Beijing Huiguan New Technology Co., Ltd. has listed the public offering of 9.21 million shares for the first time since the listing date. The stock is referred to as “Huiguan Shares†and the stock code is “300282â€.
Second, the company profile
The company is mainly engaged in the research and development, design, production and sales of touch screens. The main products are infrared touch screens, optical image touch screens and interactive electronic whiteboards for downstream products. In 2009, the global market share of large-size touch screens and infrared touch screens was 3% and 9% respectively. The 10-year revenue was 106 million yuan, and infrared touch screen revenue accounted for the highest proportion, accounting for 71% in the first quarter of 11 years.
Third, the CSRC industry classification: computer-related equipment manufacturing
Fourth, institutional positioning analysis
Institutional Valuation Interval (yuan) Forecast Description Orient Securities 14.30-17.10 The forecast EPS of the company for 2011-2013 is 0.57 yuan, 0.77 yuan, and 1.02 yuan respectively. Combined with the company's growth and the average level of its industry, the company's 2011 25-30 times PE, corresponding to a reasonable valuation range of 14.30-17.10 yuan. Shenyin Wanguo 12.98-15.66 It is estimated that the company's fully diluted EPS for the 11th, 12th and 13th years will be 0.54 yuan, 0.77 yuan and 0.98 yuan. Considering the company's position in the industry and its cost advantages. According to the valuation of the secondary market, we believe that the company's reasonable valuation is 24-29 times PE in 11 years, and the reasonable price of the company is 12.98-15.66 yuan.Haitong Securities (quotation, information) 19.32 It is estimated that the EPS of 2011~2013 is 0.58 yuan, 0.84 yuan, and 1.07 yuan respectively. The current issue price is corresponding to 30×, 20× and 16× for the next three years, and the valuation is reasonable. If the company and MOTO project progress smoothly, then the company's growth is good, the reasonable target price in the next 6 months is about 19.32 yuan, corresponding to 23 times 2012 PE.
V. Advantages of the company
The company has the world's leading infrared and optical touch technology. The business model is mainly based on R&D and market, and the production is outsourced. The customers include Samsung, Wincor, Skyworth and other leading domestic and foreign manufacturers, and the gross profit margin is also high. The company's issue price is reasonable, investors are advised to purchase carefully.
Leading infrared and optical touch technology. The company has the world's leading infrared and optical touch technology, mainly engaged in the development, design, production and sales of touch screens. The main products are infrared touch screens, and the development of optical image touch screens, as well as interactive electronic whiteboards for downstream extension products. The products are mainly used in medium and large size touch terminal devices of 10 inches or more, such as POS machines, ATM machines, KIOSK all-in-one machines, game machines, and interactive whiteboards, industrial control equipment, and the like.
Outsourcing production, heavy research and development and market, good customer structure and high gross profit margin. The company's production is completed through external cooperation, and the future expansion is also focused on R&D and market. Customers including Samsung, Wincor, Shenzhen Skyworth, Shenzhen Huipu, etc. are all big customer strategies. All of the above factors are reflected in the gross profit margin. The company's comprehensive gross profit margin is relatively high, from 56.06%, 60.53% and 55.93% in 2008-2010. There is a possibility that the gross profit margin will decline in the future, but it is not enough to effectively increase revenue.
2011Q1-Q3 net profit has declined, but 2012 is expected to restart high growth. 2011Q1-Q3 company's net profit fell by about 19% year-on-year, which is the main aspect of market concerns, but revenue still maintained a positive growth of 10.32%, and the decline in net profit has factors that the company invested in transformation. In addition, if the company's orders in hand can be cashed, then 2012 will restart high growth.
Sixth, risk tips
Risk warning: RMB appreciation, cyclical fluctuations of domestic and foreign economy
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