IPO inquiry and pricing analysis report of the hot

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IPO inquiry and pricing analysis report of xiuqiang shares: Based on home appliance glass, look forward to the deep processing of photovoltaic glass

profit model: the company is engaged in the R & D, production and sales of glass deep processing products, and its main products include: home appliance shelf/cover glass, polycrystalline glass, solar glass, and architectural glass. The company continuously enriches its product structure through continuous technological innovation, both product innovation and service innovation. From 2006 to 2009, the operating income of xiuqiang shares increased steadily, with 2% in each year. 2.1 billion, 3. 2.4 billion, 3. 6.5 billion and 3. 6.7 billion, with a compound annual growth rate of 18. 53%。

industry position: the company is now the largest glass deep-processing enterprise in China, with a market share of 31% for shelf/cover glass in 2009. 7%, and the market share of color crystal glass is 38. 33%, ranking first in market share. The company is one of the two companies with large-scale production of antireflective crystalline silicon second solar energy packaging glass. It was put into production in October 2009, with an annual production capacity of 1.7 million square meters. A 300000 square meter TCO conductive film glass developed by itself using PVD method has been successfully pilot produced. It is expected to enter the mass production stage in March 2011, which will become a new profit point

driving factors: the company's household appliance shelf/cover glass and color crystal glass benefit from the reduction of the fermentation time of high-end household appliances by 1.5%, the consumption upgrading and the stimulation of household appliances to the countryside policy. At the same time, the huge renewal demand in the stock market and the recovery of household appliance exports will ensure the stable growth of household appliance glass business. The photovoltaic industry has developed rapidly. In 2009, the total amount of photovoltaic cells produced in the world reached 10700mwp. At present, polycrystalline silicon accounts for about 85% of solar cells. There is a huge demand for antireflective crystalline silicon solar cell packaging glass that can improve photoelectric conversion efficiency; Thin film battery has become a promising field of solar cell development for many enterprises. Solar cells use TCO conductive film glass as a necessary component of the front electrode of the battery. The demand is growing rapidly, the supply exceeds the demand, and the import substitution space is huge

profit forecast: according to the analysis of the industry and the company, we predict that the net profit of the company from 2010 to 2012 will be 0. 5.4 billion, 0. 8.8 billion, 1. 1.3 billion, corresponding to 0 earnings per share. 64 yuan, 0. 95 yuan, 1. 21 yuan, with net profit growth rates of 33%, 63% and 28% from 10 to 12 years

Valuation: the average p/E ratio of similar companies in 2010 was 53. 6 times. The average price earnings ratio of the 10 GEM companies listed recently is 55 times. We believe that the reasonable P/E ratio of the company is 5. With all kinds of service scenes, the price of plastic chemical raw materials continues to filter in my mind. With the development of the economy, the price of plastic chemical raw materials continues to rise 3-60 times, and the corresponding share price is 33. 9~38。 4 yuan. Assume that the first day increase is 20%, and the first day price is 40. 7~46。 Between 1 yuan, the corresponding P/E ratio in 2010 is 64~71 times

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