Investment Highlights: Low performance in the first half of 2012: The company announced the first half of the year's performance forecast, product sales revenue increased by more than 10% year-on-year, attributable to Listed company The net profit of shareholders was 16.34 million yuan -18.16 million yuan, a year-on-year decrease of 0%-10%. In the first half of the year, the company's research and development expenses increased by more than 20% year-on-year. The initial estimate reached about 5 million yuan. The government subsidy decreased by 40% year-on-year. It is estimated to be only about 4 million yuan. Compared with the same period of last year, the above two factors affect the company's net in the first half of this year. The profit is close to 4 million yuan. Positioning of the company's business structure: Petroleum composite sheets and tool composites are the main direction of the company in the future. The company has sufficient technical accumulation and market development experience in these two fields. The production barriers of coal mine composite sheets are relatively low, and domestic competition is fierce. The company strives to avoid competition for low-grade products in this field, mainly to make relatively high-end products. Drawing die blanks are the company's strengths. The company is one of the world's three largest wire drawing die suppliers. However, due to the relatively limited market capacity and growth in this field, the company's business development has remained relatively stable. The expansion of high-end oil films: The company's focus on the market this year is the HR high-end oil film, which is used in the front end of the main teeth of the drill bit and belongs to the highest grade in the petroleum film field. At present, the products used at home and abroad are basically the products of foreign companies such as Element Six, DI, and Korea Rijin. The domestic enterprises have almost zero occupancy. Sifang launched the product at the end of last year and is still in the trial period. The trial period is 8-12 months. The trial process is divided into laboratory trials and field trials of different terrains. The company has received feedback reports from the lab trials. The situation is good. If it is successful, orders will be received in the fourth quarter of this year. Investment suggestion: It is estimated that in 2012-2014, the company's EPS will be 0.36 yuan, 0.48 yuan, and 0.68 yuan respectively. The current stock price corresponds to 39 times PE in 2012, maintaining the recommended rating. risk warning: Macroeconomics The growth rate fell more than expected, and the high-end oil film trial situation was lower than expected.
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Jiangsu Tanggong Automatic Control Equipment Co., Ltd. , https://www.tgcontrolequipment.com