Henan Sifangda Henan Sifangda Superhard Material Co., Ltd. It will be listed today, and the company will publicly issue 20 million ordinary shares of the company, accounting for 25.00% of the total issued share capital. The actual controller of the company is Fang Haijiang and Fu Yuxia.
A leading manufacturer of composite superhard materials in China. The company is a manufacturer of composite superhard materials with a complete range of products in China and around the world. It is the largest polycrystalline diamond (PCD) R&D and manufacturing company in China.
The composite superhard materials business has made outstanding contributions. The company's main products are composite superhard materials, composite superhard materials and fine powder. Among them, the composite super-hard material is the company's main product, the gross profit rate of the product is as high as 60%, and the proportion of revenue and gross profit is about 80% and 90% respectively, and the contribution is outstanding.
Profitability is higher than the industry average. As the company's product yields continue to increase, and raw material prices continue to decline, the company's comprehensive gross profit margin has risen steadily, reaching 56.53% in 2009, higher than the average gross margin of the composite superhard materials industry by about 35%. The higher gross profit margin and lower period expense rate make the company's net profit margin as high as 36.55%, indicating the company's profitability above the industry average.
The downstream demand is strong and the market space is broad. Composite superhard material is the newest composite material with the highest hardness so far. The material characteristics are outstanding, the production process is mature, and the advantages of traditional super-hard alloy materials are obvious, which has broad market demand prospects. Thanks to the strong demand for composite superhard materials in China's economic and industrial development, the support of national and local industrial policies, and the international industrial transfer, the composite superhard materials industry has broad prospects for development.
The fundraising project will alleviate the pressure on production capacity and enhance the company's growth space. The funds raised by the company are mainly used for three projects of composite superhard material high-tech industrialization project, composite super-hard material product project, composite super-hard material and product R&D center project. The total investment of the fundraising project was RMB 181.4 million, and all of them were invested in raised funds. The construction of the fundraising project will effectively alleviate the company's current production capacity and improve the company's equipment level, strengthen the company's research and development capabilities, and further enhance the company's growth space.
Earnings forecast and valuation. We expect the company's 2010-2012 EPS to be 0.48 yuan, 0.75 yuan, and 1.10 yuan respectively. At present, the average P/E ratio of listed companies in 2011 is 36 times. The company's compound growth rate in the next three years is over 40%. It has high growth potential and the company's industry has good development prospects. We believe the company's 2011 P/E ratio is 30-35. The ratio between the times is more reasonable, corresponding to the calculation of EPS of 0.75 in 2011, we believe that the reasonable value range of the company's secondary market is 22.56-26.32 yuan.
A leading manufacturer of composite superhard materials in China. The company is a manufacturer of composite superhard materials with a complete range of products in China and around the world. It is the largest polycrystalline diamond (PCD) R&D and manufacturing company in China.
The composite superhard materials business has made outstanding contributions. The company's main products are composite superhard materials, composite superhard materials and fine powder. Among them, the composite super-hard material is the company's main product, the gross profit rate of the product is as high as 60%, and the proportion of revenue and gross profit is about 80% and 90% respectively, and the contribution is outstanding.
Profitability is higher than the industry average. As the company's product yields continue to increase, and raw material prices continue to decline, the company's comprehensive gross profit margin has risen steadily, reaching 56.53% in 2009, higher than the average gross margin of the composite superhard materials industry by about 35%. The higher gross profit margin and lower period expense rate make the company's net profit margin as high as 36.55%, indicating the company's profitability above the industry average.
The downstream demand is strong and the market space is broad. Composite superhard material is the newest composite material with the highest hardness so far. The material characteristics are outstanding, the production process is mature, and the advantages of traditional super-hard alloy materials are obvious, which has broad market demand prospects. Thanks to the strong demand for composite superhard materials in China's economic and industrial development, the support of national and local industrial policies, and the international industrial transfer, the composite superhard materials industry has broad prospects for development.
The fundraising project will alleviate the pressure on production capacity and enhance the company's growth space. The funds raised by the company are mainly used for three projects of composite superhard material high-tech industrialization project, composite super-hard material product project, composite super-hard material and product R&D center project. The total investment of the fundraising project was RMB 181.4 million, and all of them were invested in raised funds. The construction of the fundraising project will effectively alleviate the company's current production capacity and improve the company's equipment level, strengthen the company's research and development capabilities, and further enhance the company's growth space.
Earnings forecast and valuation. We expect the company's 2010-2012 EPS to be 0.48 yuan, 0.75 yuan, and 1.10 yuan respectively. At present, the average P/E ratio of listed companies in 2011 is 36 times. The company's compound growth rate in the next three years is over 40%. It has high growth potential and the company's industry has good development prospects. We believe the company's 2011 P/E ratio is 30-35. The ratio between the times is more reasonable, corresponding to the calculation of EPS of 0.75 in 2011, we believe that the reasonable value range of the company's secondary market is 22.56-26.32 yuan.
Mini Liquor Bottle,Golf Putter Gift Set,Golf Hip Flask,Liquor Flask Bottle
Qili Metal Products Factory , http://www.china-sportsbottle.com