, 2009 and 2010 1-June, the company's five major customer sales amount accounted for the company's main business income ratio of 48.42%, 35.58%, 47.71% and 47.35% respectively. According to the total share capital after the issuance of 118.8 million shares calculated, the company is expected to EPS 1.15, 1.41 and 1.69 yuan respectively.　　In accordance with the 2010 25-30 times Dynamic PE, the company reasonable price for 28.75~34.50 yuan. Haitong Securities: 24.38 Yuan-29.25 Yuan the company has a unique comprehensive competitive advantage and the ability to resist risk.　　According to the previous forecast of the double ring transmission of 2011 per share of the overall diluted income of 1.22 yuan, to obtain a reasonable value range of 24.38-29.25 yuan, corresponding to 2010 years of PE 24.20-29.03 times times. GF Securities: 30.00 Yuan is expected in the next 3-year profit composite growth rate of 24%, 2010-2013 net profit of 1.25, 1.62, 2.02, 240 million, 2013 of 2010 net profit of the compound growth rate of 24%. corresponding to the issuance of 30 million shares of EPs after 1.05, 1.36, 1.70, 2.02 yuan, the reasonable level of valuation is 24 times times 2010 EPS, corresponding to the stock price of 25 yuan. From the relative valuation, compared to the company 2010, 2011 PE is 30, 22.5 times times respectively. Valued at 30 times times, the reasonable stock price is 31.5 yuan. Reasonable valuation at 25 yuan-30 yuan. Main gear parts, high gross profit margin and strong profitability.　　Industry concentration is low, the next 3 years demand composite growth rate of 15%, import substitution, share promotion drive company beyond the industry growth rate. Double-ring Drive (002472) mean range: 27.71 yuan-31.25 yuan limit range: 24.38 yuan-34.50 yuan stock abbreviation stock Code Total capital shares the first day of the public offering shares the listed trading shares per share net assets listing date Double ring drive 002472 118.8 million shares 3000 Million shares 24 million shares 4. 43 Yuan September 10 price P/EThe issuing method of the issuance of the sponsor institution 28. 00 Yuan 51. 85 times times 0. 43% under the network to the inquiry object placing and the online pricing issue combined with CIC Securities main business transmission gear and gear parts production and sales