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Southern Pump: China No.1 stainless steel stamping pump
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The Company issued 2,000 shares in the Shenzhen Stock Exchange, the total share capital after the release of 8000 shares. Mr. Shen Jinhao largest shareholder holding 3,800 shares, the actual controller for the company. Company products include the main products include stainless steel centrifugal pump stamping and welding, in which CDL Series vertical multistage centrifugal pump and the CHL series horizontal multistage centrifugal pump is the company's leading product, the company is currently the stamping and welding of stainless steel centrifugal pump of the leading enterprises; stainless steel stamping and welding pump about 12% domestic market share. Company CDL CHL series stainless steel series and a series of stamping and welding products range, product sales, market awareness and product quality are ranked first domestic counterparts. Close to the quality and foreign similar products, the price is only 40% of similar foreign products, the price advantage is obvious. Investment of funds offering: 20 million units of new stamping and welding of stainless steel centrifugal pump production line technological transformation project 20,525 million; annual non-negative frequency of water supply 2,000 sets of equipment construction projects 5,870 million; desalination R & D 4,492 million in high-pressure pump. Put into sales revenue from 385 million in 2009 increased to 9.5 billion yuan, an increase of 147%. Welding of stainless steel stamping centrifugal first production and sales of domestic products, product performance and price advantage, obviously, is the main bottleneck in production capacity, the new production line of 2011 production, is put into an annual output of 40 million units, production capacity doubled. No negative frequency of water supply equipment market growing rapidly, more than 50% gross profit margin products. 2011 of production, annual output of 2,000 sets, with annual sales estimated at 1.6 billion profit for the company added 2,600 million. Desalination project has been included in the national science and technology support projects - in 10-ton day desalination membrane localization of key technological development and demonstration. And promising, the domestic is in its infancy. Major risks facing the company: market competition; raw materials (mainly motor, steel) price volatility; the risk of preferential tax policies can not be sustained. Earnings forecasts and valuation. 10,11,12 expects annual EPS was 0.84 yuan, 1.19 yuan and 1.91 yuan; We believe that the level of the company's reasonable price-earnings ratio should be between 25-30 times. In accordance with the projected results for 2010, the company stock after the listing of a reasonable range of values should be 29.75-35.7 yuan.
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