SUNLD (002473)

Company Profile is a world-renowned supplier of thermostat and high-end electric kettle export High-tech enterprises. Company is mainly engaged in water heating electrical core parts and components and machine research and development, production and sales, the current main products for the thermostat and electric kettle machine. The company has won a number of patents, successfully broke the thermostat market foreign manufacturers of technology monopoly, to become a master of independent intellectual property rights and core technology of national enterprises.　　The company was named "Ningbo export famous brand" title, "Ningbo Science and Technology Progress Award third Prize", "Ningbo Patent Model Enterprise", was "cordless electric connector" Patented silver, won the "Hot water heaters" by the Invention Patent Gold Award. Everbright Securities: 16.40 Yuan Electric kettle positioning in the end, the adoption of ODM business model, the development of the period, thermostat products market share is expected to further expand. Raise the investment project to effectively alleviate the production strain situation, the company estimated 2010-2012 EPS is 0.41 yuan, 0.56 yuan and 0.78 respectively.　　Comparable to the company 2010 average PE valuation of 35 times times, we feel that the company is valued at 2010 years 33-37 times PE more reasonable, the company is expected to market a reasonable price of 16.40 yuan, corresponding to 2010 40 times times PE. Xiang Finance Securities: 12.8-15.2 Yuan Company's main products are electric kettle and temperature controller. Company's market share in the world's third, the domestic first level. The company produces electric kettle almost all adopt own-brand thermostat. High-quality customer resources for the company to lay the foundation for rapid growth. The construction of the project will be able to solve the current thermostat and electric kettle both appear in short supply situation, accelerate capacity matching. Raise investment project to build high-end products-speed boiling machine At present there is no direct competitor, is expected to become the company's new profit growth point.　　The company's 2010-2012 EPS is estimated to be 0.40 yuan, 0.64 yuan and 0.86 yuan, the reasonable value range is 12.8-15.2 yuan. National Gold Securities: 13.7-14.9 yuan water heater thermostat domestic mixer and machine ODM manufacturer: SUNLD is mainly engaged in electric kettle thermostat manufacturing and electric kettle machine ODM business; industry in the future growth faster: The world's largest electric kettle consumption market in Europe, such as Britain, France, Germany's penetration rate of more than 80% , Russia is also above 50%. It is estimated that the company's 2010-2012-year income is 2.2, 2.9, 380 million yuan, respectively, after the issuance of equity earnings per share of 0.410, 0.596, 0.776 yuan, net profit growth of 20.6%, 45.3%, 30%.　　Considering the rapid growth of the company and the current market valuation level of small household electrical appliances related enterprises, the company listed a reasonable valuation interval of 3-6 months after the listing is 23-25 times P/E, that is, 13.7-14.9 yuan. SUNLD (002473) mean range: 14.30 yuan-15.50 yuan limit range: 12.80 yuan-16.40 yuan stock abbreviation stock codeTotal share capital The first day of the public offering shares traded shares per share of net assets on the listing date of 002473 80 million shares of 20 million shares of 16 million shares 2. 19 Yuan September 10 issue price P/E price to issue the way the sponsor institution 16. 00 Yuan 48. 48 times times 0. 29% under the net to the inquiry object placing and the on-line pricing issue unifies the Safe Securities main business unit water heating life electrical appliances core parts and components and the whole machine development, the production and the sale