Investment Value Analysis Report of Fuxing Technology (000926)
Investment points:
1. At present, the company has taken metal products as its main business and real estate as an important source of profit.
Pattern, especially the rapid expansion of meridian steel cord production capacity, will lay the foundation for the company's long-term development.
2. The company's traditional metal products business developed steadily. Seize the historical opportunity and focus on cultivating meridian steel curtain
Line projects, due to good market prospects, large demand gap, high technology content and strong obstacle avoidance ability, will become
It is the main driving force for the growth of the company's metal products business. With the commissioning of the new 20,000-ton steel cord project, it will be guaranteed that
The company's main business income showed rapid growth.
From 2004 to 2006, the company's business will develop rapidly, with an average compound annual growth rate of over 30%.
The development prospect is optimistic, and the main force of the fund has intervened in advance and held a heavy position.
4. Excluding the factor of share reform, it is estimated that the company's earnings per share will reach 0.8 19 yuan in 2005, while 2.
In 2006, it was as high as 1.07 yuan, much higher than the listed companies in the same industry. If the non-tradable shares press 1: 0.6
3%, the company's total share capital will be reduced to 76.97% of the original total share capital, so the company's
Earnings per share will increase by 30% on the basis of our original calculation, so the theoretical valuation of the company will also be corresponding.
According to the comprehensive evaluation, the reasonable positioning of the company's share price should be around 12- 14 yuan.
Compared with the company's current share price, it has an increase of more than 50%, which is of great investment value.
5. The share reform plan introduced this time has effectively avoided the share reform and ex-rights of most share sending companies.
The risk of falling prices, shrinking stocks and increasing investment value will help attract the main funds to stay for a long time and raise the stock price.
Stability of operation.
I. Company Profile:
This company is a joint-stock company established by Hanchuan Wire Rope Factory in Hubei Province as the main sponsor, 1996.
It was recognized as a high-tech enterprise by the Ministry of Science and Technology in, mainly engaged in the production and sales of metal products. 2000
In, the company adjusted its development strategy in time. While vigorously developing the metal products industry, it decisively cut into the real estate industry.
Gradually formed a development pattern of "taking the metal products industry as the core and the real estate industry as an important source of profit". The company insists
Based on management innovation and by means of technology and product innovation, we will strive to cultivate and enhance the core competitiveness of enterprises.
Realize the sustainable development of the company.
At present, the top ten shareholders of the company are institutional investors (currently held by Guolian Small-cap Select Fund).
Total 1365438+ 10,000 shares became the second largest shareholder of the company), and the top ten tradable shareholders * * * held 24130,000 shares.
, accounting for 23.96% of the total issued shares of the company, and the number of shareholders of the company has also increased from 4.2 in 2003 to 4.2 in 20 10.
70,000 households decreased to 23,500 households in the first half of 2005, and the concentration of market chips continued to increase.
Company's share distribution table
Second, the company's industry background analysis:
1, analysis of metal products industry:
Metal products industry is one of the basic materials industries in national economic construction, and its products belong to industrial consumer goods.
Widely used in construction, transportation, automobiles, railways, water conservancy, energy, electricity, machinery, furniture, rubber tires and so on.
Domain.
(1) From a global perspective, Southeast Asia, which is dominated by China, has become the growth point of the metal products industry.
The fastest area:
Looking around the world, metalworking is a mature and stable industry. World Metals in 2000
The output of products was 24.8 million tons, and in 2004 it was 27.5 million tons, with an average annual increase of about 3%.
Now the growth trend is stable. In addition, in terms of the total amount, the total production and consumption of metal products in the world are basically balanced.
Since 1990s, the economies of East and Southeast Asian countries such as China, South Korea and Malaysia have developed rapidly.
The growth rate of production and consumption of metal products is obviously higher than that of developed countries.
It is estimated that the world output of metal products in 2005 was about 28.5 million tons. In the next few years, the United States will
The production and consumption of metal products in industrialized countries such as Japan and Germany will basically maintain the current level or increase slightly.
In the long run, the main driving force for growth will come from China and some developing countries that continue to industrialize.
From the development trend of products, we will produce middle and high-grade metals with high technology content, strong specificity and high added value.
Products such as radial tire steel cord and products with special requirements will become the main direction of future development.
(2) Domestic enterprises are generally small in scale and unreasonable in product structure, and a number of outstanding enterprises are expected to stand out.
Out:
Since the reform and opening up, China's metal products industry has made great progress, and the output has rapidly increased to 7.
300,000 tons, ranking first in the world. With the continuous improvement of technical equipment level and the continuous optimization of variety structure,
The quality of some products has reached the international advanced level. A number of enterprises with a certain production scale have emerged in the industry.
The enterprise has advanced technology and equipment, strong technical force, high personnel quality and good economic benefits.